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Newly appointed Ministers with portfolios that will impact real estate

Minister of Housing and Urban Development, Ahmed M. Dangiwa

Ahmed Dangiwa graduated from Ahmadu Bello University in Zaria with an architectural bachelor’s degree, an architecture master’s degree, and an MBA. He is also a graduate of the Wharton School of Business at the University of Pennsylvania in the United States.

Dangiwa started his career with TRIAD Associates before moving on to become the manager partner of AM Design Consults, a company that provides consulting services for architectural and real estate development. Sahel mortgage financing limited and a building firm. At Sahel Mortgage Finance Limited, he moved up the ranks from property manager to head of credit control to manager of the mortgage banking division. He was appointed Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria in 2017

Verdict: Dangiwa’s tenure at the Federal Mortgage Bank of Nigeria is credited with an innovative approach to solving the issues faced by the public in accessing loans from the bank. On the supply side, he supported developers with Construction finance and on the demand side, he reduced the rate of deposit to be paid, started a ‘rent to won’ scheme and an increased tempo in the provision of housing loans to Nigerian workers under the National Housing Fund (NHF). He pushed for a recapitalisation of the bank and reorganised its operations. He is definitely no stranger to the housing industry and expectation is that he will focus on improving access to mortgages by Nigerians.

Minister of Federal Capital Territory, Nyesom Wike

Ezenwo Nyesom Wike CON (born 13 December 1967) is a lawyer who served as the governor of Rivers State from 2015 to 2023. He has held a wide range of public offices: Executive Chairman of Obio Akpor Local Government Area, Minister of State for Education and later appointed the Acting Minister of Education, after Mrs Ruqqayatu was sacked but resigned before finishing his term to campaign for Governor of Rivers State. He won the election and went on to serve two terms.

Verdict: The FCT Minister is virtually the Governor of the Territory and Wike’s background makes him eminently qualified for the role. He has successfully executed several infrastructural projects – especially bridges and roads, in Rivers State and that will suggest that Abuja will likely see a lot of construction work over the next four years.

Minister of Power, Adedayo Adelabu

Adebayo Adelabu (born 28 September 1970) is a former deputy governor, operations of the Central Bank of Nigeria and 2019 Oyo State gubernatorial candidate for the All Progressives Congress. He holds a first class degree in Accounting from Obafemi Awolowo University, Ile-Ife and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Bankers of Nigeria. Adelabu started his career with PriceWaterhouse (now PricewaterhouseCoopers), an international firm of chartered accountants and management consultants and left after seven years (in 2000) to join First Atlantic Bank. He moved to Standard Chartered Bank as the West African Regional Head of Finance and Strategy (Consumer Banking Business) with dual offices in Lagos and Accra. He was there till 2009 from where he became an Executive Director/Chief Financial Officer (CFO) of Nigeria's largest bank, First Bank of Nigeria Plc. (FBN) at the age of 39. Adebayo was appointed by former President Goodluck Ebele Jonathan in February 2014 as Deputy Governor, Operations of the Central Bank of Nigeria (CBN).

Adelabu serves as the Chairman, Board of Directors of the Nigeria InterBank Settlement Systems (NIBBS) and has chaired the board of Financial Institution Training Centre (FITC). He is also a serving member of the Board of Federal Inland Revenue Services (FIRS), Nigeria Security Printing and Minting Company (NSPMC), the Assets Management Corporation of Nigeria (AMCON) and the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL).

Verdict: Mallam Nasiru El Rufai was widely rumoured to have been tipped to run a new Ministry of Energy (Power & Gas) but he was not confirmed by The Senate. Adelabu comes to the post with strong finance credentials but he will have to be a quick study to handle the intricacies of this Ministry that has defied many previous appointees.

Minister of Works, David Umahi

David Nweze Umahi CON (born 25 July 1963) graduated in 1987 with a Bachelor of Science Degree in Civil Engineering. In 1990, he co-founded Norman Engineering and Construction Nig. Limited with Ombo Isokarari and served as its general manager until 1993. Until 2011, he served as chairman and CEO of Brass Engineering & Construction Nig. Ltd, Focus Investment Nig. Ltd., and Osborn La Palm Royal Resort Ltd. Politically, he is the current senator representing Ebonyi South Senatorial District since 2023. He previously served as the governor of Ebonyi State from 2015 to 2023, and as deputy governor from 2011 to 2015.

Verdict: The Senator brings to the role the requisite educational background (Civil Engineering) and the gravitas of being an ex-governor. With Housing and Urban Development out of the portfolio, there should be a renewed emphasis on completing the myriad of uncompleted projects all over the country

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