FMBN Records Major Milestone: N71.5 Billion Mortgage Loans Approved in 2024, Up from N39.7 Billion in 2023

At a well-attended press briefing commemorating the first anniversary of the current leadership at the Federal Mortgage Bank of Nigeria (FMBN), Managing Director and Chief Executive, Shehu Usman Osidi, outlined a series of transformative achievements over the past year while presenting a strategic vision for 2025. The event, held on Wednesday, February 26, 2025, at the FMBN headquarters in Abuja, highlighted the Bank’s progress in financial management and operational efficiency, while setting the stage for ambitious developments in the evolving mortgage finance and housing sector.

Reflecting on the leadership’s assumption of office on February 19, 2024, Osidi emphasized their commitment to overhauling the Bank’s operations to enhance efficiency, transparency, and its overall impact on Nigeria’s housing and mortgage finance industry. “Our priority has been institutional reforms, financial sustainability, and fostering stronger collaborations with stakeholders to ensure the Bank successfully delivers affordable housing solutions to Nigerians,” he remarked.

Osidi reported notable achievements across key areas, particularly in financial performance, attributing the success to strategic fiscal management and prudent decision-making. He stressed that these financial improvements reinforce the Bank’s commitment to remaining a financially viable institution capable of advancing its mandate of promoting affordable homeownership in Nigeria.

Beyond financial success, FMBN has also made significant strides in improving operational processes, increasing mortgage accessibility, and enhancing service delivery. One of the most remarkable achievements during Osidi’s tenure has been the reintegration of Kano State civil servants into the National Housing Fund (NHF) Scheme after a 24-year absence. This development is expected to significantly boost NHF contributions from Kano’s workforce, which consists of over 160,000 civil servants.

The Bank also recorded substantial progress in mortgage loan approvals, with N71.5 billion approved in 2024, nearly doubling the N39.7 billion sanctioned in 2023. Refund disbursements improved as well, with N14.4 billion distributed to 44,333 beneficiaries in 2024, compared to N13.2 billion refunded to 40,426 beneficiaries the previous year.

FMBN’s contributions to housing development were also highlighted, including its provision of a N100 billion offtaker guarantee to support the Federal Government’s Renewed Hope Cities and Estates Programme. Already, 274 housing units under this initiative have been completed and are being processed for offtake under the Bank’s Rent-to-Own scheme.

Additional achievements over the past year include the automation of key operational processes to improve efficiency, enhancements in customer service resulting in faster NHF refunds and mortgage processing times, aggressive recovery of non-performing loans, and the introduction of a performance management system with a reward and recognition initiative set to launch in December 2025. As a result of these efforts, FMBN secured a place among the top 10 Ministries, Departments, and Agencies in the 2024 SERVICOM Scorecard.

Osidi also disclosed that the Bank has established a National Mortgage Registry, which is currently in the App development phase. Furthermore, FMBN has strengthened strategic partnerships, expanded collaborations, and attracted foreign direct investments to Nigeria’s housing sector.

Looking to the future, Osidi unveiled an ambitious agenda for 2025, focusing on recapitalization, digital transformation, and the introduction of innovative financial products. He further stated that the Bank remains committed to engaging stakeholders in the review of the FMBN and NHF Acts to strengthen the legal framework governing Nigeria’s housing finance system. Plans are also underway to extend the Bank’s branch network to key semi-urban areas and expand the N100 billion Offtakers’ Guarantee initiative by providing additional funding for housing projects in Karsana, Abuja (N19.9 billion) and Ibeju Lekki, Lagos (N27 billion).

Reaffirming the Executive Management Team’s dedication to sustaining these achievements, Osidi stressed their determination to tackle operational challenges, particularly addressing high levels of non-performing loans inherited by the current administration. He expressed gratitude to stakeholders, including the Federal Ministry of Housing and Urban Development, labor unions, NHF contributors, and the media, for their steadfast support in driving FMBN’s success.

The press conference was attended by key members of the Bank’s leadership team, including Executive Directors Ibidapo Odojukan (Finance and Corporate Services), Dr. Muhammad Sani Abdu (Loans and Mortgage Services), and Mrs. Chinenye Chinedu Anosike (Business Development), along with other senior management officials.