The Federal Mortgage Bank of Nigeria (FMBN) has posted a ₦6.5 billion surplus in the first quarter of 2025, signaling strong financial performance under its new leadership. The announcement was made by Managing Director, Shehu Osidi, in Abuja while welcoming Nasir Gawuna as the new board chairman.
Osidi attributed the surplus to effective management policies and a renewed operational strategy adopted since February 2024. He revealed that loan approvals surged from ₦39.7 billion in 2023 to ₦71.5 billion in 2024, enabling more Nigerians to access housing finance.
Under the current executive team, FMBN has cleared a four-year backlog of unaudited accounts within nine months and posted a record ₦11.5 billion operational surplus in 2024 – the highest in over 30 years.
The bank also ramped up National Housing Fund (NHF) collections to ₦103 billion in 2024, up from ₦100 billion the previous year. Registrations of employers and employees under the NHF scheme also grew significantly, from 556 and 113,577 in 2023 to 658 and 178,619 respectively in 2024.
On loan recovery, Osidi said seven Recovery Task Teams were deployed nationwide, recovering ₦18.9 billion in bad loans, with an additional ₦3.1 billion retrieved through routine efforts.
In terms of innovation, FMBN is prioritizing technology and service delivery. It is set to launch new mortgage products targeting the diaspora, non-interest markets, and informal sector by Q2 2025, having secured Central Bank approval for ethical housing finance models.
Osidi also confirmed ongoing collaboration with NIDCOM and CBN for the rollout of the Diaspora NHF Mortgage Loan, aimed at helping Nigerians abroad invest in property at home.
