Family Homes Funds Targets Nigeria’s 15m Housing Deficit

Family Homes Funds Limited (FHFL) has unveiled a new corporate identity as it expands its housing finance operations to address Nigeria’s estimated 15 million-unit housing deficit.

The institution said the rebranding reflects its evolution into a broader housing finance platform focused on mobilising capital, developing financing solutions and strengthening partnerships to increase access to affordable housing across the country.

Since commencing operations in 2018, FHFL said it had financed more than 15,900 homes, created 104,000 direct and indirect jobs and established a presence across 70 project sites in 19 states and the Federal Capital Territory (FCT).
It added that more than 18,000 homes were in its development pipeline as it seeks to scale up housing delivery through sustainable financing and strategic partnerships.

Speaking at the unveiling, Chairman of FHFL, Ademola Adebise, said access to decent and affordable housing remained a critical development priority for Nigeria, requiring stronger institutions capable of mobilising capital and supporting large-scale housing delivery.

He said the new identity reflected the institution’s ambition to deepen its role in the housing sector and deliver greater social and economic value to Nigerian families.

Managing Director and Chief Executive Officer of FHFL, Abdul Mutallab Mukhtar, said the organisation had expanded beyond its initial reliance on government funding to attract private capital and other funding sources.

He said the institution was repositioning itself to become a more resilient and strategically important player among Nigeria’s development finance institutions over the next three to five years.

Mukhtar said the estimated 15 million-unit housing deficit was based on a recent assessment involving government agencies, private sector stakeholders and development partners.

He added that further work was needed to determine the specific housing needs of affected households, including their locations, income levels, homeownership aspirations and capacity to afford housing.

According to him, the findings would provide a basis for developing more effective interventions to address the country’s housing needs.

He said partnerships with state governments were essential to reducing housing costs, particularly through access to land, infrastructure provision and concessionary financing.

Mukhtar explained that FHFL worked with state governments and private developers to provide financing on more favourable terms, helping to reduce development costs and improve the affordability of completed homes.

The institution operates through its Affordable Housing Fund, Home Ownership Fund, Rental Housing Fund, Land and Infrastructure Development Fund and Social Housing Programme.

Under its homeownership financing model, FHFL partners with primary mortgage lenders to provide blended financing to eligible homebuyers. Mukhtar said the arrangement could reduce mortgage pricing to about 15 per cent or lower, depending on the applicable terms and repayment arrangements.

He added that the institution’s loan portfolio exceeded ₦100 billion, with its facilities performing, which he attributed to its lending standards and due diligence.

On social housing, Mukhtar said FHFL had adopted a model that combines housing provision with livelihood support for vulnerable households unable to secure conventional housing loans.

He cited a project in Kaduna involving 100 semi-detached bungalows provided for women, including widows, alongside skills training and other livelihood initiatives to help beneficiaries sustain themselves.

The institution has also supported social housing development in Ibadan and is working towards extending similar interventions to other communities.

Executive Director of Operations, Dr Emeka Henry Inegbu, said FHFL was expanding its support for student accommodation and other rental housing projects.

He disclosed that the institution had funded 12 student accommodation locations, with construction ongoing at 10 sites. Two completed projects, located in Akwa Ibom and Delta states, were expected to be commissioned in the coming weeks.

Inegbu said the projects were being developed in partnership with the private sector to improve accommodation for students and young professionals.

He also highlighted the institution’s investment in land and infrastructure development, noting that the provision of roads, drainage, electricity and water supply was essential to creating viable and sustainable housing communities.

According to him, FHFL is also supporting housing developments through partnerships with state governments and private developers across the country’s six geopolitical zones.

He said the institution was exploring climate-resilient building methods and energy-efficient technologies to improve living conditions and reduce the long-term cost of maintaining homes.

FHFL said its new corporate identity would support its efforts to expand affordable housing delivery, strengthen partnerships across the housing value chain and attract more investment into solutions for Nigeria’s housing challenges.