Prioritise N500bn recapitalisation, Dangiwa tells FMBN board

Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has directed the new board of the Federal Mortgage Bank of Nigeria (FMBN) to immediately prioritise the N500 billion recapitalisation of the bank. Dangiwa in Abuja yesterday also charged the board to enhance loan recovery, expand mortgage access and complete the ongoing digital transformation to […]

Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has directed the new board of the Federal Mortgage Bank of Nigeria (FMBN) to immediately prioritise the N500 billion recapitalisation of the bank.

Dangiwa in Abuja yesterday also charged the board to enhance loan recovery, expand mortgage access and complete the ongoing digital transformation to reposition FMBN as a credible institution.

He said the board’s role must go beyond ceremonial duties, adding that their mandate, enshrined in the FMBN Establishment Act, included policy oversight, institutional reform and financial accountability.

“FMBN is not just a lender, it is a regulator, an innovator, and a builder of housing finance systems. This board must act as the bank’s strategic compass, setting direction, guiding execution, and ensuring measurable results.

• Questions over P/Harcourt refinery shutdown after $1.5bn rehabilitation
• Kidnappers on the prowl in Kogi, amputate victims’ limbs

“Your priority should be the recapitalisation of FMBN as we have fully deployed a Core Banking Application, a digital platform that enables NHF contributors to register, apply for loans, and access statements online, adding that it would reduce transaction time by 40 percent,” he said.

He added that the new board must pursue legislative amendments to the outdated FMBN and National Housing Fund (NHF) Acts, expand the contributor base, especially from the informal and diaspora sectors, and fast-track the delivery of 5,000 new homes annually under the Renewed Hope Housing Programme.

Chairman of the Board, Dr. Nasiru Yusuf Gawuna, pledged to lead the bank with transparency and commitment, saying the housing sector offered opportunities despite challenges.

“As chairman, my priority will be to foster a culture of collaboration and ensure that our strategic decisions align with national values and aspirations,” he said.

Also speaking, FMBN Managing Director/CEO, Shehu Usman Osidi, said the bank recorded growth in the past year, including a N6.5 billion surplus in Q1 2025, an increase in loan disbursement from N39.7 billion in 2023 to N71.5 billion in 2024, and registration of 178,619 new contributors.

He said the bank recovered ₦18.9 billion in bad loans through newly created task teams and committed N100 billion in guarantees to support the Renewed Hope Housing Programme.

By Philip Shimnom Clement & Al-Mustapha A. Mustapha