President Bola Tinubu has named Oyetunde Ojo as the new Managing Director of the Federal Housing Authority, alongside four executive directors.

Ojo replaces Mr Gbenga Ashafa, who has served as FHA’s helmsman since 2020.

He also appointed Mr Shehu Osiris as the new Managing Director of the Federal Mortgage Bank of Nigeria, alongside three executive directors.

Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, announced the appointments in a statement on Thursday titled ‘President Tinubu approves leadership changes in the housing and urban development sector.’

The four executive directors at the FHA include Mr. Mathias Byuan (Housing Finance and Accounts), Umar Abdullahi (Business Development), Oluremi Omowaiye (Project Implementation) and Ezekiel Nya-Etok (Estate Services).

At the FMBN Tinubu appointed Mr. Ibidapo Odojukan as Executive Director (Finance and Corporate Services), Muhammad Abdu (Loans and Mortgage Services), and Ms. Chinenye Anosike (Business Development and Portfolios).

The appointments are “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,” said Ngelale.

The new FHA MD, Ojo, is a former Member of the House of Representatives with over a decade of work experience in the housing and hospitality industries.

He holds a Master’s degree in Peace and Conflict Studies from the University of Greenwich, United Kingdom.

Likewise, the new FMBN MD, Osidi, is a banker with over 30 years of work experience, including 13 years of experience in mortgage banking.

He is an alumnus of Harvard University’s Kennedy School of Government as well as the University of Pennsylvania’s Wharton School of Housing Finance.

The Presidency cited Tinubu’s approval of the establishment of Building Materials Hubs across all six of the nation’s geo-political zones; financing and establishment of a National Social Housing Fund for low-income and vulnerable groups, and land reforms to collaboratively streamline access to land across all states and unlock nearly $300bn of dead capital in the sector.

Consequently, he expects the new leadership to “hit the ground running in the delivery of affordable housing for millions of Nigerians in need while providing millions of new job opportunities for Nigeria’s talented youth population presently searching for work.”