The Federal Mortgage {Bank} of Nigeria (FMBN) permitted N71.5 billion in housing loans in 2024, almost doubling the N39.7 billion recorded in 2023.
This surge marks a big enlargement in entry to mortgage finance for Nigerians, in line with the {Bank}’s Managing Director and Chief Govt, Shehu Osidi.
Osidi disclosed the figures on Monday in Abuja whereas welcoming Dr Nasir Gawuna, who has assumed obligation as the brand new Board Chairman, as reported by the Information Company of Nigeria (NAN).
He described the rise in mortgage approvals as an indication of improved efficiency underneath present management, noting a document operational surplus of N11.5 billion in 2024 and a N6.5 billion surplus already recorded within the first quarter of 2025.
“The Federal Mortgage {Bank} of Nigeria (FMBN) on Monday confirmed a N6.5 billion surplus within the first quarter of 2025.
FMBN Managing Director and Chief Govt, Shehu Osidi, disclosed this whereas welcoming Dr Nasir Gawuna, who has assumed obligation as the brand new Board Chairman in Abuja,” the NAN report learn partially.
It additional acknowledged: “He added that mortgage approvals almost doubled, rising from N39.7 billion in 2023 to N71.5 billion in 2024, growing entry to housing finance.”
The {Bank} additionally cleared a four-year backlog of unaudited accounts overlaying 2018 to 2021 inside 9 months, reflecting strengthened governance.
Beneath the Nationwide Housing Fund (NHF), FMBN noticed contributions develop from N100 billion in 2023 to N103 billion in 2024. Employer registrations elevated to 658 with 178,619 workers enrolled, up from 556 organisations and 113,577 workers the earlier yr.
To spice up mortgage restoration, Osidi revealed that on June 3, 2024, the {Bank} launched seven inside Restoration Job Groups made up fully of FMBN employees.
These groups, he famous, had been deployed nationwide to recuperate delinquent loans, leading to N18.9 billion recovered from dangerous loans, alongside an extra N3.1 billion from routine restoration efforts.
The NAN report additional revealed that the FMBN is collaborating with the Nigerians in Diaspora Fee (NIDCOM) and the CBN to introduce a Diaspora NHF Mortgage Mortgage product, aimed toward enabling Nigerians overseas to put money into and personal property again house.
