If you’re a Nigerian still agonizing about owning your own house because you can’t save enough cash to buy a house and no financial institution is willing to give you a mortgage because you still cannot afford the percentage payment, I have good news for you.
Since he was appointed Managing Director of the FMBN, Dangiwa has focused on expanding the capital base of the bank so it could help to fast-track the bridging of the seventeen million housing deficit said to exist in the country. The current capital base of the bank is a miserable N5 billion described by Ahmed Dangiwa as “grossly inadequate”.
FMBN seeks to boost its capital base from N5 billion to N500billion at a rate of N100billion every year for five years. It therefore expects proposals on its business recapitalization to be approved by all arms of government by the end of 2018. Already, the proposed new capital base of the Bank as contained in the its amendment bill has been passed by the House of Representatives and passed to the Senate for concurrence.
Innovation certainly has its reward. Dangiwa has excited the mortgage industry and he and his team are getting the recognition they deserve. Dangiwa was recently named 2018 Mortgage Finance Person of the Year in the male category.
The organizers stated that the award was in recognition of the ongoing aggressive and innovative efforts of the Dangiwa led executive management of the FMBN to reform and reposition Nigeria’s foremost mortgage finance institution, so it can more effectively deliver on its mandate to catalyse the provision of affordable social housing to Nigerian workers.
Other ground-breaking milestones recorded by the FMBN Management cited include zero equity contribution for mortgage loans that are N5million and below, reduction of equity for loans of up to N15million from 30 to 10 percent as well as increased tempo in the provision of housing loans to Nigerian workers under the National Housing Fund (NHF).
He also expressed appreciation to the Honourable Minister of Power, Works and Housing, Babatunde Raji Fashola (SAN) and the FMBN Board Chairman, Dr. Adewale Ade0yo for their continual support. The NHA is organized by Fesadeb Communications Limited, promoters of Nigeria’s biggest annual International housing industry event, the Abuja Housing Show.
These qualities were evidently on display in the negotiations leading to the on-going reforms of the bank and the sector. The unanimity among stakeholders on the way forward for the mortgage industry witnessed during the legislative hearings on the bank’s reform bills attests to the leadership skills and team spirit of the man.
Arc. Dangiwa excelled as a mortgage finance practitioner, rising through the ranks in Sahel Mortgage Finance Limited from a Property Manager to Head of Credit Control to becoming the Manager, Mortgage Banking Division. In this capacity, he was involved in the design and delivery of wide variety of mortgage products and real estate projects, especially social mass housing.
The NHF had funded the origination of more than 18,200 mortgage loans, the delivery of 25,850 housing units across the country, and 11,927 FMBN Home Renovation Loans to federal and State civil servants as well as to employees in the private sector.
As things stand today, the mortgage sector has never been more promising.