Federal Government is collaborating with Nasarawa, Gombe, Niger, Abia, Osun, Enugu, and Cross River States to finalize and allocate housing estates to civil servants.
Speaking in Abuja at a press briefing to mark his one year in office, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Shehu Osidi, said the initiative was part of efforts to ensure effective homeownership for beneficiaries while enabling the bank to recover its investments for new projects.
Osidi, also announced the establishment of a non-interest mortgage scheme for Nigerians seeking ethical financial products. He outlined key objectives, including a review of FMBN’s five-year strategic blueprint, mobilization of the informal sector, and additional funding for the Renewed Hope and Cities Estate Projects.
To enhance affordable housing access, the bank has engaged stakeholders to draft bills for amending the Federal Mortgage Bank of Nigeria Act and the National Housing Fund (NHF) Act. Additionally, it is pursuing recapitalization to ₦500 billion, as directed by the Federal Executive Council.
Osidi reported a ₦3 billion increase in NHF collections in 2024, bringing the total to ₦103 billion, up from ₦100 billion in 2023. He noted significant growth in registered organizations and employees under the NHF scheme, alongside an increase in refund disbursements to beneficiaries.
A major milestone was the reintegration of Kano State civil servants into the NHF scheme after a 24-year hiatus. A Memorandum of Agreement (MOA) was signed between FMBN and the state government on January 31, 2025, covering a workforce of over 160,000.
Expressing gratitude to stakeholders, Osidi reaffirmed FMBN’s commitment to expanding access to affordable housing across Nigeria.
RN
