The Federal Mortgage Bank of Nigeria (FMBN) is working to boost its capital base to N750 billion to expand housing finance across the country.
Shehu Osidi, Managing Director and CEO of FMBN, shared this update during a press briefing on Wednesday, marking his two-year anniversary in office.
Osidi highlighted that the bank’s current paid-up capital is approximately N2.56 billion, which he described as insufficient to effectively address Nigeria’s housing deficit.
Key Updates on the Housing Finance:
The managing director stated, “The bank is significantly undercapitalized, with paid-up capital at about N2.56 billion. To resolve this, FMBN is pursuing a recapitalization plan to raise up to N750 billion.”
He explained that the recapitalization process is already underway, with approvals from the Federal Executive Council (FEC). The bank is collaborating with key stakeholders, including the Ministry of Finance, the Central Bank of Nigeria (CBN), the Ministry of Finance Incorporated (MOFI), and the Bureau of Public Enterprises (BPE).
While acknowledging the gradual pace of the process, Osidi expressed optimism that the initiative would bring transformative changes to both the bank and Nigeria’s housing sector.
Osidi also highlighted a major achievement in 2025: the successful implementation of the bank’s Core Banking Application (CBA). This system, which had faced delays for years, is now fully operational under the current management.
The new CBA has improved transaction processing, transparency, data accuracy, and turnaround times. Additionally, the bank has introduced an Electronic Visitor Management System to enhance customer experience, positioning FMBN as a more technology-driven and customer-focused institution.
