The Federal Mortgage Bank of Nigeria (FMBN) says it is hopeful that its recapitalization plan of N500 billion will come to fruition in this year, 2025.

The Managing Director/Chief Executive Officer of FMBN, Shehu Usman Osidi, made the disclosure in Abuja on Wednesday at a press conference to mark his one year in Office.

He noted that in the last one year, the management of the bank prioritised affordable mortgage finance for homeownership, and had sought and obtained CBN’s approval for the commencement of non-interest mortgage loans for the teeming segments of Nigerians

Osidi said, “In 2025, management intends to seek the cooperation of stakeholders as directed by FEC for necessary action towards attaining the recapitalisation target of the bank to the tune of the minimum of N500 billion because it is critical and central to the effective delivery of our mandate.”

On other plans for the year 2025, he said “As part of our top priorities this year, we intend that the efforts for the review of the NHF Act will intensify towards achieving a robust legal framework to enhance the capacity of the bank to meet its mandate of affordable housing financing and provision of sustainable liquidity for the housing sector in Nigeria.

“The bank has concluded engagement with stakeholders on the draft bills and will now forward the same to our supervising ministry for concurrence and support.

“Also, we hope for a full automation of FMBN operations, to ensure receipt of alerts by contributors amongst other operations. In the course of 2025, we will be obtaining approval for the outstanding FMBN Annual Statements of Accounts and bring the bank up to date,” he stated.

Speaking further, the MD stated that the launching of new products to drive financial inclusion and homeownership including rent assistance, non-interest mortgage, NFH Diaspora Mortgage, among others, will help in driving its mandate to deliver affordable mortgage to Nigerians both at home and abroad.