The Federal Mortgage Bank of Nigeria (FMBN) has expressed optimism that its recapitalisation plan of N500 billion will come to fruition this year.
Managing Director/Chief Executive Officer of FMBN, Shehu Usman Osidi, stated this while addressing a press conference to mark his one year in Office.
According to him, the management of the bank had in the last one year prioritised affordable mortgage finance for homeownership, and had sought and obtained the approval of the Central Bank of Nigeria (CBN) for the commencement of non-interest mortgage loans for the teeming segments of Nigerians
“In 2025, management intends to seek the cooperation of stakeholders as directed by FEC for necessary action towards attaining the recapitalisation target of the bank to the tune of the minimum of N500 billion because it is critical and central to the effective delivery of our mandate,” Osidi said.
“As part of our top priorities this year, we intend that the efforts for the review of the NHF Act will intensify towards achieving a robust legal framework to enhance the capacity of the bank to meet its mandate of affordable housing financing and provision of sustainable liquidity for the housing sector in Nigeria.
“The bank has concluded engagement with stakeholders on the draft bills and will now forward the same to our supervising ministry for concurrence and support.
“Also, we hope for a full automation of FMBN operations, to ensure receipt of alerts by contributors amongst other operations. In the course of 2025, we will be obtaining approval for the outstanding FMBN Annual Statements of Accounts and bring the bank up to date,” he stated.
Speaking further, the MD stated that the launching of new products to drive financial inclusion and homeownership including rent assistance, non-interest mortgage, NFH Diaspora Mortgage, among others, will help in driving its mandate to deliver affordable mortgage to Nigerians both at home and abroad.
