[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [ACTIVE] · [BUSINESS]

3 clusters · 7 sources · 27 days · First seen · Last updated

Federal Mortgage Bank of Nigeria initiatives

Overview

The Federal Mortgage Bank of Nigeria (FMBN) is working to address the country's housing deficit through capital expansion and new investment initiatives.

Initially, calls were made by regional leadership for a N500 billion recapitalisation of the FMBN, involving federal government and private institutional investors, to help bridge a deficit of an estimated 28 million housing units.

To expand access, the FMBN launched the National Housing Fund (NHF) Diaspora Mortgage Loan. Unveiled in London by the Minister of State for Housing and Urban Development, Yusuf Ata, the digital initiative allows Nigerians living abroad to register, contribute, and access mortgage financing without traveling to Nigeria. According to FMBN Managing Director Shehu Osidi, the scheme aims to mobilize long-term investment and provide a secure pathway for overseas citizens, addressing previous issues such as fraudulent transactions and unreliable intermediaries.

Additionally, the FMBN is offering mortgage financing to eligible citizens through the NHF to assist with buying, building, improving, or renovating owner-occupied homes. Under this scheme, contributors can access loans of up to ₦50 million with interest rates capped at 6 per cent per annum and repayment periods of up to 30 years. Applicants must be Nigerian citizens aged 18 or older with at least six months of NHF contributions. Applications are processed through accredited Primary Mortgage Banks (PMBs), with the loan amount generally not exceeding 90 per cent of the property's value.

Entities

Federal Mortgage Bank of Nigeria · Nigeria · Federal Government of Nigeria · Shehu Osidi · Muttaqha Darma

Timeline

  1. 4 days ago

    [BUSINESS] 3 sources
    Nigeria's FMBN offers housing loans up to ₦50 million

    The Federal Mortgage Bank of Nigeria offers NHF mortgage loans of up to ₦50 million at a 6 per cent annual interest rate for home construction or purchase.

  2. 13 days ago

    [BUSINESS] 4 sources
    Federal Mortgage Bank of Nigeria launches diaspora mortgage loan

    The Federal Mortgage Bank of Nigeria launched the NHF Diaspora Mortgage Loan in London, enabling Nigerians abroad to digitally register and secure home financing in Nigeria.

  3. about 1 month ago

    [BUSINESS] 2 sources
    Nigeria's Federal Mortgage Bank to receive N500 billion recapitalisation

    Nigeria's FMBN seeks N500 bn recapitalisation to tackle a 28 million‑unit housing deficit; it has financed 1,590 homes and N9.5 bn in loans for Nasarawa civil servants.

Sources

bentelevision.com · blueprint.ng · championnews.com.ng · dmarketforces.com · platinumpost.ng · punchng.com · theglittersonline.com.ng

This summary has been updated 1 time: see revision history