FMBN Records N152bn NHF Collections, Posts 48% Growth

*Registers over 139,000 new contributors

*Net operating surplus hits N19.5bn, debt recovery reaches N27.3bn

Emmanuel Addeh in Abuja

The Federal Mortgage Bank of Nigeria (FMBN) recorded N152.4 billion in National Housing Fund (NHF) collections in 2025, representing a 48 per cent increase over the N103 billion generated in 2024.

The Managing Director of the mortgage bank, Usman Osidi, disclosed this on Wednesday in Abuja during a press briefing to mark two years into the tenure of the current executive management.

“I am proud to say that our stewardship in the last two years has seen renewed confidence in the National Housing Fund Scheme. Before we came in, the highest annual collection ever made into the NHF was N100 billion recorded in 2023. In 2024, we moved it to N103 billion.

“In the outgone year 2025, our NHF collections reached N152.4 billion, representing over 48 per cent growth on the 2024 collection and the highest annual collection in the history of the scheme,” he stated

He attributed the growth to reforms anchored on financial sustainability, customer impact, operational efficiency and institutional renewal.

According to him, the bank also expanded its contributor base, registering over 139,000 new contributors in 2025, bringing total new contributors under the current management to well over 300,000 Nigerians in two years.

On refunds, Osidi said the bank paid 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 beneficiaries in 2023.

“This positive growth trajectory shows that the reforms we have embarked upon have engendered better turnaround times with improved operational efficiency in refund processing,” he said.

He also announced the return of Oyo State workers to the NHF scheme after 27 years of withdrawal.

“Just last month, we received confirmatory correspondence from the Oyo State Government that the governor has approved the return of state workers to the NHF scheme. Oyo workers had ceased contributing since 1999,” he said.

Osidi added that Kano State, which withdrew in 2002, was also on the verge of returning to the scheme after signing a memorandum of agreement with the bank.

“All these milestones indicate improved confidence in the scheme generated through the positive turnaround FMBN is witnessing under this management,” he said.

Beyond NHF operations, Osidi said the bank financed 6,911 housing units in 2025, up from 2,165 units in 2024, while project loan disbursements rose to over N79 billion from N31.5 billion within the same period.

On financial performance, he said the bank recorded a net operating surplus of about N19.5 billion in 2025, representing a 68.4 per cent increase over the N11.58 billion surplus posted in 2024.

“In 2023, only N226,000 was made as surplus in our management account before the current management assumed office. In 2024, we recorded an operational surplus of N11.58 billion, the first in over 30 years. In 2025, we consolidated these gains with about N19.5 billion,” he said.

Osidi, however, noted that the bank remains undercapitalised with a paid-up capital of about N2.56 billion, while also reaffirming the bank’s commitment to expanding affordable housing finance and deepening digital transformation in 2026.

“This is why our recapitalisation drive, targeting up to N750 billion, remains central to our reform agenda,” he added.

He acknowledged the strategic guidance and support of the Federal Ministry of Housing and Urban Development, under the leadership of the Minister, Ahmed Dangiwa, as well as all stakeholders who continue to believe in the vision of a stronger, more impactful FMBN.

According to Osidi, in 2025 alone, the bank financed 6,911 housing units, representing about 96 per cent of annual delivery target. “These housing developments cut across different project loan categories including the Cooperative Housing Development Loan, the Ministerial Pilot Housing Scheme, the collaborative FMBN/NLC/TUC/NECA Affordable Housing Development projects and the Mega/Mini Cities and Estate projects under the Renewed Hope Housing Programme,” he stated.

He stated that project loan disbursements reached above N79 billion in 2025, compared to N31.5 billion in 2024, with the bank disbursing a total sum of N8.2 billion as regular individual NHF mortgages to Nigerian workers, an improvement of over 38 per cent on the N5.9 billion advanced in 2024.

“Under Rent-to-Own, a product we developed to deepen financial inclusion and facilitate easy access to homeownership for Nigerians, a sum of N7.1 billion was also advanced to 367 beneficiaries in 2025.

“On Home Renovation Loans, a facility granted under liberalised conditions for Nigerian workers, we advanced a total sum of N13.8 billion to 15,290 beneficiaries in 2025, recording over 86 per cent increase over the N7.4 billion disbursed to 8,950 beneficiaries in 2024,” Osidi said.

He stated that the FMBN equally approved N19.9 billion for the Karsana Renewed Hope City in Abuja, with the sum of N17 billion disbursed for the construction of 547 units, which are at advanced stages of completion in addition to 288 units under the BOTG, making a total of 864 units.

“On the credit side, the bank approved loans totaling N9.45 billion to Primary Mortgage Banks in 2025, higher than N9.099 billion in 2024, showing steady growth. More importantly, repayment discipline improved significantly, with Primary Mortgage Banks achieving 123 per cent repayment performance in 2025, compared to 85 per cent in 2024, a variance of 38 per cent that reflects stronger credit quality and recovery frameworks,” he explained.

Also in 2025 alone, Osidi said the bank recovered over N16.1 billion in delinquent loans, in addition to recoveries of N11.2 billion recorded in 2024. “This means that over the last two years, we have recovered about N27.3 billion, attesting to better recovery strategies,” he stated .