The Federal Mortgage Bank of Nigeria (FMBN) said it had recovered N18.9 billion in non-performing loans as part of its efforts to strengthen institutional reform and drive financial sustainability in the housing finance sector.
The bank’s managing director and chief executive, Usman Osidi, disclosed this during the 2025 “FMBN Day” at the 19th Africa International Housing Show (AIHS) in Abuja. He said the recovery formed a key part of FMBN’s ongoing seven-point reform agenda.
“This is the first time in over three decades that we are seeing this financial traction. Recovering ₦18.9 billion in bad loans is a testament to the reforms we’ve instituted to clean up our balance sheet,” Osidi said.
He also revealed that the Bank recorded an operational surplus of N11.5 billion in 2024—its highest ever—and raised National Housing Fund (NHF) collections to N103 billion.
FMBN, he said, is aggressively pushing for recapitalisation, noting that its current paid-up capital of N2.5 billion is “grossly inadequate.” He commended the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, for driving a recapitalisation proposal now under review by an inter-agency committee.
In his opening remarks, the minister of Housing and Urban Development, Ahmed Dangiwa, reaffirmed the Ministry’s commitment to FMBN’s mission and urged the Bank to deepen its focus on affordability, which he described as the country’s most pressing housing challenge.
“Even with a six per cent interest rate, millions of Nigerians still cannot afford FMBN’s mortgage products. This demonstrates that low interest alone is not enough,” Dangiwa said.
He called for more innovative thinking around subsidy mechanisms, income-based repayment models, and tailored products for informal sector workers. He also urged the Bank to ramp up awareness about the NHF scheme through a nationwide campaign, saying many contributors remain unaware of their rights and benefits.
Dangiwa directed FMBN to play a frontline role in the “Renewed Hope State-by-State Homeownership and Housing Development Campaign,” which aims to connect federal housing solutions with state-level implementation.
“FMBN remains our strongest instrument for delivering affordable mortgage finance in Nigeria. Its mandate is clear, its recent progress is commendable, but the affordability challenge is far from solved,” Dangiwa concluded.
