The Federal Mortgage Bank of Nigeria (FMBN) approved N71.5 billion in housing loans in 2024, nearly doubling the N39.7 billion recorded in 2023.
This surge marks a significant expansion in access to mortgage finance for Nigerians, according to the Bank’s Managing Director and Chief Executive, Shehu Osidi.
Osidi disclosed the figures on Monday in Abuja while welcoming Dr Nasir Gawuna, who has assumed duty as the new Board Chairman, as reported by the News Agency of Nigeria (NAN).
He described the rise in loan approvals as a sign of improved performance under current leadership, noting a record operational surplus of N11.5 billion in 2024 and a N6.5 billion surplus already recorded in the first quarter of 2025.
“The Federal Mortgage Bank of Nigeria (FMBN) on Monday confirmed a N6.5 billion surplus in the first quarter of 2025.
FMBN Managing Director and Chief Executive, Shehu Osidi, disclosed this while welcoming Dr Nasir Gawuna, who has assumed duty as the new Board Chairman in Abuja,” the NAN report read in part.
It further stated: “He added that loan approvals nearly doubled, rising from N39.7 billion in 2023 to N71.5 billion in 2024, increasing access to housing finance.”
The Bank also cleared a four-year backlog of unaudited accounts covering 2018 to 2021 within nine months, reflecting strengthened governance.
Under the National Housing Fund (NHF), FMBN saw contributions grow from N100 billion in 2023 to N103 billion in 2024. Employer registrations increased to 658 with 178,619 employees enrolled, up from 556 organisations and 113,577 employees the previous year.
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To boost loan recovery, Osidi revealed that on June 3, 2024, the Bank launched seven internal Recovery Task Teams made up entirely of FMBN staff.
These teams, he noted, were deployed nationwide to recover delinquent loans, resulting in N18.9 billion recovered from bad loans, alongside an additional N3.1 billion from routine recovery efforts.
- Osidi also emphasized FMBN’s increasing focus on digital tools and customer service to speed up loan approvals and improve overall service delivery. The Bank plans to launch new mortgage products by the end of the second quarter of 2025, targeting Nigerians in the diaspora, the informal sector, and those seeking non-interest housing finance.
- He disclosed that FMBN has secured approval from the Central Bank of Nigeria (CBN) to offer non-interest ethical mortgages, responding to the rising demand for faith-based and alternative financing models.
The NAN report further revealed that the FMBN is collaborating with the Nigerians in Diaspora Commission (NIDCOM) and the CBN to introduce a Diaspora NHF Mortgage Loan product, aimed at enabling Nigerians abroad to invest in and own property back home.
