The Federal Mortgage Bank of Nigeria reports that it recorded a total of N13 billion in operational surplus for the first half of 2025.

FMBN’s CEO, Shehu Osidi, disclosed this on Wednesday at the 2025 FMBN management retreat along the Abuja-Kaduna expressway in Niger.

Mr. Osidi said the retreat, with the theme ‘Process Re-Engineering for Optimal Performance’, aimed to touch on some of the milestones recorded in 2024 and set the tone for Management expectations and the deliverables for 2025.

According to him, the bank recorded commendable progress in several areas since the last retreat.

“At the time, I announced a half-year surplus of N4.9B, the first in the history of the bank. However, by the end of 2024, the surplus grew to N11.9 billion. Following that trend, by the half-year management account for 2025, we have made over N13 billion as surplus. Though these figures may be largely eroded eventually by provisioning, the trajectory shows that we are on the right track to chart a new course for FMBN,” he said.

Mr Osidi explained that, closely related to financial sustainability and transparency, the Bank has also succeeded in clearing a four-year backlog of the FMBN audited accounts for 2018, 2019, 2020, and 2021.

He stated that the audit of the 2022 accounts has been completed and submitted to the CBN.

”I have also just signed off on the commencement of the 2023 audit. It is our plan to clear the remaining backlog and bring the bank up to date by the end of the year. All these developments are significant in the life of any corporate organisation desiring long-term growth and financial sustainability,” he said.

Mr Osidi stated that under the National Housing Fund operations, FMBN’s annual collections also increased by N3 billion in 2024, resulting in a total collection of N103 billion, compared to the N100 billion the bank recorded in 2023.

He added that by the end of the first half of 2025, FMBN had collected N73.9 billion, compared to N49.6 billion collected in the corresponding period for 2024.

Mr Osidi expressed optimism that if the bank could sustain the positive trend, it would surpass its 2024 collections by a significant amount.

He, however, noted that the big elephant in the room was the deployment of the Core Banking Application, a technology that was expected to bring about a massive transformation in the way FMBN conducts its business.

“In my address at the last retreat, I expressed the intention of this Management to make the application work and conclude it speedily. I am happy to report today that we have closed out the deployment of the application and we are now in a six-month maintenance phase, which is due to end by the end of this month,” he said.

Mr Osidi recalled that during the 2024 retreat, the bank took a step to constitute seven recovery task teams to recover delinquent loans across the country’s geopolitical zones.

Mr Osidi disclosed that, by the end of 2024, the task teams had recovered N10.9 billion, a figure that had grown to N18.9 billion at the end of June 2025.

Mr Osidi attributed the feats to the staff members’ capacity and their commitment to the organisation.

(NAN)