Federal Mortgage Bank of Nigeria (FMBN) says it recorded a significant improvement in refunds under the National Housing Fund (NHF), paying ₦15.6 billion to 55,068 eligible contributors in 2025.
The Managing Director of the bank, Shehu Osidi, disclosed this in Abuja while marking his two years in office.
He said the growth reflects the impact of reforms aimed at improving operational efficiency, compared to ₦14.4 billion paid to 44,333 beneficiaries in 2024.
The MD explained that in 2025, the bank’s NHF collections rose to ₦152.4 billion, representing over 48 per cent growth compared to the 2024 figure and the highest annual collection in the history of the scheme.
Mr Osidi noted that the bank expanded its contributor base by registering over 139,000 new contributors in 2025, compared to 178,619 in 2024 and 113,577 in 2023.
According to him, this brings the total number of new contributors recorded during his two-year tenure to well over 300,000 Nigerians.
“We also recorded a remarkable improvement in the processing of NHF refunds to eligible contributors. In 2023, before we assumed office, the sum of ₦13.2 billion was paid as refunds to 40,426 beneficiaries. In 2024, we paid ₦14.4 billion to 44,333 beneficiaries. In 2025, a total of ₦15.6 billion was paid to 55,068 beneficiaries. This positive growth trajectory shows that the reforms we have embarked upon have engendered better turnaround times with improved operational efficiency in refund processing,” he said.
The Managing Director further disclosed that in 2025, the bank financed 6,911 housing units, representing about 96 per cent of its annual delivery target.
He noted that the housing developments cut across various project loan categories, including the Cooperative Housing Development Loan, the Ministerial Pilot Housing Scheme, the collaborative FMBN/NLC/TUC/NECA Affordable Housing Development projects, and the Mega/Mini Cities and Estate projects under the Renewed Hope Housing Programme.
Mr Osidi stated that project loan disbursements exceeded ₦79 billion in 2025, compared to ₦31.5 billion in 2024.
He emphasized that the bank also provided ₦27 billion in funding for the Ibeju-Lekki Renewed Hope City in Lagos, out of which ₦8 billion has been disbursed for the construction of 252 housing units.
He added that ₦19.9 billion was approved for the Karsana Renewed Hope City in Abuja, with ₦17 billion already disbursed for the construction of 547 units at advanced stages of completion, in addition to 288 units under the BOTG scheme, bringing the total to 864 units.
Mr Osidi noted that the Renewed Hope Cities in Abuja, Kano and Lagos are due for commissioning, while ₦7.8 billion has been approved for the Enugu project.
He stressed that since the inception of his administration, the bank has implemented far-reaching initiatives to widen access to affordable homeownership for Nigerians, particularly low- and medium-income earners, in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
The Managing Director also disclosed that the bank approved loans totaling ₦9.45 billion to Primary Mortgage Banks in 2025, an increase from ₦9.099 billion approved in 2024.
RN
