In a bid to strengthen and secure pathway for Nigerians abroad to own homes in the country, the Federal Mortgage Bank of Nigeria (FMBN) has graciously unveiled its National Housing Fund Diaspora Mortgage Products in London, United Kingdom.

‎The Diaspora Mortgage Loan marks a significant expansion of Bank’s efforts to make mortgage finance accessible to Nigerians irrespective of their locations, while mobilising diaspora resources towards housing development, wealth creation and national economic growth.
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Speaking at the unveiling ceremony ‎the Minister of Housing and Urban Development, Muttaqha Rabe Darma, the guest of honour at the event, said that it will be a secure and institutional pathway for Nigerians living abroad to own homes and invest in Nigeria’s housing sector.

Darma who was represented by the Minister of State for Housing and Urban Development,Yusuf Ata also explained that the opening make and secure an institutional pathway for Nigerians living abroad to own homes and invest in Nigeria’s housing sector.

The Minister described the initiative as a significant step towards strengthening the relationship between Nigeria and its citizens abroad, while creating great and new opportunities for diaspora participation in country’s built ecosystem.
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‎He therefore observed that many Nigerians abroad had long aspired to own homes in Nigeria but faced challenges including fraudulent transactions, uncompleted projects, unreliable intermediaries and inadequate financing arrangements.
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‎”The NHF Diaspora Mortgage Loan represents the Government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing. Nigerians in the diaspora shoul take advantage of the new mortgage window to register, contribute, participate and invest to own your home.”
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Earlier, the Bank’s Managing Director/Chief Executive, Shehu Usman Osidi, expressed appreciation to President Tinubu, for his leadership and commitment to expanding access to affordable housing and promoting inclusive economic growth through the Renewed Hope Housing Agenda.

‎According to Osidi, today, we are not merely unveiling another mortgage product, but also opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world.
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‎The Chief Executive emphasized that the Diaspora Mortgage Initiative was not a departure from FMBN’s core mandate but an expansion of its efforts to deepen mortgage financing and mobilise additional long-term investment into Nigeria’s housing sector.
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‎Explaining further, he noted that under the Diaspora Mortgage Loan, eligible Nigerians living abroad can register under the NHF Scheme, complete their KYC requirements digitally, make contributions remotely and access mortgage financing without travelling to Nigeria.

Adding that eligible contributors can access up to ₦100 million in mortgage financing, subject to affordability and applicable requirements, at an interest rate of 9 per cent per annum and a maximum repayment tenor of 10 years.
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‎Osidi argued that the initiative would not only facilitate homeownership but also stimulate residential construction, support developers, create jobs, deepen mortgage penetration and ,increase foreign exchange inflows into the Nigerian economy.
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‎”This is therefore not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of Mr. President and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” he added.
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‎He however assured Nigerians in the diaspora that FMBN would administer the product with high standards of integrity, transparency, professionalism and accountability, while leveraging technology to provide efficient service delivery.

‎‎Osidi equally commended the Ministry of Housing and Urban Development, NiDCOM, the Central Bank of Nigeria (CBN), the Nigerian High Commission in the United Kingdom, technology partners and other stakeholders for their collaboration in developing the product.

‎Contributing,NiDCO Chairman/CEO, Abike Dabiri-Erewa, applauded FMBN for the initiative, describing the Diaspora Mortgage Product as one anchored on investment, belonging and trust, adding, it will
provide a safe, structured channel for Nigerians in abroad to invest back home in real estate and urged the Diaspora community to take advantage of the opportunity.
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‎”FMBN has done its part. NiDCOM has done hers. Now, do yours. We look forward to your investment back home; we look forward to working with you; we look forward to continuous collaboration with you in overseas.”

‎Also, the Director, Development Finance Institutions Department, Central Bank of Nigeria (CBN), Mr. Mairami Ali Baba, highlighted the collaboration between the CBN and FMBN in developing the Diaspora Mortgage Loan, noting that the CBN worked with FMBN on the risk management framework for the product.
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‎On his part, the Chairman of the Central Association of Nigerians in the UK (CANUK), Hon. Dr. Iliyasu Maisanda, commended the Federal Government for the initiative and pledged the association’s support for its success.

The event was attended by Nigerian High Commissioner to the United Kingdom, Ambassador Amin Dalhatu; the Permanent Secretary of the Ministry of Housing and Urban Development, Dr. Shuaib Muhammad Belgore; FMBN’s Board Member, Mr. Momoh Jubril; FMBN’s Executive Directors of Finance and Corporate Services, Mr. Ibidapo Odojukan and Loans and Mortgage Services, Dr. Muhammad Sani Abdu.

Others are: the President of the Mortgage Banking Association of Nigeria (MBAN), Mr. Ayo Olowookere; alongside other senior government officials, housing and mortgage finance stakeholders and representatives of the Nigerian diaspora.