FMBN unveils $100b loan facility for Renewed Hope Housing projects

The Federal Mortgage Bank of Nigeria (FMBN) has provided at least a $100 billion loan facility for the construction of the Renewed Hope Housing Project countrywide, its Managing Director, Shehu Osidi, has disclosed.

Osidi stated this while giving his one-year scorecard of the Bank in Abuja, saying that, in addition, they have provided direct funding of N19.9 billion for the project in Karsana, Abuja, as well as a N27 billion facility for the Housing Project in Ibeju-Lekki, Lagos.

He explained that the two projects are in the process of automation for operational efficiency, saying, “Today, the briefing provides an opportunity to reflect on our journey over the past year, highlight achievements, and share our strategic direction for 2025.”

“When the management assumed office, we set forth a bold vision for the transformation of the Bank to enhance its efficiency, transparency, and impact on Nigeria’s housing and mortgage finance sector in Nigeria,” he said.

According to Osidi, since their assumption, they have made deliberate efforts to strengthen their balance sheets, enhance revenue generation, and optimize operational costs to ensure financial stability.

“Our focus has been on driving institutional reforms, financial sustainability, and strengthening stakeholder collaboration to ensure the Bank effectively delivers affordable housing solutions to Nigerians,” he added.

“Under the National Housing Fund operations, our collections grew by N3 billion in 2024, resulting in total collections of N103 billion compared to the N100 billion the Bank recorded in 2023.

“This increase in NHS collections demonstrates renewed trust and participation in the NHS scheme by Nigerian workers. These key areas will include financial performance, operational performance, and our plans for 2025.”

Similarly, he argued that these efforts have resulted in an operational surplus of N11.58 billion from their management accounts for 2024, stressing that it is the first such experience since FMBN came into existence over 30 years ago.

He hinted that a total of 658 employer organizations and 178,619 employees were registered in 2024, compared to 556 and 113,577, respectively, in 2023, explaining that this was a result of the resumption of Kano State’s civil servants back into the NHS after 24 years of being out of the scheme.

He said, “We signed the Memorandum of Agreement to facilitate this on Friday, 1 January 2025. This will impact positively on the scheme collections in 2025, as Kano State has a workforce of over 160,000 civil servants.

“Under our loan operations, a total sum of N71.5 billion was approved in the past year, compared to N39.75 billion in 2023. In the FMBN’s refund operations, the sum of N14.4 billion was refunded to 44,333 beneficiaries, against N13.2 billion refunded to 40,426 beneficiaries in 2023.”