The Federal Mortgage Bank of Nigeria (FMBN) raised housing loan approvals to N71.5 billion in 2024, up from N39.7 billion in 2023, marking one of its strongest performances in recent years.
The figures were released on Thursday during FMBN Day at the ongoing Africa International Housing Show in Abuja, which has the theme “Re-imagining Housing Finance: Opportunities and Lessons for FMBN,” according to the News Agency of Nigeria (NAN).
FMBN Managing Director, Shehu Osidi, said the bank also recovered N18.9 billion in delinquent loans in the same period through seven recovery task teams established across the country’s geo-political zones, in addition to regular recovery efforts, strengthening the bank’s financial position.
Collections under the National Housing Fund (NHF) increased to N103 billion in 2024 from N100 billion in 2023. The bank also cleared a backlog of unaudited accounts from 2018 to 2021,
“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 NAN report read in part.
It added, “Osidi said that the bank also improved its loan approvals significantly within same period. According to him, a total sum of N71.5 billion in loan 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 total collection of N103 billion.”
On overall performance, Osidi reported that the bank posted an operational surplus of N11.5 billion in 2024. This was the first surplus recorded by the institution in more than three decades, and he expressed confidence that the positive trend would be sustained through 2025.
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Beyond financial results, Osidi noted that the Federal Mortgage Bank of Nigeria is providing strong backing for the federal government’s Renewed Hope Housing programme.
- It has issued a N100 billion off-taker guarantee to support housing projects across the country, committed N19.9 billion to the Karsana project in Abuja, and funded N27 billion for Renewed Hope City in Ibeju-Lekki, Lagos, a development designed to deliver 1,500 two- and three-bedroom apartments.
To expand access to affordable homeownership, the bank plans to roll out three new products from August 2025. These include a non-interest mortgage loan, a National Housing Fund Diaspora Mortgage Loan to be introduced on August 31 in collaboration with NiDCOM and the Central Bank of Nigeria, and a Rent Assistance scheme to help contributors meet rental obligations while working toward owning a home.
