The Federal Mortgage Bank of Nigeria (FMBN) has reiterated its dedication to improving housing finance and increasing mortgage accessibility, with the goal of promoting affordable homeownership and addressing the country’s housing deficit. This commitment was highlighted during the FMBN Day Celebration at the 46th Kaduna International Trade Fair on February 21, 2025.
In a goodwill message presented by Dr. Muhammad Sani Abdu, the Bank’s Executive Director of Loans and Mortgage Services, Managing Director/Chief Executive Shehu Usman Osidi emphasized the necessity of adapting business operations to better serve the diverse needs of contributors to the National Housing Fund (NHF). Osidi stated, “We are rolling out various initiatives and products aimed at meeting the expectations of our contributors to the NHF.”
A key development announced was the increase of the NHF Mortgage Loan ceiling from N15 million to N50 million per applicant, responding to the needs of higher-income earners in the private sector. This adjustment has generated renewed interest in the NHF scheme, with the Bank ensuring timely responses to all applications.
Osidi pointed out that FMBN uniquely offers affordable mortgages at competitive single-digit interest rates, specifically between 6% and 7%. This is facilitated through several product offerings, including the NHF Mortgage Loan, Individual NHF Construction Loan, Home Renovation Loan, and the Rent-to-Own scheme. He assured attendees that the Bank would persist in developing affordable housing solutions despite inflationary challenges.
Osidi praised the Kaduna Chamber of Commerce, Industry, Mines & Agriculture (KADCCIMA) for hosting the Trade Fair, expressing hope that such events would further discussions on national development. Joining Dr. Abdu at the event were prominent FMBN officials, including Mrs. Virginia Jang, Group Head of Corporate Communications, and Mr. Abubakar Ahmed, the Kaduna Zonal Manager, among others.
