In a major boost to Nigeria’s affordable housing drive, the Federal Mortgage Bank of Nigeria (FMBN) has disbursed N46.9 billion for the development of two key housing projects under the Renewed Hope City initiative in the Federal Capital Territory and Lagos State.
Announced on Monday in Abuja, FMBN’s Managing Director, Shehu Osidi, revealed that the bank has earmarked N19.9 billion for the Karsana site in Abuja and N27 billion for the Ibeju Lekki project in Lagos. The Lagos development alone is expected to deliver 1,500 residential units, forming part of the government’s broader plan to increase access to decent, affordable homes for Nigerians.
Osidi noted that the investment represents more than just physical infrastructure, describing it as a step forward in closing Nigeria’s estimated multi-million-unit housing deficit.
On the same day, Dr. Nasir Gawuna officially assumed duties as the new Chairman of the Board of FMBN. In his inaugural remarks, Gawuna underscored the need to elevate public understanding of the bank’s mandate and mortgage eligibility.
“Many citizens are unaware that FMBN is designed to serve all Nigerians. If you earn above N3,000 and are over 18, you can begin contributing to the mortgage scheme,” he said, referring to existing legal provisions that enable broad participation in home financing.
Gawuna also called for a comprehensive review of the policies and legal frameworks guiding the bank, stressing the need for adaptability amid evolving economic conditions. “We are in an era that demands fresh thinking, agility, and unity of purpose. FMBN must be equipped to lead with innovation and integrity,” he asserted.
FMBN’s recent financial track record reflects growing momentum. The bank approved N71.5 billion in housing loans in 2024 up from N39.7 billion the previous year marking a near doubling in mortgage financing capacity. Osidi attributed this surge to enhanced operational efficiency and effective leadership.
According to him, FMBN recorded an operating surplus of N11.5 billion in 2024, with another N6.5 billion already secured in the first quarter of 2025.
Dr. Gawuna also pledged to invest in staff welfare, recognizing that a motivated team is essential for achieving strategic goals. “We must not only deliver on our mandate to the Nigerian people, but also to those who work tirelessly within the institution. Our people are our greatest asset,” he said.
The Renewed Hope City developments are being positioned as flagship projects that align with the national housing strategy and President Bola Tinubu’s Renewed Hope Agenda. They are expected to serve as blueprints for future urban housing schemes, focusing on quality, sustainability, and inclusiveness.
With increased funding, new leadership, and clear strategic direction, FMBN aims to scale up its impact on Nigeria’s housing landscape in the months and years ahead.
