The Federal Mortgage Bank of Nigeria (FMBN) has unveiled a women-led housing development initiative while announcing major financial milestones as part of its drive to reform Nigeria’s housing finance landscape and deepen inclusivity.
At the ongoing Africa International Housing Show (AIHS) in Abuja, FMBN Managing Director and Chief Executive Shehu Osidi announced the Women Housing Initiative, a pioneering project aimed at empowering women across all stages of housing delivery.
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The project, launched in collaboration with the Federal Ministry of Women Affairs, will see women exclusively manage and execute construction from architectural design to on-site labour.
“Women represent a substantial part of this country and have a lot to contribute to national development.
“From the architects to the engineers, artisans and labourers, every person involved in delivering these homes will be a woman,” said Osidi.
The initiative is part of FMBN’s broader mission to promote gender equity and drive innovation in Nigeria’s housing sector.
Osidi further disclosed that FMBN recovered ₦18.9 billion in bad loans in 2024, a significant achievement resulting from seven recovery task teams set up across Nigeria’s geopolitical zones.
This figure includes ₦10.9 billion recovered directly by the teams and ₦3.1 billion from other recovery efforts.
In a show of improved operational capacity, FMBN also approved ₦71.5 billion in housing loans in 2024, up from ₦39.7 billion in 2023. Its National Housing Fund (NHF) collections also grew by ₦3 billion, bringing the 2024 total to ₦103 billion.
FMBN also took strides toward financial transparency, clearing a backlog of unaudited accounts for 2018–2021. Osidi said the bank aims to complete all outstanding audits by the end of 2025.
“We made an operational surplus of ₦11.5 billion, the first in over 30 years,” Osidi noted. “This is clear evidence that our policies are working.”
FMBN is playing a key role in President Bola Tinubu’s Renewed Hope Housing Programme, having provided a ₦100 billion off-taker guarantee to mobilise funding for affordable housing projects nationwide. Notable investments include ₦27 billion for the Renewed Hope City in Ibeju-Lekki, Lagos, and ₦19.9 billion for a major project in Karsana, Abuja.
To expand access to affordable housing, Osidi announced the launch of three new products in August, which are the FMBN Non-Interest Mortgage Loan, catering to Nigerians who prefer ethical, non-interest financing models; the FMBN NHF Diaspora Mortgage Loan in partnership with NiDCOM and the Central Bank of Nigeria, launching August 31 to serve Nigerians abroad; and the Rent Assistance Product, designed to support NHF contributors in both formal and informal sectors while they transition to homeownership.
“These innovations are deliberate steps to improve financial inclusion and deepen homeownership for all Nigerians,” Osidi stated.