The Federal Mortgage Bank of Nigeria (FMBN), held a press conference at its headquarters in Abuja on Wednesday, February 26, 2025, where the Managing Director/Chief Executive, Shehu Usman Osidi, celebrated one year of transformative leadership, highlighting the institution’s remarkable progress and unveiling a bold roadmap for 2025.
Osidi, who assumed office on February 19, 2024, reflected on the strides made under his leadership, emphasizing financial sustainability, operational efficiency, and a renewed commitment to affordable housing delivery for Nigerians. He credited the achievements to strategic reforms, prudent management, and strengthened stakeholder engagement.
Financial Growth and Mortgage Expansion
In his address, Osidi underscored FMBN’s remarkable financial performance over the past year. The Bank approved N71.5 billion in mortgage loans in 2024, a significant increase from the N39.7 billion approved in 2023. Refund operations also saw a boost, with N14.4 billion disbursed to 44,333 beneficiaries—an improvement from N13.2 billion refunded to 40,426 contributors in the previous year.
One of the most notable milestones, according to Osidi, was the reinstatement of Kano State civil servants into the National Housing Fund (NHF) Scheme after a 24-year hiatus. This move is expected to have a substantial impact on NHF contributions, given Kano’s large workforce of over 160,000 civil servants.
Additionally, FMBN played a key role in supporting housing development through a N100 billion Offtaker Guarantee for the Federal Government’s Renewed Hope Cities and Estates Programme. Under this initiative, 274 houses have already been completed and are set to be allocated through the Bank’s Rent-to-Own scheme.
Operational Reforms and Digital Transformation
Beyond financial achievements, Osidi outlined several operational reforms aimed at modernizing and improving the Bank’s service delivery. These include:
Process Automation – Enhancing operational efficiency through digital platforms.
Improved Customer Service – Faster turnaround times for NHF refunds and mortgage services.
Aggressive Loan Recovery – Addressing non-performing loans inherited by the current management.
Performance Management System – A new reward and recognition initiative, set to launch in December 2025.
As a result of these improvements, FMBN ranked among the top 10 Ministries, Departments, and Agencies (MDAs) in the 2024 SERVICOM Scorecard, a testament to its commitment to service excellence.
Osidi also revealed that the Bank has established a National Mortgage Registry, which is currently in the app development stage, and has successfully attracted foreign direct investments through expanded strategic partnerships.
Ambitious Plans for 2025
Looking ahead, Osidi unveiled FMBN’s 2025 strategic agenda, which focuses on:
Recapitalization – Strengthening the Bank’s financial base to expand its housing finance capacity.
Digital Transformation – Enhancing mortgage accessibility and efficiency through technology.
New Product Development – Introducing innovative mortgage financing solutions.
Legislative Reforms – Engaging stakeholders to review the FMBN and NHF Acts to strengthen the legal framework governing Nigeria’s housing finance sector.
In addition, the Bank plans to expand its branch network into semi-urban areas to improve accessibility for Nigerians seeking mortgage financing. It will also extend its N100 billion Offtaker Guarantee Initiative, with additional funding allocated to major housing projects in Karsana, Abuja (N19.9 billion) and Ibeju Lekki, Lagos (N27 billion).
Commitment to Excellence
Osidi reaffirmed the resolve of the Executive Management Team to sustain the Bank’s performance momentum, particularly in addressing inherited challenges such as high non-performing loans.
“We have set out to tackle frontally all aspects of our operations that lead to high impairment on our results, especially in tackling the high non-performing loans inherited by the current Management,” he stated.
He also extended his gratitude to stakeholders, including the Federal Ministry of Housing and Urban Development, labor unions, NHF contributors, and the media, for their unwavering support in driving FMBN’s success.
The press conference was attended by key executives, including Mr. Ibidapo Odojukan (Executive Director, Finance and Corporate Services), Dr. Muhammad Sani Abdu (Executive Director, Loans and Mortgage Services), and Mrs. Chinenye Chinedu Anosike (Executive Director, Business Development), as well as senior management staff of the Bank.
With a year of impressive progress behind them, Osidi and his team have set their sights on deeper reforms and innovations, reinforcing FMBN’s mission to expand affordable homeownership opportunities for Nigerians.
