FEDERAL MORTGAGE BANK OF NIGERIA (FMBN)

Senate Committee on Lands, Housing and Urban Development Pledges Commitment to FMBN's Recapitalisation, Review of Obsolete Laws …Says Bank's efforts at providing affordable housing to Nigerians laudable The Chairman, Senate Committee on Lands, Housing and Urban Development, Sen. Aminu Waziri Tambuwal, has reiterated the Committee’s commitment to the recapitalization of the Federal Mortgage Bank of Nigeria and review of obsolete laws affecting its operations. These assurances were given during an interactive session between the Committee and the Bank on Wednesday, January 15, 2025, at the Senate Complex of the National Assembly. The Committee convened the session to review the 2025 budgets of the Federal Ministry of Housing and Urban Development and its agencies, following the budget presentation by President Bola Tinubu in December 2024. In his opening remarks, Sen. Tambuwal highlighted the significance of the meeting as a reaffirmation of the Committee's collective commitment to transparency, accountability and judicious management of public resources allocated to the critical housing sector. “This is a crucial aspect as it reflects the financial discipline, resource optimisation and self-sustaining capacities of these entities," he stated, adding that discharging the responsibility ensures prudent resource management and alignment of the budget to national development objectives. He echoed the Committee's readiness to work with the Bank to resolve the issues impeding its progress, committing to organizing a special sitting between the Bank, CBN and the National Social Insurance Trust Fund (NSITF) to resolve the issue of non-fulfillment of shareholding obligation. Responding, Osidi reported the Bank's performance in managing the National Housing Fund (NHF), noting that since its inception in 1992 up to October 2024, the scheme had registered 5,858,136 contributors, with 166,926 out of that figure registered between January and October 2024. He revealed that total loan disbursements by the Bank since inception stood at ₦455,132,753,921.72, with ₦29,506,434,408.93 disbursed between January and October 2024. Regarding NHF refunds, ₦91,184,327,429.81 had been refunded since inception, with ₦12,183,387,615.81 refunded during the same 10-month period. He identified several challenges impeding the Bank’s operations, such as low capitalization, CBN's prudential guidelines on single obligor limits, obsolete FMBN and NHF Acts, and compliance with the NHF Act. The Vice Chairman of the Committee, Sen. Victor Umeh, expressed concern over the delayed recapitalization of FMBN, emphasizing the urgency of resolving the Bank’s financial challenges. "We should tackle the major problem of this Bank, and that is mobilizing it with resources. The government should be made to understand that the ₦500 billion which was suggested more than one year ago has not been provided,” he stated. Virgina Jang (Mrs.) Group Head, Corporate Communications

The Management of the Federal Mortgage Bank of Nigeria (FMBN), led by the Managing Director/Chief Executive, Shehu Usman Osidi, yesterday took part in a meeting convened by the House of Representatives Committee on Housing and Habitat to deliberate on the proposed 2025 budget. The meeting, which was presided over by the Chairman of the Committee, Hon. Abdulmumin Jibrin, brought together representatives of the Ministry of Housing and Urban Development and its agencies made up of the FMBN, Federal Housing Authority (FHA), as well as the Family Homes Fund (FHF) and the Ministry of Finance Incorporated Real Estate Fund (MREF). Addressing the Committee, Osidi expressed gratitude to the lawmakers for their continued support towards addressing the challenges confronting the Bank. The Committee highlighted concerns about the insufficient allocation to the housing sector in the proposed 2025 budget and underscored the urgent need to recapitalize the Bank to enable it function at optimal capacity. See pictures below... Virginia Jang (Mrs.) Group Head, Corporate Communications

We are humbled by the recognition of our Managing Director/Chief Executive, Shehu Usman Osidi, as a Top Leader to watch out for in Nigeria's Real Estate Industry in 2025. Leading a visionary Management Team, Osidi is driving unprecedented reforms at the FMBN and we are excited about the impactful innovations and solutions the Bank will unveil in 2025. At FMBN, we believe that Everyone Deserves a Home.

As much as we strive to provide affordable homeownership solutions to all Nigerians, there are certain factors that may lead to a delay or denial of an individual's loan application. This quick guide provides 10 major reasons why your application may be delayed or denied. Remember, you can always contact us for guidance on the process and requirements for a successful mortgage loan application. Visit a Branch office near you for more information. #MortgageLoan #HousingLoans #NHF #NHFGuide

Yes, you can. This new week, take the right step towards affordable homeownership. #MondayMotivation #AffordableHomeownership #MortgageLoan #NHFLoan

Partner with us on your homeownership journey today and enjoy seamless and affordable mortgage products. You too can become a homeowner with FMBN.

FMBN Set to Deliver 343 Housing Units for AMMC Cooperative Society …as Osidi hails Cooperative for judicious use of 1st Tranche of N500m …assures of speedy disbursement of 2nd Tranche The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has pledged the Bank's commitment towards the delivery of 343 housing units for members of the Abuja Metropolitan Management Council (AMMC) Cooperative Society. This was revealed during a courtesy visit by members of the Council led by the Coordinator, Mr. Felix Amaechi Obuah to the Bank's headquarters in Abuja on Wednesday, January 8, 2024. The leadership of the Council had visited the Bank to request the approval and release of the second tranche of funding to complete its ongoing project of 343 housing units designed to ease the housing needs of its members. The project, being delivered under the Cooperative Housing Development Loan (CHDL), is one of the Bank's numerous projects across the country to provide access to affordable housing to Cooperative societies whose members are contributors to the National Housing Fund (NHF). Osidi applauded the management of AMMC for judiciously utilising the first tranche of funding that amounted to N500 million, released by the Bank to them in 2023. Expressing the Bank’s readiness to support continuity of the project, he emphasized that, “the Bank is open to doing business with organisations that demonstrate seriousness.” The MD noted that the Bank approves loans based on milestones, after verifying that funds disbursed have been utilized in a judicious manner. Accordingly, he informed that the Bank would do its due diligence after which the next tranche of funding would be released. He added that the Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu would facilitate the process, expressing hope of seeing the 343 housing units completed and commissioned in no distant time. Also speaking during the visit, Mr. Obuah appreciated the Bank for its invaluable assistance to the AMMC Cooperative Society. He revealed that the Cooperative had acquired 4.2 hectares of land from the Federal Capital Development Authority (FCDA) to build residential houses for its members and commenced the construction of the 343 housing units in 2020. The Coordinator further noted that the Cooperative Society had secured N500 million as the first tranche of funding from the Bank in 2023 and contributed N220 million as equity. He added that out of the 343 houses under construction, 30 have been completed and are ready to be handed over to the allottees. The Bank’s support for this initiative marks another significant effort in bridging the housing deficit in the country through tailored products, services, and interventions. Virginia Jang (Mrs.) Group Head, Corporate Communications

Don't give in to shylock landlords when you can own your own home. Contact FMBN today! 0903 633 2566, 0902 323 9419, 0805 788 1824 or 0809 600 0018. You can also send an email via info@fmbn.gov.ng

Wishing you and your loved ones a truly Happy New Year.

Have a fabulous Yuletide season, from all of us at FMBN.