FMBN seeks N750bn capital boost to tackle housing deficit
Federal Mortgage Bank of Nigeria (FMBN) aims to raise its capital base to N750 billion to address the country's housing shortage, according to Managing Director Shehu Osidi. The bank currently has a paid-up capital of only N2.56 billion, described as inadequate for meaningful impact. Osidi revealed ongoing engagements with the Ministry of Finance, CBN, MOFI, and BPE to secure the increased capital, though the process remains gradual. This represents a significant upward revision from the previous N500 billion target. The bank has also achieved operational reforms, including full deployment of its Core Banking Application and recovery of N27.3 billion in delinquent loans. FMBN recorded a N19.5 billion operating surplus in 2025, marking a 68.4% year-on-year growth. Osidi emphasized that legal reforms to the FMBN and NHF Acts are needed to resolve funding constraints and enable the bank to expand homeownership for Nigerians.