FMBN Opens N100m Mortgage Window For Nigerians Abroad

…Targets Diaspora Investment In Housing

The Federal Mortgage Bank of Nigeria (FMBN) has opened a new mortgage financing window that allows Nigerians living abroad to access up to N100 million in home loans at nine per cent interest, in a major move to attract diaspora capital into Nigeria’s housing sector.

The new National Housing Fund (NHF) Diaspora Mortgage Loan, officially launched in London on Friday, is designed to enable eligible Nigerians in the diaspora to register under the NHF scheme, complete their Know-Your-Customer (KYC) requirements digitally, make contributions remotely and secure mortgage financing without travelling to Nigeria.

The initiative, according to the FMBN, is aimed at tackling one of the biggest obstacles confronting Nigerians abroad who seek to own property at home—lack of a secure, credible and institutionalised mortgage channel.

Under the scheme, eligible contributors can access up to N100 million, subject to affordability and other applicable requirements, at an interest rate of 9 per cent per annum and a maximum repayment period of 10 years.

The launch, which was attended by senior government officials, mortgage finance operators and representatives of Nigerians in the United Kingdom, marks a significant expansion of FMBN’s mortgage financing mandate beyond Nigeria’s borders.

Speaking at the event, the Minister of Housing and Urban Development, Dr Muttaqha Rabe Darma, represented by the Minister of State for Housing and Urban Development, Hon. Yusuf Ata, said the initiative would strengthen the relationship between Nigeria and its citizens abroad while creating a more secure platform for diaspora participation in the country’s housing sector.

The Minister noted that many Nigerians living abroad had long desired to own homes in Nigeria but were discouraged by fraudulent property transactions, abandoned projects, unreliable intermediaries and inadequate financing arrangements.

He said the Diaspora Mortgage Loan was introduced to restore confidence by placing diaspora homeownership within a credible institutional framework.

“The NHF Diaspora Mortgage Loan represents the federal government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” the Minister said.

He urged Nigerians abroad to seize the opportunity provided by the scheme, declaring: “Register. Contribute. Participate. Invest. Own your home.”

The managing director/chief executive of FMBN, Shehu Usman Osidi, described the launch as a major development in Nigeria’s housing finance landscape, stressing that the initiative was designed to extend affordable homeownership opportunities to Nigerians irrespective of their location.

Osidi said the product was not merely another mortgage facility but an expansion of FMBN’s efforts to deepen mortgage financing and mobilise long-term investment into the housing sector.

“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” he said.

According to him, the Diaspora Mortgage Initiative will enable Nigerians abroad to participate in the NHF scheme remotely, eliminating the need for frequent trips to Nigeria to complete the mortgage process.

He explained that the digital process would allow eligible Nigerians abroad to register, complete their KYC documentation and make NHF contributions remotely before accessing mortgage financing.

Beyond homeownership, Osidi said the initiative would have wider economic implications by stimulating residential construction, supporting property developers, creating employment and deepening mortgage penetration.

He added that the scheme was also expected to increase foreign exchange inflows and mobilise the enormous financial capacity of Nigerians abroad into productive investment in the domestic economy.

“This is therefore not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Ahmed Tinubu, GCFR and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” Osidi said.

The FMBN chief executive assured Nigerians in the diaspora that the bank would administer the scheme with high standards of integrity, transparency, professionalism and accountability, while leveraging technology to improve service delivery.

Also speaking, the chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Dr Abike Dabiri-Erewa, described the initiative as a structured opportunity anchored on “investment, belonging and trust.”

Dabiri-Erewa said the product would provide Nigerians abroad with a safer and more organised channel for investing in Nigeria’s real estate sector.

She urged the diaspora community to respond positively to the initiative, saying the government and its agencies had provided the institutional platform and it was now time for Nigerians abroad to participate.

“FMBN has done its part. NiDCOM has done hers. Now, you do yours,” she said.

The director, Development Finance Institutions Department of the Central Bank of Nigeria (CBN), Mairami Ali Baba, disclosed that the apex bank collaborated with FMBN in developing the product, particularly on its risk management framework.

He stressed that appropriate risk management measures were necessary to guarantee the sustainability, credibility and effective implementation of the scheme.

The Central Association of Nigerians in the UK (CANUK) also pledged its support for the initiative, with its chairman, Hon. Dr Iliyasu Maisanda, commending the Federal Government for opening a structured mortgage channel for Nigerians in the diaspora.

The launch in London was attended by the Nigerian High Commissioner to the United Kingdom, Ambassador Amin Dalhatu; permanent secretary, Ministry of Housing and Urban Development, Dr Shuaib Muhammad Belgore; FMBN Board Member, Momoh Jubril; FMBN Executive Directors of Finance and Corporate Services, Mr. Ibidapo Odojukan, and Loans and Mortgage Services, Dr. Muhammad Sani Abdu; President of the Mortgage Banking Association of Nigeria (MBAN), Ayo Olowookere; among other government officials and housing finance stakeholders.

The launch effectively places diaspora Nigerians within a formal mortgage financing framework and positions their investment capacity as a potential source of long-term capital for Nigeria’s housing sector.

For FMBN, the initiative represents a strategic attempt to bridge the gap between millions of Nigerians living abroad and the country’s housing market, while providing a regulated alternative to the informal property investment channels that have exposed some diaspora investors to fraud, abandoned developments and financial losses.