Maihanci, who won the election on the Peoples Democratic Party (PDP) platform, was born on October 22, 1986, died at the age of 36.
His passing comes about two months after he ousted All Progressive Congress (APC) incumbent Kasimu Maigari.
On February 25, elections for the House of Representatives were held concurrently with the presidential election.
After a brief illness, Maihanchi passed away early on Saturday morning, according to a family source, who also confirmed that his remains would be buried in Abuja in accordance with Islamic customs.
He would have taken part in the inauguration of the 10th national assembly on May 29, 2023.
The politician and businessman served as Darius Ishaku, the governor of Taraba, special adviser. Additionally, he held the position of PDP secretary in Taraba state.
Muktar Betara, a member of the house of representatives representing Borno state's Biu/Bayo/Shani/Kwaya Kusar federal constituency, expressed sympathy to the community for the loss of their representative in a statement.
The late member-elect was a brother and friend, according to Betara.
He prayed for his soul to rest in peace and asked Allah to give his family and the Taraba state government the strength to endure the irreparable loss.
“It is with a heavy heart that I received the news about the passing away of my brother and Member-elect, Hon. Ismaila Yushau Maihanchi this morning.
“The news of his death came as a huge shock to me, knowing full well the depth of his knowledge and vision for a prosperous Nigeria, which we collectively share.
“Hon. Ismai’l Maihanchi will sorely be missed by all of us.â€
Nuhu Clark, a member-elect for the Borno house of assembly's Chibok constituency, also passed away two weeks ago.
According to reports, Clark was receiving medical care in India when he passed away.
To fill the vacancy left by Maihanchi and Clark's passing, the Independent National Electoral Commission (INEC) will need to hold a bye-election.