The Federal Mortgage Bank of Nigeria has announced a net operating surplus of ₦19.5 billion for the 2025 financial year, representing year-on-year growth of over 68.4 per cent.
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 said the bank also improved its loan approvals significantly within the same period.
Mr Bago said his administration created a sinking fund upon assumption of office to gradually clear the debt.
“Technology and customer service are now key priorities for the executive management,” Mr Osidi stated.
“Our biggest challenge in the FMBN is under capitalisation because even the primary mortgage banks that we fund are more capitalised than we are,” said Mr Osidi.
Stakeholders in the housing sector have called for reforms like property tax to address the growing issue of unoccupied houses.
Mark Weinrich, IUHF’s secretary general, said this at a visit to the FMBN’s managing director, Shehu Osidi, in Abuja on Wednesday.
“The programme aims to build 50,000 housing units in phase one, with construction underway across 14 states,” he said.
FMBN has announced that the bank is re-strategising to improve credit quality and reduce non-performing loans.
