367 Nigerians became homeowners under FMBN’s rent-to-own scheme in 2025 – MD

367 Nigerians became homeowners under FMBN’s rent-to-own scheme in 2025 – MD

The Federal Mortgage Bank of Nigeria (FMBN) says no fewer than 367 Nigerians have become homeowners under its Rent-to-Own Scheme in 2025, valued at more than N7.1 billion.

The bank’s Managing Director and Chief Executive, Mr Shehu Osidi, disclosed this during the FMBN Day, at the ongoing 2026 Legacy Edition of the Africa International Housing Show (AIHS) in Abuja on Wednesday.

Osidi, while speaking on the theme, “Leveraging Partnerships for Sustainable Affordable Housing for Low-Income and Informal Workers,” said that solving Nigeria’s housing deficit required stronger collaboration among stakeholders.

“Our Rent-to-Own product continued to provide opportunities for Nigerians with 367 beneficiaries accessing homes valued at over N7.1 billion.

“The scheme was designed to help Nigerians to transition into homeowners through affordable monthly payments, eliminating the burden of making large upfront payments typically associated with purchasing homes,” he said.

He said the performance of the Rent-to-Own scheme formed part of the most successful products in the Bank’s history, driven by stronger partnerships and improved housing finance delivery.

Beyond the Rent-to-Own Scheme, the FMBN boss said the Bank recorded significant growth across its housing finance products in 2025.

He said that the bank disbursed N13.8 billion to 15,290 beneficiaries under its Home Renovation Loan programme in 2025, representing an unprecedented growth of 86 per cent over the previous year.

He added that regular National Housing Fund (NHF) mortgage disbursements also rose by 38 per cent to N8.2 billion, while NHF refund payments increased to N15.6 billion.

This, Osidi said, benefited 55,068 contributors in 2025, compared to the 44,333 beneficiaries in 2024.

He said that the bank also improved loan recovery, from N14 billion in 2024 to N27.3 billion in 2025.

“This reflects stronger operational efficiency and growing public confidence in the management of the NHF scheme,” he said.

Osidi added that through strategic collaborations with stakeholders, the FMBN has financed 6,911 housing units during the year, representing about 96 per cent of its annual target.

“This is a remarkable 300 per cent increase over the 2,165 housing units financed in 2024.

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He said that as a strong pillar of support for President Bola Tinubu’s Renewed Housing Agenda, the bank is currently financing a total of 3,139 housing units.

“This is through the provision of N27 billion construction finance for Renewed Hope housing projects at Ibeju Lekki Lagos.

“A total of N19.9 billion is being spent on Renewed Hope Housing in Karsana, FCT, N10 billion in Port-Harcourt and N7.8 billion in Enugu,” he said.

He noted that the investments were creating thousands of jobs for artisans, engineers, architects, suppliers, transporters and other professionals across the housing value chain.

He said that the bank has witnessed unprecedented improvements in all areas of its operations adding that the improved compliance by employers and contributors, demonstrates the growing public confidence in the management of the NHF.

He said even more encouraging was the restoration of confidence by stakeholders who had previously disengaged from the scheme.

Osidi added that after 27 years, the Oyo Government for example, has approved return of its workforce to the NHF.

“Similarly, the Kano State Government also signed an agreement with the bank, after exiting the scheme for more than two decades.

“These milestones underscored the confidence that governments and organised labour now reposed in FMBN,” he said.

The MD disclosed that the FMBN is also partnering with the Federal Government Staff Housing Loans Board, to expand mortgage access for federal civil servants, through home ownership, renovation, rent support and incremental housing development.

He further announced that the bank has developed new housing finance products to provide more flexible financing options for different categories of Nigerians.

He identified the products as FMBN Non-Interest Mortgage Product, Diaspora NHF Mortgage and Rent Assistance Loan.  

He reaffirmed the bank’s commitment to ensuring that affordable housing becomes accessible not only to workers in the formal sector but also to artisans, traders, farmers, transport operators and millions of Nigerians in the informal sector.

He commended the organisers of the housing show, especially the Convener, Mr Festus Adebayo, for the continued commitment to promoting dialogue, innovation and collaboration within Africa’s housing sector.

He said that since the introduction of FMBN Day in 2024, the platform has evolved into one of the most important engagements for constructive dialogue between the bank and stakeholders.