*As new chairman pledges to revitalise housing finance
WorldStage Newsonline– The Federal Mortgage Bank of Nigeria (FMBN) recorded nearly doubled loan approvals from ₦39.7 billion in 2023 to ₦71.5 billion in 2024, increasing access to housing finance, according to its Managing Director and Chief Executive, Shehu Osidi.
Osidi, while welcoming Dr Nasir Gawuna, who has assumed duty as the new Board Chairman in Abuja confirmed a ₦6.5 billion surplus for FMBNin the first quarter of 2025.
He described the surplus as proof that current management policies are effective and the Bank is moving in the right direction.
“Since the Executive Management Team took over in February 2024, the Bank has recorded remarkable progress aligned with our shared vision,” he said.
He noted that teamwork had led to significant strides in strengthening the institution’s capacity and performance.
Importantly, FMBN cleared a four-year backlog of unaudited accounts within nine months – from 2018 to 2021 – reflecting transparency and better governance.
Osidi said the Bank’s overall financial performance has also significantly improved under the new leadership.
“In 2024, we posted an operational surplus of ₦11.5 billion – the highest in over three decades,” he stated.
He added that prudent management and expanding operations placed the Bank on course for another surplus in 2025.
“Already, we have recorded a ₦6.5 billion surplus in the first quarter of 2025, a clear sign of progress,” Osidi said.
According to him, loan approvals rose from ₦39.7 billion in 2023 to ₦71.5 billion in 2024, allowing more Nigerians to benefit from housing loans.
He further revealed that under the National Housing Fund (NHF), collections grew by ₦3 billion in 2024, reaching a total of ₦103 billion.
This was an increase compared to ₦100 billion collected by the Bank in 2023 under the same scheme.
FMBN also registered 658 employer organisations and 178,619 employees in 2024, up from 556 and 113,577 respectively in 2023.
“These achievements are the outcome of strategic planning and consistent effort,” he said.
Osidi explained that the Bank had adopted a new business approach and was challenging outdated practices.
“For example, on June 3, 2024, we launched seven Recovery Task Teams composed entirely of FMBN staff,” he stated.
He said the teams were deployed nationwide to recover delinquent loans, based on the belief that internal staff perform better.
“As a result, ₦10.9 billion in bad loans was recovered in 2024. That figure has since grown to ₦18.9 billion.
“An additional ₦3.1 billion was recovered through routine recovery activities during the same year.
“Technology and customer service are now key priorities for the Executive Management,” Osidi stated.
He revealed that the Bank aims to use digital tools to accelerate loan approvals and improve service delivery.
According to him, the Bank is also preparing to launch new products by the end of the second quarter of 2025.
“These products are designed for the Diaspora, non-interest, and informal market segments.
“To this end, we’ve secured approval from the CBN to implement non-interest ethical mortgages,” he noted.
This move responds to demand for alternative housing finance models aligned with ethical and religious values.
FMBN is also engaging with NIDCOM and the CBN for the rollout of the Diaspora NHF Mortgage Loan.
The product will enable Nigerians abroad to invest in property and own homes in Nigeria.
TO REVITALISE HOUSING FINANCE
On his part, the new Chairman , Dr Nasir Gawuna, promised to revitalise the bank and expand housing finance access for Nigerians.
Gawuna pledged to align his efforts with President Bola Tinubu’s Renewed Hope Agenda to improve financing and accessibility.
He stressed the need to raise public awareness about the bank’s role in addressing Nigeria’s housing deficit.
“Do Nigerians really know what FMBN is or what the laws governing it entail? We must make the bank visible and known to the people.
“The law establishing FMBN states that anyone above 18 earning up to N3,000 is eligible to be a contributor,” he said.
Gawuna highlighted the importance of reviewing some policies and laws governing the bank to ensure optimal performance and benefits for Nigerians.
“We live in a time of rapid change, great challenges, and immense opportunities. Our organisation is uniquely positioned to respond with innovation, resilience, and purpose,” he added.
As Board Chairman, he said his priority would be to promote a culture of collaboration, encouraging diverse perspectives, open dialogue, and bold thinking.
“We will listen carefully, act responsibly, and lead courageously to make a positive impact in the housing sector in line with the President’s Renewed Hope Agenda.”
He also emphasised improving staff welfare to help deliver the bank’s mandate. “There is no reason we cannot better the lives of our employees,” he said.
Earlier, FMBN Managing Director and CEO Shehu Osidi, welcomed the new chairman and lauded the executive management’s progress.
He noted the bank’s support for the Renewed Hope Housing programme, including providing a N100 billion off-taker guarantee to mobilise funding nationwide.
Osidi added that additional funding of N19.9 billion had been advanced for the Karsana project, alongside N27 billion for the Renewed Hope City in Ibeju Lekki, Lagos, aimed at delivering 1,500 housing units.
He thanked President Tinubu for entrusting the bank with the responsibility and expressed optimism about the future of FMBN.
“The inauguration of the new Board marks a new chapter of partnership and progress. Together, we will accelerate the delivery of affordable housing in Nigeria,” he said.
