The Federal Mortgage Bank of Nigeria (FMBN) has recorded ₦152.4 billion in National Housing Fund (NHF) collections for 2025, marking a 48 per cent increase from the ₦103 billion generated in 2024.
FMBN Managing Director and Chief Executive, Shehu Osidi, announced this on Wednesday in Abuja during a briefing to mark his two-year tenure in office.
Osidi expressed gratitude to President Bola Tinubu for the confidence placed in him, saying the progress achieved demonstrates that the trust was well-placed.
“When the Executive Management assumed office two years ago, we committed to repositioning FMBN along four key pillars: financial sustainability, customer impact, operational efficiency, and institutional renewal, embedded in a 7-Point Agenda,” he said.
“I am proud to say that our stewardship in the last two years has seen renewed confidence in the National Housing Fund (NHF) Scheme. Before we came in, the highest annual collection ever made into the NHF was ₦100 billion, recorded in 2023.
“In 2024, when we came in, we took the collection to ₦103 billion. In the outgone year 2025, our NHF collections reached ₦152.4 billion, representing over 48 per cent growth on the 2024 collection and the highest annual collection in the history of the scheme.
“We also grew our contributor base by registering over 139,000 new contributors in 2025, compared to 178,619 in 2024 and 113,577 in 2023. This brings the total number of new contributors under our two-year tenure to well over 300,000 Nigerians.”
Osidi also highlighted significant improvements in NHF refund processing.
He explained: “In 2023, before I assumed office, ₦13.2 billion was paid as refunds to 40,426 beneficiaries. In 2024, the bank paid ₦14.4 billion to 44,333 beneficiaries. In 2025, a total of ₦15.6 billion was paid to 55,068 beneficiaries, showing that the reforms we embarked on have led to better turnaround times and improved operational efficiency.”
On state participation, Osidi revealed that Oyo State has approved the return of its workers to the NHF scheme after 27 years, while Kano State, which withdrew in 2002, is on the verge of full reintegration following a Memorandum of Agreement with FMBN.
He attributed these milestones to increased confidence in the scheme driven by FMBN’s reforms.
“Since our management came on board, the Bank has implemented far-reaching initiatives to widen access to affordable homeownership for Nigerians, especially low- and medium-income earners,” he added. “This aligns with the Renewed Hope Agenda of President Bola Tinubu’s Administration.”
In 2025, FMBN financed 6,911 housing units, achieving 96 per cent of its annual delivery target. Projects included Cooperative Housing Development Loans, the Ministerial Pilot Housing Scheme, collaborative Affordable Housing Development initiatives, and Mega/Mini Cities under the Renewed Hope Housing Programme.
Loan disbursements reached over ₦79 billion, up from ₦31.5 billion in 2024, while individual NHF mortgages disbursed totalled ₦8.2 billion, a 38 per cent increase from ₦5.9 billion in 2024.
Osidi also highlighted innovative products such as Rent-to-Own loans and Home Renovation Loans, which advanced ₦7.1 billion to 367 beneficiaries and ₦13.8 billion to 15,290 beneficiaries respectively, an 86 per cent increase over 2024.
He confirmed FMBN’s role in supporting President Bola Tinubu’s Renewed Hope Housing Programme, providing a ₦100 billion off-taker guarantee and direct funding to key projects.
In Lagos, ₦27 billion was allocated to Ibeju-Lekki Renewed Hope City, with ₦8 billion disbursed for 252 completed units. In Abuja, ₦19.9 billion was approved for Karsana Renewed Hope City, with ₦17 billion used to construct 547 units, plus 288 units, totalling 864 units. Funding has also been approved for projects in Enugu and other states, alongside ongoing mortgage support for individual homebuyers.
“Equally significant is the value of our funding support for housing construction, which increased from ₦10 billion in 2024 to ₦48 billion in 2025, a positive variance of ₦38 billion that vividly demonstrates our strengthened capacity to mobilise resources at scale,” Osidi said.
On the credit side, FMBN approved loans totalling ₦9.45 billion to Primary Mortgage Banks (PMBs) in 2025, higher than ₦9.099 billion in 2024. Repayment discipline improved significantly, with PMBs achieving 123 per cent repayment performance in 2025, compared to 85 per cent in 2024.
Osidi noted that the single obligor limit restricted higher lending and stressed the need to recapitalise the bank to fully deliver its mandate.
He reaffirmed FMBN’s commitment to stabilising the institution, improving operational efficiency, and driving affordable homeownership across Nigeria, while appreciating the Federal Ministry of Housing and Urban Development and stakeholders for their invaluable support.
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