Abuja: Gov. Abdullahi Sule of Nasarawa State has called for a diversified funding model to drive the proposed N750 billion recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN). Sule made the call during a courtesy visit to the management of the Federal Mortgage Bank of Nigeria, led by its Managing Director, Shehu Osidi.
According to News Agency of Nigeria, FMBN is pursuing a N750 billion recapitalisation to expand housing finance and address Nigeria’s housing deficit, as its current capital of about N2.56 billion is inadequate for its market mandate. The governor emphasized that the initiative should attract private and institutional investors in addition to Federal Government’s support. He noted that relying solely on government funding would limit the bank’s capacity to meet Nigeria’s growing housing finance needs.
Sule, who comes from the private sector, highlighted the potential for private placements and expressed confidence that investors would be interested in the project if transparency and good governance were assured. He pointed out that there are numerous individuals and institutions in Nigeria with substantial resources that could be mobilized for this purpose, mentioning the significant funds managed by Pencom as an example.
The governor stressed that recapitalising the FMBN should be viewed as a national investment opportunity, rather than solely a federal government responsibility. He also detailed Nasarawa State’s housing programme, revealing that his administration had laid the foundation for sustainable urban development through the establishment of the Nasarawa Geographic Information Service (NAGIS), which has completed comprehensive mapping of the state for residential and commercial expansion.
Sule mentioned ongoing partnerships with private developers for large-scale housing projects, such as the Peninsula Housing Estate in Masaka and the Technology Village in the Mararaba axis, which integrates renewable energy through solar-powered infrastructure. Additionally, collaborations with FMBN aim to expand affordable housing projects for low-income earners across various communities in the state.
In response, FMBN Managing Director Shehu Osidi praised the Nasarawa State Government for its exemplary support for affordable housing delivery. He noted that Nasarawa was among the bank’s most reliable partners and urged other state governments to adopt similar measures to improve access to affordable homes nationwide. Osidi expressed optimism that the partnership would enhance homeownership opportunities for Nigerians.