From Isaac Anumihe, Abuja
The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, disclosed today that the Federal Mortgage Bank of Nigeria (FMBN) has disbursed over ₦73 billion in housing finance and expanded access to over 30,000 beneficiaries through National Housing Fund (NHF) mortgages.
Speaking while inaugurating the FMBN board today, Monday, May 26, 2025, in Abuja, Dangiwa said that the bank has registered 374,000 new contributors, processed ₦30.7 billion in NHF refunds, and mobilised over ₦203 billion in contributions—all within less than two years.
“It is also a good thing that they have been able to record an operational surplus of ₦11.58 billion for the year ended December 2024 (unaudited) and are supporting the Ministry’s Renewed Hope Housing Programme with innovative instruments such as a ₦100 billion bankable off-taker guarantee, which helps developers secure construction finance from financial institutions.
“These are clear indicators of a bank that is gaining traction and rebuilding confidence among Nigerians in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” he said.
According to him, the bank is expected to oversee policy formulation and general management; establish and enforce loan and mortgage guidelines; work closely with the management to ensure smooth operations; approve borrowing powers, credit limits, annual reports, and audited financial statements; appoint and remunerate external auditors; and undertake all incidental activities necessary for effective governance.
“These statutory responsibilities empower the board to act as the bank’s strategic compass—setting direction, guiding execution, and ensuring results.
“As someone who had the honour of serving as managing director of this bank for five years, I am fully aware of the structural and operational challenges that have slowed progress. That is why, on assuming office as minister, I initiated a process to reform all federal housing agencies. We set up a Housing Institutions Reform Task Team chaired by Mr Adedeji Adesemoye to develop a framework for legislative and operational reforms.
“The task team has since submitted its report, including recommendations for amending the FMBN Act and the NHF Act, which are now outdated. During my term as MD/CE, I pursued the amendments, got both the House of Representatives and the Senate to pass the bill, but unfortunately, it failed to receive the president’s assent. I expect this board to provide strategic leadership in pushing forward the legislative amendments and institutional reforms necessary to modernise the bank,” the minister noted.
In his remarks, the chairman of the board, Dr Nasir Yusuf, thanked President Bola Ahmed Tinubu for finding the members worthy of appointment.
“I want to thank Allah Subhanahu Wa Ta’ala for giving us the president and commander-in-chief of the Federal Republic of Nigeria, President Bola Tinubu, for finding us worthy and giving us this opportunity to serve our country. I also want to sincerely appreciate and thank the minister for taking the time and making it possible for us to meet today.
“I want to say we are lucky to be on this board, as I have always recounted my relationships with almost the entire family in the housing sector. We have no reason not to perform.
“What you have lectured us today here, we will take it home. As I said, I am not a banker, but I have heard so many things that we will go and sit down, look at, and then, at any point in time, we need guidance. We will contact the best quarters that will give us the necessary guidance that we need,” he noted.