The Federal Mortgage Bank of Nigeria (FMBN) has nearly doubled its housing loan approvals, rising from $ 25.11 million in 2023 to $45.22 million in 2024. The expansion is part of Tinubu’s ongoing reforms to expand access to affordable homeownership and improve housing governance.
FMBN Managing Director and Chief Executive, Shehu Usman Osidi, disclosed the figures on Monday in Abuja while welcoming the bank’s new Board Chairman, Dr. Nasiru Gawuna, who officially assumed duty.
Osidi said the increase in loan approvals is evidence of improved institutional performance. He also revealed a record operational surplus of $7.27 million in 2024, with an additional $4.11 million already recorded in the first quarter of 2025.
In a major governance milestone, the bank has cleared a four-year backlog of unaudited accounts ( 2018 to 2021) within just nine months – an achievement Osidi said signals strengthened financial governance and transparency.
Under the National Housing Fund (NHF) Scheme, total contributions rose to $65.15 million in 2024, up from $63.25 million in the previous year. Employer registrations increased from 556 in 2023 to 658 in 2024, while the number of enrolled employees rose from 113,577 to 178,619.
To strengthen loan recovery, FMBN launched seven internal Recovery Task Teams in June 2024, composed entirely of bank staff. These teams have so far recovered $11.28 million from delinquent loans, in addition to $1.96 million from routine collections.
Looking ahead, Osidi said the Bank is developing new mortgage products tailored for Nigerians in the diaspora, informal sector participants, and those seeking non-interest housing finance.
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FMBN has secured regulatory approval from the Central Bank of Nigeria to offer ethical, non-interest mortgages and is collaborating with the Nigerians in the Diaspora Commission (NIDCOM) to roll out a Diaspora NHF Mortgage Loan product, which will enable Nigerians abroad to own property back home.
Dr. Gawuna’s assumption of office follows the recent inauguration of a new board by the Minister of Housing and Urban Development, Ahmed Dangiwa, who charged members to drive institutional transformation aligned with the Renewed Hope Agenda.
Dangiwa emphasised FMBN’s central role in bridging Nigeria’s housing deficit and called for a shift from “business as usual” to innovation-driven operations.
Exchange rate used: $1 = ₦1,583.92 (as of May 27, 2025)
