The Managing Director of the Federal Mortgage Bank of Nigeria, Shehu Osidi, has said that they have made substantial progress under its shared vision, working together to hit an operational surplus of N11.5 billion—the first time in over 30 years of its existence in the country.
Osidi, who said this at a media chat in Abuja, stressed that the bank made progress in strengthening and cleaning a four-year backlog of unaudited accounts in just nine months (2018, 2019, 2020, and 2021), demonstrating its renewed commitment to financial transparency and good governance.
“Over the past year, since the appointment of the current Executive Team last year, with prudent management, we have been growing the operations. We are on track for another surplus in 2025. In fact, the Bank has already recorded a ₦6.5 billion surplus in the first quarter of the year,” he hinted.
According to him, they have almost doubled loan approvals, from ₦39.7 billion in 2023 to ₦71.5 billion last year, to ensure that more Nigerians can access housing finance, while they collected N103 billion under the National Housing Fund (NHF) in 2024.
He said, “To further illustrate the improvements, a total of 658 employer organizations and 178,619 employees were registered in 2024 compared to 556 and 113,577 respectively in 2023. These achievements are the product of hard work and deliberate strategies.”
The Managing Director further explained, in this regard, the bank provided a N100 billion off-taker guarantee to facilitate the mobilisation of required funding for the Renewed Hope Housing and Estates program across Nigeria. Additional funding of N19.9 billion has also been advanced for the Karsana project.
He further disclosed that since 2024, the bank inaugurated 7 Recovery Task Teams consisting of only FMBN staff to recover delinquent loans across the country, and as a direct result, they recovered N10.9 billion in bad loans in 2024, which has grown to N18.9 billion as at today.
Unveiling the new market drive plan of the bank, Osidi disclosed that the bank, at the end of the second quarter of 2025, will launch a new product targeted at the Diaspora, non-interest, and Informal Sector market segments.
In preparation for the launch, he said they have obtained the approval of the CBN to commence the implementation of the non-interest ethical mortgages in response to the yearnings of the Nigerian population seeking alternative housing finance solutions in line with their ethical values.
While welcoming the new board chairman and members, he pledged full support and promised to cultivate a transparent, cooperative, and harmonious working relationship, with mutual respect at every turn.
Also, the Chairman, Dr. Nasir Gawuna, expressed gratitude to President Bola Tinubu and the Minister of Housing and Urban Development for the opportunity to serve and pledged to build on the bank’s existing achievements with transparency and purpose.
