Managing Director and Chief Executive Officer of Federal Mortgage Bank of Nigeria (FMBN), Shehu Osidi, has disclosed plans by the bank to strengthen its capital base to N750 billion as part of efforts to expand housing finance in the country.
He noted that the bank’s current paid-up capital stands at about N2.56 billion, a level he described as inadequate to meaningfully tackle Nigeria’s housing deficit.
Osidi who stated this while addressing journalists on Wednesday atan event marking his two years in office, acknowledged that the bank remains grossly undercapitalised, hence the N750 billion recapitalisation drive.
He revealed that engagements approved by the Federal Executive Council (FEC) are ongoing with the Ministry of Finance, the Central Bank of Nigeria (CBN), the Ministry of Finance Incorporated (MOFI), and the Bureau of Public Enterprises (BPE) and expressed confidence that it would ultimately deliver transformative results for both the bank and the broader housing sector.
He also disclosed that one of the key milestones achieved in 2025 was the full deployment of the bank’s Core Banking Application (CBA), a project that had stalled for years before the current management took office.
