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Federal Mortgage Bank of Nigeria initiatives

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2026-08-09 19:51 UTC → 2026-08-17 20:16 UTC · added removed

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. Recent efforts have expanded to include To expand access, the launch of FMBN launched the National Housing Fund (NHF) Diaspora Mortgage Loan. This Unveiled in London by the Minister of State for Housing and Urban Development, Yusuf Ata, the digital initiative allows Nigerians living abroad to invest in register, contribute, and own property within Nigeria, aiming 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 participate in 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 national housing sector. loan amount generally not exceeding 90 per cent of the property's value.

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  1. 2026-08-17 20:16 UTC Federal Mortgage Bank of Nigeria initiatives
  2. 2026-08-09 19:51 UTC Federal Mortgage Bank of Nigeria initiatives

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