Federal Mortgage Bank of Nigeria

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FMBN, AMCON Partner to Strengthen Asset Recovery, Financial Stability

As part of efforts to actualise the ₦750 Billion recapitalisation bid of the Federal Mortgage Bank of Nigeria (FMBN), the Managing Director/Chief Executive of the Bank, Shehu Usman Osidi, on Thursday, May 21, 2026, led a delegation of senior Management staff on a courtesy visit to the Managing Director/Chief Executive of Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, to explore strategic collaboration on toxic asset recovery and financial stability.

Speaking during the visit at AMCON’s headquarters in Abuja, Osidi said the engagement was aimed at leveraging AMCON’s extensive experience in distressed asset management to support FMBN’s ongoing efforts to clean up its balance sheet, strengthen loan recovery processes and reposition the Bank for sustainable growth.

He explained that FMBN has already intensified recovery efforts aimed at ensuring the Bank maintains a solid financial standing.

“We have perfected existing equitable mortgages to meet regulatory requirements and established task teams across the six geopolitical zones that have already recovered *₦16.83* Billion from developers," he stated.

Osidi noted that cleaning up the Bank’s toxic assets was imperative to restoring confidence in its balance sheet and advancing the recapitalisation initiative aimed at boosting FMBN’s capacity to finance affordable housing delivery across the country.

He further disclosed that FMBN was automating loan repayment processes to reduce unreconciled items while also strengthening legal enforcement and borrower engagement mechanisms.

He therefore sought AMCON’s support in the areas of experience-sharing, advisory services, technology transfer and staff capacity development, particularly in asset tracking, valuation and disposal methodologies.

“This partnership will not only help us clean up our toxic asset portfolio but will also put the Bank on a positive trajectory towards exploring several avenues for growth leveraging on an improved financial capacity,” he said.

In his remarks, Alade expressed AMCON’s willingness and readiness to partner with FMBN to improve asset recovery processes, enhance operational efficiency and strengthen institutional capacity in the management of distressed assets.

He stressed the need for due diligence and highlighted the pivotal place of transparency in the asset recovery and disposal process, commending FMBN for demonstrating openness and commitment in its ongoing reforms and recovery initiatives.

Both institutions also discussed plans to formalise the collaboration through the signing of a Memorandum of Understanding to provide a framework to guide the collaboration.

Jadesola Gbago (Ms.)
Group Head, Corporate Communications

FMBN Participates in International Civil Service Conference 2026

The Federal Mortgage Bank of Nigeria (FMBN) yesterday, Wednesday, May 20, 2026, participated in the International Civil Service Conference 2026 held at the Eagle Square, Abuja, with the Managing Director/Chief Executive represented at the event by the Group Head, National Housing Fund (NHF), Mr. Uche Ihejirika, in the company of the Group Head, Corporate Communications, Jadesola Gbago.

The Conference, which attracted participants from 16 countries and over 5,000 delegates, was declared open by President Bola Ahmed Tinubu, who reaffirmed his administration’s commitment to deepening reforms and digital transformation across Nigeria’s public service.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the President stated that Nigeria’s public service reforms have moved “from aspiration to ex*****on, and from ex*****on to measurable impact.”

He noted that 38 Ministries and Extra-Ministerial Departments are already operating on a secure, paperless and end-to-end electronic workflow system, describing the development as a clear indication that Nigeria is building a modern public service capable of delivering results for citizens.

The Conference, themed “Reforms, Resilience and Results,” resonates strongly with FMBN’s ongoing institutional reforms and digital transformation initiatives geared towards enhancing service delivery, expanding access to affordable housing finance, and improving operational efficiency in line with the Renewed Hope Agenda of the Federal Government.

Jadesola Gbago (Ms.)
Group Head, Corporate Communications

The Federal Mortgage Bank of Nigeria (FMBN) has disclosed that over 186 cooperative societies nationwide have accessed more than N70 billion under its Cooperative Housing Development Loan scheme, leading to the delivery of over 7,500 housing units across the country.

Speaking at the 2026 Cooperative Housing Summit Africa in Abuja, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, represented by the Group Head, Strategy and Performance Management, Mr. Oladapo Fakeye, described cooperative housing finance as a practical and sustainable solution for expanding affordable homeownership in Nigeria.

Osidi noted that FMBN continues to support both estate construction and mortgage financing for beneficiaries, while urging cooperatives to evolve into specialised housing cooperatives capable of driving large-scale housing development.

The summit, themed “Catalysing Adequate Housing for All Through Cooperatives: Leveraging Digital Finance for Cooperative Housing,” brought together policymakers, housing experts, developers, fintech operators and cooperative leaders from across Africa to explore innovative solutions to the continent’s housing challenges.

FMBN has reaffirmed its commitment to affordable housing in Niger State, revealing it has funded over 600 homes and disbursed more than ₦2 billion in Home Renovation Loans to workers.

Speaking at the 22nd Niger Trade Fair in Minna, MD/CEO Shehu Usman Osidi highlighted the Bank’s strong partnership-driven approach to housing delivery, encouraging residents, workers, and cooperatives to explore FMBN’s financing solutions. He was represented by the Bank's FCT Zonal Manager, Mrs. Ene Nduka Nwagbo.

Innovative housing finance and stronger Public-Private Partnerships (PPPs) have been identified as critical to expanding homeownership in Nigeria.

At the Renewed Hope Housing PPP Summit 2.0, held at the Umaru Musa Yar’Adua Centre, stakeholders across government and the private sector converged to drive practical solutions for mass housing delivery under the Renewed Hope Agenda of Bola Ahmed Tinubu.

The event, convened by Dr. Olayemi Rotimi-Shodimu and organised by Shelter Advisory Services, featured key government officials including Vice President, Kashim Shettima, who was represented by Mr. Tope Fasua; the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma; the Minister of Labour and Employment, Muhammad Maigari Dingyadi; and the Permanent Secretary, Dr. Shuaib Muhammad Belgore.

Delivering a goodwill message, FMBN Managing Director/CEO, Shehu Usman Osidi, emphasized that innovative financing models, blended finance, and stronger collaboration between government and the private sector are essential to closing Nigeria’s housing gap and making homeownership more accessible.

He reaffirmed FMBN’s commitment through strategic partnerships, mortgage accessibility solutions, and a ₦100 billion off-taker guarantee supporting housing projects nationwide.

Other highlights included a keynote by global housing expert Elena Panaritis, who stressed the importance of property rights and mortgage systems, and the official launch of the Renewed Hope Housing Magazine.

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On May 7, 2026, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, led a team on an inspection tour of housing projects in Lafia, Nasarawa State. The visit began at the Affordable Housing Workers’ Scheme, designed to deliver 4,000 homes across the state. At the Lafia site, where 100 units are under construction in phases of one, two, and three-bedroom houses, Osidi expressed satisfaction with the pace and quality of work, noting that the homes will be packaged for workers contributing to the National Housing Fund to help them achieve their dream of ownership.

The team also visited the Dalhatu Araf Specialist Hospital Staff Estate, a 60-unit project that had been abandoned but is now revived under Osidi’s leadership. He reaffirmed FMBN’s support for its completion so cooperative members can benefit. At the Bes-Belmon Estate in Kwandere, where 100 units were developed for workers, Osidi interacted with excited beneficiaries already living in their homes. He pledged to rehabilitate vandalised infrastructure and assured that off‑take prices would be reviewed downward to make the houses more affordable for low- and middle-income earners.

Throughout the tour, Osidi emphasized that these projects reflect FMBN’s mandate to expand access to safe, decent, and affordable housing for Nigerian workers. He highlighted the employment opportunities being created across the housing value chain and expressed gratitude to President Bola Ahmed Tinubu for his commitment to improving the welfare of Nigerians through housing. The inspection underscored FMBN’s determination to deliver homes that strengthen communities and give workers the dignity of ownership.