Shehu Osidi Takes Over as FMBN MD, as President Tinubu Appoints New Executives for FMBN

Taiwo Ajayi
5 Min Read
Shehu Osidi

Pursuant to the need to strategically reposition the Federal Mortgage Bank of Nigeria (FMBN) to drive the actualization of the Renewed Hope Agenda for the Nigerian housing sector, President Bola Ahmed Tinubu on Thursday, February 15, 2024, approved the appointment of Mr. Shehu Usman Osidi as the new Managing Director and Chief Executive of the Bank.

According to a Press release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, the move is to meet the present and future needs of Nigerians.

The release reads in part: “As part of a holistic approach to repositioning the national housing and urban development sector to meet the present and future needs of Nigerian families nationwide, President Bola Tinubu has approved the reconstitution of the Executive Management Teams of parastatals under the Federal Ministry of Housing and Urban Development.”

AIHS 2024
AIHS 2024

President Tinubu also approved the appointment of Mr. Ibidapo Odojukan as the Executive Director, Finance & Corporate Services, Mr. Muhammad Sani Abdu as the Executive Director, Loans and Mortgage Services and Ms. Chinenye Anosike, Executive Director, Business Development and Portfolio Management.

The new Managing Director/Chief Executive, Mr. Osidi takes over from Mr. Madu Hamman who held the reins of the FMBN from April 2022, when he stepped into the shoes of the current Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, till yesterday, February 15, 2024.

These appointments are coming barely a week after the Minister charged the Bank’s Management at the FMBN 2024 Annual Retreat, to innovate and lead the new era of massive housing development initiatives of President Tinubu.

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The new FMBN CE, Mr. Shehu Osidi, is a consummate banker with over 30 years of banking experience, during which he worked as Branch Manager/Head of Marketing in four (4) different commercial banks, namely; Lion Bank of Nigeria Plc (1990 to 2005); Diamond Bank Plc (2005 to 2006); Intercontinental Bank Plc (2006 to 2007) and Afribank Nigeria Plc (2007 to 2010), before taking up an appointment as an Assistant General Manager (AGM) with the Federal Mortgage Bank of Nigeria (FMBN) in April 2010.

He voluntarily retired on 4th September 2023 as a General Manager (GM), after 13 years of meritorious service to the Bank, following his appointment as Special Adviser on Housing and Chief of Staff to the Honourable Minister of Housing & Urban Development.

Remarkably, Osidi makes history as the first staff of the Bank to be appointed as its MD/CE, an attestation to his outstanding leadership qualities and performance.

While at the FMBN, he introduced quite a number of innovative initiatives to propel the Bank to excellence, including being the brain behind the FMBN’s Home Renovation, Rent-to-Own and the Nigerians in the Diaspora NHF Mortgage loan products.

Osidi is an Associate Member of the Chartered Institute of Personnel Management of Nigeria (ACIPM); a full Member of the Nigerian Institute of Management (MNIM), an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (HCIB); a Fellow of the Institute of Credit Administration (FICA) and a Certified National Accountant (CNA).

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He is an alumnus of the prestigious Harvard Kennedy School of Government, Harvard University, Boston, USA, as well as the Wharton School, University of Pennsylvania, USA and has attended several courses both locally and internationally.
As a testament to his unmatched capacity in the banking sector, he has won several awards, including the Most Outstanding Branch Manager for Abuja Region in 2009 while at Afribank Plc.

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