Africa (Commonwealth Union) _ In a powerful stride toward solving Nigeria’s housing deficit, the Federal Mortgage Bank of Nigeria (FMBN) has nearly doubled its mortgage loan approvals from ₦39.7 billion in 2023 to an impressive ₦71.5 billion in 2024. This leap signals a renewed drive to expand housing access and affordability under the leadership of Managing Director and CEO, Shehu Osidi.
Speaking in Abuja while officially welcoming Dr. Nasir Gawuna as the new Chairman of the Board, Osidi shared highlights of the bank’s progress. Alongside the sharp rise in loan approvals, FMBN also reported a record operational surplus of ₦11.5 billion in 2024, with an additional ₦6.5 billion surplus already recorded in Q1 of 2025.
“This remarkable growth is a result of enhanced operational efficiency and visionary governance,” Osidi said, noting that the bank has also cleared a four-year backlog of unaudited accounts (2018–2021) within just nine months.
Contributions to the National Housing Fund (NHF) climbed to ₦103 billion in 2024, up from ₦100 billion the previous year. Employer registration also improved significantly, rising from 556 to 658 companies, while employee enrollment surged from 113,577 to 178,619.
To address the challenge of delinquent loans, the FMBN launched seven internal Recovery Task Teams on June 3, 2024. Staffed entirely by FMBN personnel and deployed nationwide, the initiative has already recovered ₦18.9 billion in non-performing loans, in addition to ₦3.1 billion from regular recovery channels.
Looking ahead, Osidi emphasized the bank’s embrace of digital innovation and customer-first service delivery. Plans are underway to roll out new mortgage products by mid-2025, specifically targeting the informal sector, diaspora Nigerians, and those seeking Sharia-compliant or non-interest financing.
The bank has already secured regulatory approval from the Central Bank of Nigeria (CBN) to offer non-interest ethical mortgage loans, catering to the rising demand for alternative, faith-aligned financial products.
In collaboration with the Nigerians in Diaspora Commission (NIDCOM) and the CBN, FMBN is also preparing to launch a Diaspora NHF Mortgage Loan, empowering Nigerians abroad to own property back home with ease and confidence.
