The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, assured members of the Food, Beverages, and Tobacco Staff Association of the Bank’s commitment to providing affordable housing to National Housing Fund (NHF) Contributors. This statement was made during a courtesy visit by a delegation of senior staff members, led by National Treasurer Comrade Makinde Solomon, to the Bank’s head office in Abuja.
Osidi expressed his delight that the visiting delegation represented individuals who have benefited from FMBN’s housing initiatives, becoming homeowners in Abuja. He emphasized that FMBN is actively working to meet the housing needs of Nigeria’s low- and middle-income earners and mentioned ongoing projects in Lagos, expressing readiness to partner with the Association.
He highlighted construction efforts in Ibeju-Lekki, where FMBN is building houses under the Cooperative Housing Development Loan program. Under the Renewed Hope Housing Programme, the Bank is currently funding a N27 billion facility aimed at delivering homes for Nigerians in Ibeju-Lekki.
Osidi explained the advantages of the NHF contributory scheme, noting that subscribers contribute only 2.5% of their monthly earnings to access loans of up to N50 million after just six months of contributions. Despite the significant housing gap in Nigeria, he emphasized that FMBN operates independently of the Federal Government budget and relies on contributions to provide long-tenor loans of 25 to 30 years.
He stated, “We make a lot of impact, but not many people know the impact we make, except those who have experienced it.” He reiterated that FMBN serves as an ambassador for Nigerian workers by providing financing for low-cost housing, ensuring access to affordable homes within the NHF threshold.
Osidi assured the delegation that FMBN would extend its partnership to their colleagues in Lagos through various product options, including NHF Mortgage Loans and Individual Construction Loans.
Mr. Solomon, speaking on behalf of the delegation, noted that their visit aimed to appeal for the Bank’s initiatives to be extended to other members in Lagos who want to become homeowners. He commended FMBN for helping many Nigerian workers achieve their dream of homeownership and expressed confidence that members of the Nigerian Bottling Company Cooperative Society would also benefit.
The meeting concluded with the induction of Shehu Osidi as an Honourable Member of the Association, highlighting the strong partnership between FMBN and the workforce. Present at the meeting were the Executive Directors of Finance and Corporate Services and Business Development and Portfolio Management.
