Buhari approves Ayo Gbeleyi as chairman, Federal Mortgage Bank

President Muhammadu Buhari has approved the appointment of Mr Ayodeji Ariyo Gbeleyi as the Chairman of the Board of Directors of the Federal Mortgage of Bank of Nigeria (FMBN).

A Chartered Accountant and an Associate of the Chartered Institute of Taxation, Gbeleyi is a well-known financial expert who was once a Commissioner for Finance in Lagos State as well as a player in the aviation sector.

Femi Adesina, spokesperson to President Buhari in a statement on Friday said he replaces Chief Adewale Adesoji Adeeyo who passed on recently.

The Federal Mortgage Bank of Nigeria was founded by the Federal Government of Nigeria in 1977 to replace the Nigerian Building Society which was founded in 1956.

Between 1978 and 1985, it was the only mortgage institution in Nigeria. According to the constitution of Nigeria, the Federal Mortgage Bank was established to meet the housing needs of all citizens of the country.

It is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators.