The Federal Mortgage Bank of Nigeria, (FMBN) has recorded a N6.5 billion surplus in the first quarter of 2025 and has recovered over N18.9 billion bad loans in 17 months.
Managing director/chief executive officer of FMBN, Shehu Usman Osidi disclosed this yesterday at the head office of the Bank in Abuja , during the briefing of the new board members of the FMBN.
Osidi said as a result of their renewed commitment to financial transparency and good governance, the Bank has notably cleared a four year backlog of unaudited accounts in just nine months (2018, 2019, 2020 & 2021). He also revealed that the Bank almost doubled it’s loan approvals, from N39.7 billion in 2023 to N71.5 billion this past year in order to ensure that more Nigerians get access to housing finance.
The managing director who stressed that technology and customer service have also been a major focus of his management team, revealed that their intention was to leverage on digital platforms to speed up loan approvals, enthrone transparency as well as improve service delivery and enhance customer experience.
While confirming that the Bank has deployed Core Banking Application since April 2025, Osidi also disclosed that as part of the efforts to drive the integration of new market segments and expand business opportunities, the Bank is concluding plans to launch new products by the end of the second quarter in 2025.
“The new products are targeted at the Diaspora, non-interest and Informal Sector market segments. In preparation for this, the Bank has obtained the approval of the CBN to commence the implementation of the non-interest ethical mortgages in response to the yearnings of a significant segment of the Nigerian population seeking alternative housing finance solutions in line with their ethical values”, he said.
The chairman of the board and a former deputy governor of Kano State, Dr Nasir Yusuf Gawuna, in his response to questions from journalist revealed that his team will look at those policies and laws that governed the formation of the Institution, freshen them up, review them and make it open for citizens to benefit from them.
“We will do our best to see that we have delivered based on the Renewed Hope Agenda of the government”.
“If I can remember the law that established the FMBN says that you have to be up to 18 years to be eligible and that as of the time, I think that person should earn up to three thousand naira. So we’ll enlighten Nigerians on this right to eligibility and participation in the mortgage programme”, he said.
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