FMBN’s NHF collections hit N152.4b
The Federal Mortgage Bank of Nigeria (FMBN) has recorded its strongest financial and operational performance in decades, posting a net operating surplus of about N19.5 billion in 2025 and achieving
The Federal Mortgage Bank of Nigeria (FMBN) has recorded its strongest financial and operational performance in decades, posting a net operating surplus of about N19.5 billion in 2025 and achieving the highest-ever annual National Housing Fund (NHF) collections of N152.4 billion.
Managing Director and Chief Executive of the Bank, Shehu Usman Osidi, disclosed this during a press briefing in Abuja to mark the second anniversary of the current Executive Management, appointed on February 15, 2024.
Osidi said the achievements reflected renewed confidence in the Bank and the NHF scheme, driven by reforms focused on financial sustainability, customer impact, operational efficiency and institutional renewal.
“NHF collections grew from N100 billion in 2023 to N103 billion in 2024 and rose sharply to N152.4 billion in 2025, representing a growth of over 48 per cent within one year and the highest annual inflow since the scheme was established,” he said.
He added that more than 300,000 new contributors had been registered within the last two years, with over 139,000 Nigerians joining the scheme in 2025 alone.
The bank also recorded steady improvement in NHF refund processing, paying N15.6 billion to 55,068 beneficiaries in 2025, compared to N14.4 billion paid to 44,333 beneficiaries in 2024 and N13.2 billion to 40,426 contributors in 2023.
Osidi revealed that Oyo State had formally approved the return of its workers to the NHF after a 27-year withdrawal, while Kano State was on the verge of full re-entry into the scheme following the signing of a Memorandum of Agreement with the bank.
On housing delivery, the Managing Director said FMBN financed 6,911 housing units in 2025, representing about 96 per cent of its annual delivery target and a more than 300 per cent increase over the 2,165 units financed in 2024. Project loan disbursements rose to over N79 billion in 2025, compared to N31.5 billion the previous year.
Mortgage financing for individual NHF contributors also improved, with N8.2 billion disbursed in 2025, up from N5.9 billion in 2024. Under the Rent-to-Own scheme, N7.1 billion was advanced to 367 beneficiaries, while Home Renovation Loans increased by over 86 per cent to N13.8 billion, benefitting more than 15,000 Nigerians.
Osidi said the Bank had become a key driver of the Federal Government’s Renewed Hope Housing Programme, providing a N100 billion off-taker guarantee to developers and directly funding major projects across the country. He noted that N27 billion was approved for the Ibeju-Lekki Renewed Hope City in Lagos, with 252 housing units already completed, while N19.9 billion was approved for the Karsana Renewed Hope City in Abuja, where over 800 units are at advanced stages of completion.
He added that Renewed Hope housing projects in Abuja, Kano and Lagos were due for commissioning, with additional funding approved for Enugu, as the Bank also provides mortgage loans to enable Nigerians to acquire homes delivered under the programme.
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Reviewing the bank’s financial performance, Osidi said FMBN recorded an operational surplus of N11.58 billion in 2024, its first in over 30 years, and grew this to about N19.5 billion in 2025. Total operating income rose by over 30 per cent, while the asset base expanded by more than 27 per cent. He also disclosed that about N19 billion wrongly deducted from the bank’s accounts by the Office of the Accountant-General of the Federation had been recovered, strengthening liquidity.
Despite the gains, Osidi acknowledged that FMBN remained grossly undercapitalised, with paid-up capital of about N2.56 billion, noting that the Bank’s capitalization drive targeting up to N750 billion remained a top priority.
He said institutional reforms had also progressed, including the full deployment of the Bank’s Core Banking Application in 2025, clearance of long-standing audited account backlogs, and recovery of over N27 billion in non-performing loans within two years.
Osidi expressed confidence that the bank’s 2026 priorities would focus on capitalization, completion and offtake of ongoing housing projects, further reduction of non-performing loans, deepening digital transformation, legislative reforms of the FMBN and NHF Acts, and expanded partnerships with states, labour unions and private developers.
He hailed President Bola Ahmed Tinubu for the confidence reposed in the management, as well as the Federal Ministry of Housing and Urban Development under Ahmed Musa Dangiwa, assuring Nigerians that the Bank was firmly on a path of recovery, reform and renewed relevance.
