The Federal Mortgage Bank of Nigeria (FMBN) has recorded ₦152.4 billion in National Housing Fund (NHF) collections for 2025, a 48 per cent increase from ₦103 billion in 2024.
The Managing Director and Chief Executive of FMBN, Shehu Osidi, disclosed this on Wednesday in Abuja during a news briefing to mark his two years in office.
Mr Osidi appreciated President Bola Tinubu for the confidence reposed in him by appointing him two years ago to steer the ship of the bank, adding that with the progress witnessed, that confidence was not betrayed and would not be.
He said when the executive management assumed office two years ago, they committed to repositioning FMBN along four key pillars of financial sustainability, customer impact, operational efficiency, and institutional renewal, embedded in a 7-Point Agenda.
He added, “I am proud to say that our stewardship in the last two years has seen renewed confidence in the National Housing Fund (NHF) Scheme. Before we came in, the highest annual collection ever made into the NHF was ₦100 billion, which was recorded in 2023.
“In 2024, when we came in, we took the collection ₦103 billion. In the outgone year 2025, our NHF collections reached ₦152.4 billion, representing over 48 per cent growth on the 2024 collection and the highest annual collection in the history of the scheme.
“We also grew our contributor base by registering over 139,000 new contributors in 2025, compared to 178,619 in 2024 and 113,577 in 2023. This brings the total number of new contributors under our two-year tenure to well over 300,000 Nigerians.’’
Mr Osidi added that FMBN recorded a remarkable improvement in the processing of NHF refunds to eligible contributors.
He explained that in 2023, before he assumed office, ₦13.2 billion was paid as refunds to 40,426 beneficiaries and in 2024, the bank paid ₦14.4 billion to 44,333 beneficiaries.
He added that in the outgone year 2025, a total sum of ₦15.6 billion was paid to 55,068 beneficiaries, adding that the positive growth trajectory showed that the reforms embarked on engendered better turnaround times with improved operational efficiency in refund processing.
Significantly, the managing director revealed that the Oyo State Government approved the return of the state workers to the NHF scheme after 27 years, while Kano State, which withdrew in 2002, was on the verge of full reintegration following a Memorandum of Agreement with FMBN.
He attributed the milestones to improved confidence in the scheme ,which is generated through the positive turnaround FMBN is witnessing under the Management.
He emphasised that since his management came on board, the Bank has been implementing far-reaching initiatives to widen access to affordable homeownership for Nigerians, especially the low- and medium-income earners.
This, he said, was in alignment with the Renewed Hope Agenda of the President Bola Tinubu’s Administration.
Mr Osidi revealed that FMBN financed 6,911 housing units in 2025, achieving 96 per cent of its annual delivery target and the projects span Cooperative Housing Development Loans, Ministerial Pilot Housing Scheme, collaborative Affordable Housing Development initiatives and Mega/Mini Cities under the Renewed Hope Housing Programme.
He stated that projects’ loan disbursements reached over ₦79 billion in 2025, up from ₦31.5 billion in 2024, adding that individual NHF mortgages disbursed totalled ₦8.2 billion, an increase of 38 per cent from ₦5.9 billion in 2024.
Mr Osidi also said that innovative products such as Rent-to-Own loans and Home Renovation Loans further deepened financial inclusion, with ₦7.1 billion advanced to 367 beneficiaries and ₦13.8 billion to 15,290 beneficiaries, respectively,an 86 per cent increase over 2024.
He revealed that the bank has also been a major enabler of President Bola Tinubu’s Renewed Hope Housing Programme, providing a ₦100 billion off-taker guarantee and direct funding to key projects.
He announced that in Lagos, ₦27 billion was allocated to the Ibeju-Lekki Renewed Hope City, with ₦8 billion already disbursed for 252 completed housing units.
Mr Osidi said that in Abuja, ₦19.9 billion was approved for Karsana Renewed Hope City, with ₦17 billion used to construct 547 units, plus 288 units, totalling 864 units.
He said that funding has also been approved for projects in Enugu and other states, with ongoing mortgage support for individual homebuyers.
“Equally significant is the value of our funding support for housing construction, which increased from ₦10 billion in 2024 to ₦48 billion in 2025, a positive variance of ₦38 billion that vividly demonstrates our strengthened capacity to mobilise resources at scale.
“On the credit side, the bank approved loans totalling ₦9.45 billion to Primary Mortgage Banks(PMBs) in 2025, higher than ₦9.099 billion in 2024, showing steady growth.
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”More importantly, repayment discipline improved significantly, with Primary Mortgage Banks achieving 123 per cent repayment performance in 2025, compared to 85 per cent in 2024, a variance of 38 per cent that reflects stronger credit quality and recovery frameworks,” Mr Osidi further disclosed.
He, however,said that but for the limitation imposed by the provision of the single obligor limit, the total loans to the PMBs would have been higher.
He stressed the need for recapitalising the bank to be able to fulfil its mandate to the fullest and reaffirmed FMBN’s commitment to stabilising the institution, improving operational efficiency, and driving affordable homeownership across Nigeria.
Mr Osidi appreciated the Federal Ministry of Housing and Urban Development, as well as all the stakeholders, for their invaluable support.
(NAN)
