In a push to enhance revenue generation and ensure financial stability, the Federal Mortgage Bank of Nigeria (FMBN) has registered about 178,619 employees and 658 employer organisations for the National Housing Fund (HHF) scheme.
This feat was part of the apex mortgage bank’s activities in 2024 when its collection under the operations of the scheme grew by N3 billion, resulting in total collections of N103 billion, up from the N100 billion the bank recorded in 2023.
Shehu Osidi, the managing director of the bank, who gave these hints in Abuja recently, when delivering his one-year stewardship, explained, “this increase in NHF collections demonstrates renewed trust and participation in the NHF scheme by Nigerian workers.“
Osidi noted that since their assumption of office, they have made deliberate efforts to strengthen their balance sheets, enhance revenue generation, and optimize operational costs to ensure financial stability.
He added that their focus has been on driving institutional reforms, financial sustainability, and strengthening stakeholder collaboration to ensure the Bank effectively delivers affordable housing solutions to Nigerians.
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Osidi also hinted that their efforts at repositioning the bank have resulted in an operational surplus of N11.58 billion from their management accounts for 2024, stressing that it is the first of such experience since FMBN came into existence over 30 years ago.
As against the 658 employer organisations and 178,619 employees registered in 2024, the bank had a record of 556 and 113,577 respectively in 2023, explaining that this was due to the return of Kano State’s civil servants to the NHF after 24 years of being out of the scheme.
He said, “We have signed a Memorandum of Agreement to facilitate this. It will impact positively on the scheme collections in 2025, as Kano State has a workforce of over 160,000 civil servants.
“Under our loan operations, a total sum of N71.5 billion was approved in the past year, compared to N39.75 billion in 2023. In the FMBN’s refund operations, N14.4 billion was refunded to 44,333 beneficiaries, against N13.2 billion refunded to 40,426 beneficiaries in 2023,” he said.
Osidi revealed that over the 12 months of 2024, the bank provided about $100 billion loan facility for the construction of the Renewed Hope Housing Project countrywide, adding that they also provided direct funding of N19.9 billion for the project in Karsana, Abuja, as well as N27 billion facility for a housing project in Ibeju-Lekki, Lagos.
He explained that the two projects are in the process of automation for operational efficiency. “Today, the briefing provides an opportunity to reflect on our journey over the past year, highlight achievements, and share our strategic direction for 2025.
When the management assumed office, we set forth a bold vision for the transformation of the Bank to enhance its efficiency, transparency, and impact on Nigeria’s housing and mortgage finance sector in Nigeria,” he said.
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