The Federal Mortgage Bank of Nigeria (FMBN) recorded a historic N152.4 billion in National Housing Fund (NHF) collections in 2025, representing a 48% increase from the N103 billion generated in 2024.
Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, disclosed this on Wednesday in Abuja during a press briefing to mark his second year in office.
Osidi thanked President Bola Tinubu for the confidence reposed in him through his appointment two years ago, stating that the bank’s recent progress demonstrates that the trust placed in his leadership was not betrayed and would not be.
What they are saying
Osidi explained that upon assuming office, the executive management committed to repositioning FMBN around four strategic pillars—financial sustainability, customer impact, operational efficiency, and institutional renewal—anchored on a 7-Point Agenda.
- “I am proud to say that our stewardship in the last two years has seen renewed confidence in the National Housing Fund (NHF) Scheme. Before we came in, the highest annual collection ever made into the NHF was N100 billion, which was recorded in 2023.
- “In 2024 when we came in, we took the collection to N103 billion. In the outgone year 2025, our NHF collections reached N152.4 billion, representing over 48% year-on-year growth and the highest annual collection in the history of the scheme.
- “We also grew our contributor base by registering over 139,000 new contributors in 2025, compared to 178,619 in 2024 and 113,577 in 2023. This brings the total number of new contributors under our two-year tenure to well over 300,000 Nigerians.’’
He further noted improvements in the processing of NHF refunds.
According to him, N13.2 billion was paid to 40,426 beneficiaries in 2023 before he assumed office, while N14.4 billion was refunded to 44,333 beneficiaries in 2024.
In 2025, refunds rose to N15.6 billion, benefiting 55,068 contributors.
Osidi said the upward trend reflects reforms aimed at improving turnaround times and operational efficiency.
Backstory
FMBN had previously recorded N103 billion in NHF collections in 2024, then the highest in its history.
- In the same year, 658 employer organisations and 178,619 employees were registered, compared to 556 employers and 113,577 employees in 2023.
- The bank also posted an operational surplus of N11.58 billion in its 2024 management accounts, its first in over 30 years.
Loan approvals climbed to N71.5 billion in 2024, up from N39.7 billion in 2023, while N14.4 billion was refunded to 44,333 beneficiaries, compared to N13.2 billion paid to 40,426 beneficiaries in 2023.
More insights
Osidi revealed that the Oyo State Government approved the reintegration of its workers into the NHF scheme after 27 years, while Kano State, which exited in 2002, is close to full reintegration following a Memorandum of Agreement with FMBN.
- In 2025, FMBN financed 6,911 housing units—achieving 96% of its annual target—across Cooperative Housing Development Loans, the Ministerial Pilot Housing Scheme, Affordable Housing Development initiatives, and Mega/Mini Cities under the Renewed Hope Housing Programme.
- Project loan disbursements rose to over N79 billion in 2025, up from N31.5 billion in 2024, while individual NHF mortgage disbursements increased by 38% to N8.2 billion from N5.9 billion in 2024.
Innovative products such as Rent-to-Own loans and Home Renovation Loans also expanded financial inclusion, with N7.1 billion disbursed to 367 beneficiaries and N13.8 billion to 15,290 beneficiaries, representing an 86% increase over 2024.
Osidi disclosed that the bank provided a N100 billion off-taker guarantee and direct funding support for key projects under the Renewed Hope Housing Programme.
- In Lagos, N27 billion was allocated to the Ibeju-Lekki Renewed Hope City, with N8 billion already disbursed for 252 completed units. In Abuja, N19.9 billion was approved for the Karsana Renewed Hope City, with N17 billion used to construct 547 units, plus 288 additional units, bringing the total to 864 units.
Funding approvals have also been granted for projects in Enugu and other states, alongside ongoing mortgage support for individual homebuyers.
- “Equally significant is the value of our funding support for housing construction, which increased from N10 billion in 2024 to N48 billion in 2025, a positive variance of N38 billion that vividly demonstrates our strengthened capacity to mobilize resources at scale.
- “On the credit side, the Bank approved loans totaling N9.45 billion to Primary Mortgage Banks(PMBs) in 2025, higher than N9.099 billion in 2024, showing steady growth.
- “More importantly, repayment discipline improved significantly, with Primary Mortgage Banks achieving 123% repayment performance in 2025, compared to 85% in 2024, a variance of 38% that reflects stronger credit quality and recovery frameworks,” Osidi further disclosed.
He, however, noted that the bank’s single obligor limit constrained the total volume of loans that could have been extended to PMBs.
Osidi stressed the need for recapitalisation to enable FMBN fully deliver on its mandate and reaffirmed the bank’s commitment to institutional stability, improved efficiency, and expanding affordable homeownership nationwide.
What you should know
Last year, FMBN reported housing loan approvals of N71.5 billion in 2024, up from N39.7 billion in 2023—one of its strongest performances in recent years.
Osidi also disclosed that the bank recovered N18.9 billion in delinquent loans through seven recovery task teams set up across Nigeria’s geo-political zones, further strengthening its financial position.
