FMBN - News Agency Of Nigeria

FMBN unveils women housing construction initiative

Philip Daniel Yatai
Aug, Fri, 2025

Metro

FMBN unveils women housing construction initiative

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By Angela Atabo

The Federal Mortgage Bank of Nigeria (FMBN) says it is rolling out a housing initiative with the delivery process to be exclusively undertaken by women.

The Managing Director and Chief Executive Officer of FMBN, Mr Shehu Osidi, made this known on FMBN Day at the ongoing Africa International Housing Show on Thursday in Abuja.

Osidi said the Women Housing Initiative to be executed in collaboration with the Federal Ministry of Women Affairs.aimed at promoting gender inclusivity in Nigeria’s housing sector.

He added that the pioneering scheme would ensure that everybody involved in delivering the housing projects would be women.

“We believe that women represent a very substantial part of this country and they have a lot of contributions to make to national development.

“So, the Women in Housing Initiative aims to provide a housing development model, where from the design architects to the engineers to the artisans and to the labourers, everybody on site will be women, “ he said.

Osidi disclosed that the bank witnessed a major, positive shift in its challenge on the Single Obligor Limit requirement by the Central Bank of Nigeria.

He said that moving forward, the bank’s management intended to focus on completing all ongoing and outstanding housing projects and sustaining prudent financial management.

Osidi said the bank will also focus on improving customer service experience, and drive down non-performing loans further.

He added that the bank will work towards the amendment of its enabling laws and pursue its recapitalisation. (NAN)

Edited by Esenvosa Izah/Rotimi Ijikanmi

Loans recovery: FMBN rakes in N18.9bn in 2024

Philip Daniel Yatai
Aug, Fri, 2025

Metro

Loans recovery: FMBN rakes in N18.9bn in 2024

52 total views today

By Angela Atabo

Mr Shehu Osidi, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), said the bank raked in N18.9 billion in 2024 from recovery of bad loans.

Osidi made this known on FMBN Day at the ongoing Africa International Housing Show (AIHS) on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme for the Housing Show is, “Re-imagining Housing Finance: Opportunities and Lessons for FMBN”.

Osidi recalled that, at the same event in 2024, the bank announced the constitution of seven recovery task teams to recover delinquent loans across the country’s geo-political zones.

“By the end of 2024, the teams had raked in over N10.9 billion in bad loans.

“This was in addition to our normal recovery activities which also yielded the sum of N3.1b in the same year.

“The recovery from the teams is currently at over N18.9bn,’’ he said.

Osidi said that the bank also improved its loan approvals significantly within the same period.

According to him, a total sum of N71.5 billion in loans has been approved, compared to N39.7 billion in 2023.

He added that under the National Housing Fund (NHF) operations, the bank’s collections grew by three billion naira in 2024 resulting in a total collection of N103 billion.

Osidi said this was compared to the N100 billion the bank recorded in 2023.

“Notably, we were also able to clear a four-year backlog out of our outstanding unaudited accounts of 2018, 2019, 2020 and 2021, demonstrating our renewed commitment to financial transparency and good governance.

“I believe by the time we come to this platform next year, FMBN should have been up to date in its audited accounts.

“Our target is to achieve this milestone by the end of this year 2025,” he said.

Osidi said that FMBN’s financial performance has also improved; adding that the bank made an operational surplus of N11.5 billion, making it the first time it recorded such achievement in over 30 years of existence.

He said that with prudent management and growing operations, FMBN was on track for another surplus in 2025.

According to him, this is proof that FMBN’s policies are yielding results, and the bank is on the right track.

The Managing Director said FMBN was offering deliberate and substantial support for the Ministry of Housing on its housing delivery agenda under the Renewed Hope Housing programme of President Bola Tinubu.

He said that the bank has so far provided N100 billion off-taker guarantee to facilitate the mobilisation of required funding for the Renewed Hope Housing and Estates programme across Nigeria.

Osidi explained that those projects were currently ongoing in Abuja, Kano, Lagos and other locations across the country.

He further said that FMBN has also extended an additional funding facility of N19.9 billion for the Karsana project in Abuja.

“This is apart from our funding of Renewed Hope City, Ibeju Lekki Lagos to the tune of N27 billion to deliver 1,500 units of two and three bedroom apartments.

“The Bank is also providing mortgages for Nigerians who are contributors to the NHF to off-take the houses constructed under the programme across the country,’’ he said.

Osidi said that the bank is also introducing new products to deepen affordable home ownership and promote financial inclusion.

He disclosed that, starting from August, three ground-breaking products will be rolled out.

These includes: The FMBN Non-Interest Mortgage Loan, which aligns with ethical finance principles to cater for the needs of Nigerians who prefer non-interest banking models.

The second is, FMBN National Housing Fund (NHF) Diaspora Mortgage Loan, specifically designed to provide a safe and seamless homeownership pathway for Nigerians living abroad, to be launched on Aug. 31.

Osidi said the FMBN National Housing Fund (NHF) Diaspora Mortgage Loan is in collaboration with NiDCOM and the Central Bank of Nigeria.

He said the third product is Rent Assistance, a customised product tailored to meet the immediate needs of NHF contributors in both formal and informal sectors before they own their homes.(NAN)

Edited by Dorcas Jonah/Rotimi Ijikanmi

New FMBN Board chairman pledges to revitalise housing finance

Philip Daniel Yatai
May, Tue, 2025

Metro

New FMBN Board chairman pledges to revitalise housing finance

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By Angela Atabo

The new Chairman of the Federal Mortgage Bank of Nigeria (FMBN),Board, Dr Nasir Gawuna, has promised to revitalise the bank and expand housing finance access for Nigerians.

Assuming office on Monday in Abuja, Gawuna pledged to align his efforts with President Bola Tinubu’s Renewed Hope Agenda to improve financing and accessibility.

He stressed the need to raise public awareness about the bank’s role in addressing Nigeria’s housing deficit.

“Do Nigerians really know what FMBN is or what the laws governing it entail? We must make the bank visible and known to the people.

“The law establishing FMBN states that anyone above 18 earning up to N3,000 is eligible to be a contributor,” he said.

Gawuna highlighted the importance of reviewing some policies and laws governing the bank to ensure optimal performance and benefits for Nigerians.

“We live in a time of rapid change, great challenges, and immense opportunities. Our organisation is uniquely positioned to respond with innovation, resilience, and purpose,” he added.

As Board Chairman, he said his priority would be to promote a culture of collaboration, encouraging diverse perspectives, open dialogue, and bold thinking.

“We will listen carefully, act responsibly, and lead courageously to make a positive impact in the housing sector in line with the President’s Renewed Hope Agenda.”

He also emphasised improving staff welfare to help deliver the bank’s mandate. “There is no reason we cannot improve the lives of our employees,” he said.

Earlier, FMBN Managing Director and CEO Shehu Osidi, welcomed the new chairman and lauded the executive management’s progress.

He noted the bank’s support for the Renewed Hope Housing programme, including providing a N100 billion off-taker guarantee to mobilise funding nationwide.

Osidi added that additional funding of N19.9 billion had been advanced for the Karsana project, alongside N27 billion for the Renewed Hope City in Ibeju Lekki, Lagos, aimed at delivering 1,500 housing units.

He thanked President Tinubu for entrusting the bank with the responsibility and expressed optimism about the future of FMBN.

“The inauguration of the new Board marks a new chapter of partnership and progress. Together, we will accelerate the delivery of affordable housing in Nigeria,” he said.(NAN)

Edited by Shuaib Sadiq/Abiemwense Moru

National Housing Fund collection hits N103bn in 2024 – FMBN

Rabi'u Sani Ali
Feb, Thu, 2025

Economy/Business

National Housing Fund collection hits N103bn in 2024 – FMBN

635 total views today

By Angela Atabo

The Federal Mortgage Bank of Nigeria (FMBN), says the National Housing Fund (NHF) collection has increased to N103 billion in 2024.

Shehu Osidi, the Managing Director and Chief Executive of the bank, stated this at a news conference on Wednesday in Abuja.

He said the bank achieved a record-breaking collection for the NHF, which is the highest since inception.

The manager said the bank, under his stewardship, set out a bold vision to transform its operations through efficiency and transparency, to positively impact Nigeria’s housing and mortgage finance sector.

According to Osidi, the focus has been on institutional reforms, financial sustainability, and stronger stakeholder collaboration to ensure the bank effectively delivered affordable housing solutions to Nigerians.

“Under the NHF operations, our collections grew by N3 billion in 2024 resulting in a total collection of N103 billion, compared to the N100 billion recorded in 2023.

“This increase in NHF contributions demonstrates renewed trust and participation in the NHF scheme by Nigerian workers,” he said.

Osidi said that a total of 658 organisations and 178,619 employees had been registered in 2024 compared to 556 and 113,577 in 2023, respectively.

He said the bank also signed a Memorandum of Agreement (MoA) with the Kano state government on Jan. 31, to facilitate the return of its workers to the NHF scheme after a 24-year absence.

This, he said, would significantly boost NHF collections in 2025, given the Kano state’s workforce of over 160,000 employees.

Osidi said the bank had made notable financial improvements, recording an operational surplus of N11.58 billion in its 2024 management accounts.

“This is the first such experience since FMBN came into existence over 30 years ago.

“Although this figure is expected to decrease significantly after applying impairment, we are taking a proactive approach to address all aspects of our operations that contribute to high impairments.

“This includes tackling the high volume of non-performing loans inherited by the current management..

“We are also pursuing with great efforts the recapitalisation of the bank. A grossly inadequate capital of N2.5 billion hinders the capacity of the bank to perform optimally.

“These achievements underscore our commitment to ensuring that FMBN remains a financially viable institution, capable of fulfilling its mandate of driving affordable homeownership in Nigeria,” he said

Osidi stated that under the bank’s loan operations, a total of N71.5 billion was approved in 2024, indicating a significant increase from N39.7 billion in 2023.

On refund, Osidi said that N14.4 billion was disbursed to 44,333 beneficiaries in 2024, compared to N13.2 billion paid to 40,426 beneficiaries in 2023.

According to him, the bank is heavily weighed down by Non-Performing Loans (NPLs), majorly due to the quality of credit in its books.

To address the problem, Osidi said the bank adopted proactive loan appraisal processes to improve credit quality, reduce loan defaults, and enhance recovery mechanisms.

He said that seven recovery task teams were inaugurated to recover delinquent loans in the country.

“As a direct result of this initiative, we have recovered N10.9 billion in bad loans through the recovery teams.

“This is in addition to our normal recovery activities which also yielded the sum of N3.1 billion in 2024,” he said.

The manager said the bank successfully resolved several long-standing NPL cases, with five currently awaiting final Board and Ministerial approval for exit. (NAN)(www.nannews.ng)

Editing by Kevin Okunzuwa