FMBN’s N500bn recapitalisation ‘ll bridge housing deficit – Gov Sule
The Nasarawa State Governor, Abdullahi Sule has called on the federal government to actualise the proposed recepitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to N500 billion, noting that it will bridge Nigeria’s housing deficit Daily Trust reports that Nigeria has an estimated 28 million housing deficit with an annual funding of N5 trillion […]
The Nasarawa State Governor, Abdullahi Sule has called on the federal government to actualise the proposed recepitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to N500 billion, noting that it will bridge Nigeria’s housing deficit
Daily Trust reports that Nigeria has an estimated 28 million housing deficit with an annual funding of N5 trillion required to bridge the gap
The governor made the call on Tuesday when he led officials of the state on a courtesy visit to the headquarters of the FMBN in Abuja
“I urge the Federal Government and private investors to support the proposed N500 billion recapitalisation of the Federal Mortgage Bank of Nigeria, as the institution requires stronger financial capacity to meet Nigeria’s huge housing needs,” he said.
He said rather than relying solely on government funding, there is the need for private placements and investments from institutional investors, including pension funds.
“There are many Nigerians and institutions with idle funds willing to invest if they are convinced the resources will be prudently managed. Pension funds and other institutional investors can play a major role in strengthening FMBN,” he added.
Speaking on ongoing housing projects, Sule said Nasarawa’s proximity to the Federal Capital Territory, extensive infrastructure development, availability of land, and investor-friendly policies have positioned the state as the natural destination for large-scale housing investments.
He disclosed that ongoing infrastructure projects, particularly the 2.2-kilometre Mararaba flyover, would improve access between Abuja and Nasarawa, making the state even more attractive for residential and commercial development.
According to him, “By the time we complete the Mararaba flyover, Nasarawa becomes even more accessible. There is no better partner to take advantage of this opportunity than the Federal Mortgage Bank of Nigeria.”
Earlier, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, described Nasarawa as one of Nigeria’s fastest-growing investment destinations, attributing the state’s rapid transformation to Governor Sule’s infrastructure drive, industrial expansion and investment-friendly policies.
Osidi said the state government’s prompt issuance of Certificates of Occupancy had accelerated the implementation of several housing projects under both the Federal Ministry of Housing and Urban Development and the bank.
He disclosed that construction at the Lafia housing project had reached an advanced stage, while projects in Akwanga, Gudi, Keffi and Toto would commence before the end of the third quarter of 2026, with Doma and Keana scheduled for the second phase.
The FMBN boss revealed that the bank has financed over 1,590 housing units across Nasarawa State, disbursed more than N9.5 billion in home renovation loans to over 10,600 civil servants, refunded over N1.02 billion in National Housing Fund contributions to 5,462 retirees and continues to finance mortgages under the state’s owner-occupier housing scheme.
Osidi said the bank remains central to the implementation of President Tinubu’s Renewed Hope Housing Programme, currently financing 3,139 housing units nationwide through construction facilities worth about N57 billion covering projects in Lagos, Abuja and Enugu.