FHA Mortgage Bank Commissions Head Office Complex In Abuja

The Chairman of the Board of Directors, Federal Housing Authority (FHA) Mortgage Bank Limited, Hon. Oyetunde Ojo, on Tuesday, commissioned the head office complex of the bank, located at plot 52, 3rd Avenue, Gwarimpa Estate, Abuja.

In his address during the ceremony, the Managing Director of the bank, Dr Hayatudeen Atiku Awwal, described the magnificent building as not just a structure, but a symbol of what FHAMB has become.

He said, “This purpose-built edifice provides everything a modern mortgage bank requires”. According to the MD, the bank complied with all the FHA Development Control Checklist and secured approval, and comprises a contemporary banking hall and service centre, Executive suites and Boardroom, cutting–edge IT infrastructure, Staff welfare facilities and self-sufficient energy–dependent Hybrid Solar Powered System.

Speaking further, Dr Hayatudeen described the complex not only comprising concrete, glass and steel but representing hope and stability.

He added, “This building is not solely comprised of concrete, glass, and steel. It also represents concepts such as hope, stability and trust. It is a tangible expression of FHAMB’s journey from humble beginnings to a strong, credible and impactful mortgage institution”

He asserted more that the structure is a foundation for operational efficiency, customer confidence, and future expansion. According to him, ‘most importantly, it is a statement that FHAMB is here to stay, to serve, and to build”.

Enumerating some of the achievements of the bank, the MD noted that its customer base has grown exponentially, with thousands of families reached through mortgage financing, with loan approvals running into billions of Naira.

Through the National Housing Fund (NHF) window, the Bank, the MD stated, was able to secure approval of  N27 Billion on behalf of 3427 eligible Nigerians who are contributors to the scheme to own their own houses across the 36 states of the Federation, including the FCT, Abuja.

He noted also that through the PENCOM RSA Window, the bank facilitated access to mortgages for over 6000 Nigerians within 24 months of its commencement, and through collaboration with Family Homes Funds (FHF) has assisted Nigerians to own houses in Asaba, Delta State, Gandun Sarki in Kano State, Gidan Iyali Millennium City in Kaduna State, Makun City in Ogun State, and Coal City View Estate, Enugu, in Enugu State.

For the bank’s future outlook, Dr. Hayatudeen stated FHAMB is targeting to be a National Licensed Primary Mortgage Bank, expand to at least 20 branches nationwide in the next two years, grow an active customer base of 100,000 families, scale loan portfolio to N100 billion in the medium term, launch diaspora mortgage products; giving Nigerians abroad the opportunity to own homes, back home.

In conclusion, he stated that the bank would support the Federal Government’s housing initiatives because affordable housing is not just an economic issue, but a social necessity and a moral obligation.

In his remarks, the Chairman of the Board of Directors of the bank, and the Managing Director/Chief Executive of Federal Housing Authority, Hon Oyetunde Ojo, commended the MD of the bank. Hon Ojo declared that Dr Hayatudeen has lived up to all expectations.

In the words of Hon. Ojo, “he has not disappointed Mr President, he has not disappointed the Minister, and he has not disappointed me. He described Hayatudeen as a workaholic, ready and passionate to work, likening him to his twin brother.
Hon Ojo noted that the complex he was about to commission was one of the stalled projects he inherited as the MD of FHA and Chairman of the bank.

He recalled that a few weeks after assuming duties, he directed the bank’s MD that he would be commissioning the building in the next one and a half years, and today, that optimism has become a reality.

The Chairman stated that his coming as the Chair of the Board of the bank is not to take away its resources but to inject funds and leave a legacy for posterity. Part of the bank’s success story, he said, is freedom to operate, noting that he does not interfere with the running and operations of the bank, only acting as a check and providing help and direction when needed.

Hon Ojo stated that all efforts have been made to secure a national license for that bank, and with FHA planning to commence nationwide housing construction, the bank would have branches in all the states the Authority have estates.

The Chairman also commended the efforts and dedication to duty of all the staff of the bank. He noted that all that the bank has achieved is without Federal Government funding, but 100% funding by itself and the FHA.

Dignitaries that graced the occasion include the Representative of Federal Mortgage Bank of Nigeria (FMBN), Institute of Mortgage Brokers and Lenders, the President of Mortgage Banking Association of Nigeria and many others.

FHA Mortgage Bank was incorporated in 1997 as a wholly owned subsidiary of the Federal Housing Authority. It has branches in Wuse, Zone 5, Lugbe, Gwarinpa and Asokoro, all in Abuja