Federal Mortgage Bank Of Nigeria In Crisis Over Appointment Of Richard Esin

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By: Garba Isa, Abuja.

There is an indication that Federal Mortgage Bank of Nigeria (FMBN) is engulfed in leadership tussle, a situation that may lead to the collapse of the secondary mortgage institution.

FMBN is saddled with the responsibility of supplying the mortgage and housing markets with sustainable liquidity for the advancement of home ownership among Nigerians that is anchored on mortgage financing.

The succession battle came to limelight immediately after the disengagement of immediate past Managing Director of FMBN, Mr Gimba Yau’ Kumo by President Muhammadu Buhari. Kumo who was re-appointed by immediate past President of Nigeria, Goodluck Ebele Jonathan on January 2015 having spent 4 years in his first tenure, was sacked alongside 25 Head of Federal Parastatals and Agencies before the expiration of their tenure.

Investigations revealed that Kumo’s handover was enmeshed in crisis as the three Executive Directors in the Board of FMBN were political appointees and not career civil servants.

Gimba however handed over to Mr Ayobola Oluwafemi Abiola, the executive Director, policy and strategy; which led to conflict of seniority among the three executive Directors.

Following this, The Federal Ministry of Power, Works and Housing in its letter to FMBN approved Mr. Richard John Esin as the Acting Managing Director pending the appointment of a substantive MD.

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