The Federal Mortgage Bank of Nigeria (FMBN) says it has released an additional N46.9 billion in funding for the Renewed Hope City projects in Karsana, located in the Federal Capital Territory, and Ibeju Lekki, Lagos.
This latest financial injection is aimed at advancing housing development and addressing Nigeria’s housing deficit.
Speaking in Abuja on Monday, FMBN Managing Director and CEO, Shehu Osidi, disclosed that N19.9 billion had been allocated to the Karsana project, while N27 billion was designated for the Renewed Hope City in Ibeju Lekki, expected to deliver 1,500 housing units, reinforcing the government’s commitment to expanding affordable homeownership opportunities.
Nigerian adults earning above N3,000 eligible for mortgage contribution
The newly appointed Chairman of FMBN, Dr. Nasir Gawuna, assumed office on Monday and, in his first official address, emphasized the importance of raising public awareness about the bank’s pivotal role in resolving Nigeria’s housing challenges.
He stressed that many Nigerians may not fully understand the bank’s operations or the laws governing it, stating, “Do Nigerians really know what FMBN is or what the laws governing it entail? We must make the bank visible and known to the people.”
He further explained that under existing regulations, any Nigerian above the age of 18 earning at least N3,000 is eligible to contribute to the mortgage system, highlighting the inclusivity of the financial model.
Current policies and laws governing FMBN to be reviewed
Gawuna also emphasized the necessity of reviewing current policies and laws governing the bank to ensure its optimal performance and maximize benefits for Nigerians.
“We live in a time of rapid change, great challenges, and immense opportunities. Our organization is uniquely positioned to respond with innovation, resilience, and purpose,” he stated.
As the new Board Chairman, Gawuna affirmed that his administration would prioritize fostering a culture of collaboration, advocating for diverse perspectives, open dialogue, and innovative thinking.
“We will listen carefully, act responsibly, and lead courageously to make a positive impact in the housing sector in line with the President’s Renewed Hope Agenda,” he assured.
In addition to improving housing accessibility, Gawuna stressed the importance of enhancing staff welfare, recognizing that a motivated workforce is crucial to achieving FMBN’s strategic goals. “There is no reason we cannot better the lives of our employees,” he remarked.
With this renewed leadership and significant financial backing, FMBN aims to make substantial strides in housing development, ensuring affordability, accessibility, and sustainability in Nigeria’s real estate sector. The Renewed Hope City projects are expected to set a benchmark for future housing initiatives, delivering quality homes that align with national urban development goals.
What you should know
The Federal Mortgage Bank of Nigeria (FMBN) approved N71.5 billion in housing loans in 2024, nearly doubling the N39.7 billion recorded in 2023.
- This surge marks a significant expansion in access to mortgage finance for Nigerians.
- Osidi described the rise in loan approvals as a sign of improved performance under current leadership, noting a record operational surplus of N11.5 billion in 2024 and a N6.5 billion surplus already recorded in the first quarter of 2025.