The Federal Mortgage Bank of Nigeria (FMBN) has achieved ₦152.4 billion in National Housing Fund (NHF) collections for the year 2025, marking a substantial 48 percent rise from ₦103 billion collected in 2024.
Shehu Osidi, the Managing Director and Chief Executive of FMBN, revealed this information on Wednesday during a press conference in Abuja, commemorating his second anniversary in office.
Osidi expressed gratitude to President Bola Tinubu for his trust in him by appointing him two years earlier to lead the institution, emphasizing that the achievements made during his tenure reflect that trust.
Upon taking office, the management team set out to realign FMBN based on four main pillars: financial sustainability, customer impact, operational efficiency, and institutional renewal, all guided by a 7-Point Agenda.
He noted, "I am proud to report that our tenure has restored confidence in the National Housing Fund (NHF) Scheme. Prior to our administration, the highest annual collection was ₦100 billion recorded in 2023. In 2024, we collected ₦103 billion, and for 2025, we reached ₦152.4 billion, the highest in the scheme's history."
Osidi further mentioned that more than 139,000 new contributors signed up in 2025, compared to 178,619 in 2024 and 113,577 in 2023. This brings the total number of new contributors during his tenure to over 300,000 Nigerians.
Additionally, he stated that FMBN made noteworthy progress in processing NHF refunds for eligible contributors. In 2023, prior to his term, ₦13.2 billion was refunded to 40,426 beneficiaries. In 2024, this increased to ₦14.4 billion paid to 44,333 beneficiaries, and in 2025, a total of ₦15.6 billion was disbursed to 55,068 beneficiaries. The improvements reflect operational efficiency and swifter processing times prompted by recent reforms.
Significantly, Osidi announced that the Oyo State Government has reinstated state workers into the NHF scheme after 27 years, while Kano State is nearing full reintegration into the scheme following a Memorandum of Agreement with FMBN.
These milestones are attributed to a boost in confidence in the scheme due to improvements realized under the bank's management. Osidi emphasized that since taking charge, the bank has launched comprehensive initiatives aimed at enhancing access to affordable housing for Nigerians, particularly those with low to moderate incomes, in alignment with the Renewed Hope Agenda of President Bola Tinubu’s Administration.
Osidi disclosed that FMBN financed a total of 6,911 housing units in 2025, achieving 96 percent of its annual target. The financed projects encompass Cooperative Housing Development Loans, the Ministerial Pilot Housing Scheme, collaborative initiatives for affordable housing development, and projects under the Renewed Hope Housing Programme.
He indicated that project loan disbursements reached over ₦79 billion in 2025, a jump from ₦31.5 billion in 2024. Individual NHF mortgage disbursements totaled ₦8.2 billion, reflecting a 38 percent increase from ₦5.9 billion in 2024.
Additionally, innovative offerings such as Rent-to-Own loans and Home Renovation Loans have contributed to financial inclusion, with ₦7.1 billion lent to 367 beneficiaries and ₦13.8 billion to 15,290 beneficiaries, representing an 86 percent rise compared to 2024.
The managing director highlighted that the bank has played a crucial role in facilitating President Bola Tinubu’s Renewed Hope Housing Programme, providing a ₦100 billion off-taker guarantee and funding for key projects.
In Lagos, ₦27 billion has been earmarked for the Ibeju-Lekki Renewed Hope City, with ₦8 billion already allocated for 252 completed housing units. Likewise, in Abuja, ₦19.9 billion has been approved for Karsana Renewed Hope City, financing the construction of 864 units in total.
Funding has also been sanctioned for various projects in Enugu and other states, while mortgage support for individual homebuyers continues.
"It's also crucial to note that our funding support for housing construction surged from ₦10 billion in 2024 to ₦48 billion in 2025, highlighting our enhanced ability to mobilize substantial resources. On the credit front, the bank sanctioned loans amounting to ₦9.45 billion to Primary Mortgage Banks (PMBs) in 2025, slightly higher than ₦9.099 billion in 2024, indicating steady growth," Osidi added.
He reported an improvement in repayment discipline, with PMBs achieving a 123 percent repayment rate in 2025, which is up from 85 percent in 2024. This positive differential underscores strengthened credit quality and recovery processes.
Osidi, however, pointed out that the single obligor limit has restricted the full potential of loans to PMBs. He underscored the need for capital injection into the bank to better fulfill its mandate and reaffirmed FMBN’s dedication to stabilizing the institution, enhancing operational efficiency, and promoting affordable homeownership across Nigeria.
He also thanked the Federal Ministry of Housing and Urban Development and all stakeholders for their critical support.
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