Abuja: The Federal Mortgage Bank of Nigeria (FMBN) has announced that 367 Nigerians have become homeowners through its Rent-to-Own Scheme in 2025, with properties valued at over N7.1 billion. This announcement was made by the bank’s Managing Director and Chief Executive, Mr. Shehu Osidi, during the FMBN Day at the 2026 Legacy Edition of the Africa International Housing Show (AIHS) in Abuja.
According to News Agency of Nigeria, Osidi emphasized the importance of partnerships to address Nigeria’s housing deficit. He noted that the Rent-to-Own Scheme allows Nigerians to transition into homeownership via affordable monthly payments, avoiding the need for large upfront payments. Osidi highlighted that the scheme is one of the most successful products in the bank’s history, driven by strategic collaborations and improved housing finance delivery.
The FMBN has also reported substantial growth across its housing finance products in 2025. The bank disbursed N13.8 billion to 15,290 beneficiaries under its Home Renovation Loan program, marking an 86 percent increase from the previous year. Regular National Housing Fund (NHF) mortgage disbursements rose by 38 percent to N8.2 billion, while NHF refund payments increased to N15.6 billion, benefiting 55,068 contributors.
Osidi further mentioned improvements in loan recovery, with amounts increasing from N14 billion in 2024 to N27.3 billion in 2025. This improvement reflects enhanced operational efficiency and growing public trust in the NHF scheme. The bank financed 6,911 housing units in the year, achieving about 96 percent of its annual target, and marking a 300 percent increase over the 2,165 units financed in 2024.
The FMBN is playing a key role in supporting President Bola Tinubu’s Renewed Housing Agenda, currently financing 3,139 housing units through a N27 billion construction finance for projects in Ibeju Lekki Lagos, Karsana FCT, Port-Harcourt, and Enugu. These investments are generating employment for various professionals across the housing value chain.
Osidi noted unprecedented improvements in the bank’s operations, citing better compliance from employers and contributors and restored confidence from previously disengaged stakeholders. He highlighted the return of the Oyo Government workforce to the NHF and a new agreement with the Kano State Government after a long absence from the scheme.
FMBN is partnering with the Federal Government Staff Housing Loans Board to widen mortgage access for federal civil servants and has developed new housing finance products for more flexible financing options. These include the FMBN Non-Interest Mortgage Product, Diaspora NHF Mortgage, and Rent Assistance Loan.
Osidi reiterated the bank’s dedication to making affordable housing accessible to workers in both formal and informal sectors, including artisans, traders, and farmers. He praised the AIHS organizers for fostering dialogue and innovation in Africa’s housing sector, noting that the FMBN Day has become a significant platform for engagement since its inception in 2024.