FHA property holdings near N5 trillion

The Federal Housing Authority (FHA) holds property worth nearly N5 trillion, its Managing Director and Chief Executive Officer, Oyetunde Ojo, has said.

Ojo disclosed this during a media chat broadcast by Arise News TV on Monday. He discussed the authority’s housing projects, property management activities and plans to increase housing delivery across Nigeria.

The FHA manages residential estates and collects ground rent from allottees and occupants. Ojo linked the value of the authority’s property portfolio to those activities.

“We are in possession of close to about N5 trillion worth of property because we collect ground rent,” Ojo said.

The figure shows the scale of assets under the FHA as the federal government continues to expand housing development. It also highlights the role of property management alongside the construction of new homes.

FHA says thousands of homes are ready

Ojo said between 10,000 and 15,000 housing units are ready for delivery under the current administration.

He also said the government is working with private real estate investors to increase housing supply. He pointed to the MOFI Real Estate Investment Fund (MREIF) as one source of capital for private-sector housing projects.

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According to Ojo, about N200 billion has been released to the Ministry of Finance Incorporated (MOFI) and remains available for private investors to access.

The use of private capital could help expand housing construction. However, access to finance remains a major issue for developers and homebuyers in Nigeria.

FHA provides updates on Abuja projects

Ojo gave updates on several FHA projects across the country. The developments include housing schemes in Abuja, Ibadan, Lagos, Kano and Cross River State.

In Ajoda, Ibadan, the FHA has built about 120 housing units. Construction continues on additional units at the site.

The authority has also delivered 100 housing units in Lugbe, Abuja. In Gwari, nearly 400 units are nearing commissioning.

Ojo said the Gwari project did not receive funding from the Federation Account. He also disclosed that the FHA built 1,550 housing units for the Nigerian Army in Jibi, Abuja, in less than a year.

The units are expected to receive commissioning soon.

Karsana project targets 3,112 units

The Karsana housing development in Abuja remains one of the major projects under the federal government’s Renewed Hope Cities and Estates Programme.

The project covers 3,112 housing units. Ojo said the first phase, which contains about 2,000 units, should receive commissioning soon.

FCT Minister Nyesom Wike is also constructing roads around Karsana. The road works should improve access to the housing development and surrounding areas.

The government launched construction of the Karsana project in February 2024. Since then, it has started several Renewed Hope housing projects in different parts of Nigeria.

Projects expand beyond Abuja

The FHA is also advancing projects outside the Federal Capital Territory.

Ojo said between 500 and 600 housing units in Kano should soon receive commissioning by the Ministry of Housing and Urban Development. He added that about 500 units in Lagos are also nearing completion.

The authority has started groundbreaking work on projects in several states. One of them is located in Odukpani, Cross River State, where the FHA expects to commission the development soon.

The federal government has also started a 250-unit housing project for federal civil servants in Dukpa, Gwagwalada, Abuja. The scheme includes two- and three-bedroom bungalows.

The new project will add to 350 units already delivered through the Federal Integrated Staff Housing Programme. Together, the two schemes will provide 600 units.

Housing finance remains a major challenge

The government’s housing plans come as Nigeria continues to face problems with housing finance, land administration and consumer protection.

The Federal Mortgage Bank of Nigeria is also preparing to complete 962 housing units in Abuja. The project involves the Kaba District housing scheme, which the bank recovered after an alleged diversion of a $65 million loan used to finance it.

The government has proposed further reforms to address weaknesses in the housing market. These include a proposed National Housing Finance Authority and reforms to expand access to housing finance for informal-sector workers.

Another proposed policy, the National Housing and Built Environment Regulation Policy, would introduce measures such as developer licensing and escrow protection for buyers.

What the FHA disclosure means

The FHA’s property portfolio and its ongoing projects show the size of the federal government’s role in Nigeria’s housing market.

However, increasing the number of homes alone will not solve the country’s housing challenges. Buyers also need access to finance, reliable infrastructure, secure land titles and stronger protection in property transactions.

The success of current housing programmes will therefore depend on both construction and the systems that support housing delivery, financing, regulation and long-term property management.

The post FHA Holds Nearly N5 Trillion in Property, Oyetunde Ojo Says appeared first on Housing TV Africa.

The Federal Government has commenced construction of a 250-unit housing estate in Gwagwalada, Abuja, as part of efforts to make homeownership more accessible to federal civil servants.

The estate, comprising two-bedroom bungalows, is being developed through a partnership between the Office of the Head of the Civil Service of the Federation (OHCSF) and the Federal Ministry of Housing and Urban Development.

Speaking at the groundbreaking ceremony in Abuja, the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, said the project was designed to improve workers’ welfare by providing them with affordable and secure homes.

Darma said the government considers housing an important part of civil service welfare, noting that access to decent accommodation can help workers maintain productivity and efficiency.

He explained that the Gwagwalada project was part of a broader housing programme being implemented across the 36 states and the Federal Capital Territory.

Under the programme, 122 rent-to-own housing units are expected to be delivered before the end of August, while additional projects are scheduled for commissioning in September, October and December.

The planned developments include 252 housing units in Lagos, 300 units in Abuja and 2,800 units in Karsana, Abuja. Other locations will receive projects comprising 2,000 and 1,500 units, while another 2,129 units are scheduled for delivery in December.

The minister said the projects demonstrate the administration’s commitment to translating its housing policies into completed developments before the end of President Bola Ahmed Tinubu’s tenure in May 2027.

He urged contractors, consultants and supervising teams to maintain construction standards and meet agreed delivery timelines, stressing that the government was entering a phase of “action, action and action.”

Civil Servants Need Homes, Not Drawings

The Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, described the Gwagwalada estate as an important step towards addressing the housing needs of federal workers.

Walson-Jack said homeownership would provide civil servants and their families with greater stability and peace of mind, describing the opportunity as a lasting reward for their years of service.

She, however, stressed that the success of the programme would depend on timely completion of the projects.

According to her, civil servants need completed houses and keys rather than drawings and groundbreaking ceremonies.

“We look forward to the commissioning of these homes and to witnessing their allocation to eligible and deserving civil servants,” she said.

305 Housing Units Already Provided

The OHCSF disclosed that 305 housing units had already been provided to civil servants through the Federal Integrated Staff Housing Programme.

More than 40,000 federal workers have also benefited from housing loans through the Federal Government Staff Housing Loans Board.

Walson-Jack encouraged eligible civil servants to take advantage of the government’s ₦10 billion annual housing loan scheme being implemented through the Federal Mortgage Bank of Nigeria.

She also called for additional partnerships to expand housing opportunities for federal workers across the country.

The Head of Service urged state governments to consider adopting similar housing initiatives for their employees.

The groundbreaking ceremony was attended by the Minister of State for Housing and Urban Development, Rt. Hon. Yusuf Abdullahi Atta, Permanent Secretary of the ministry Dr. Shuaib Mohammed Lamido-Belgore, senior government officials, traditional rulers and other stakeholders.

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The Federal Government has started work on a 250-unit housing estate for civil servants in Gwagwalada, Abuja.

The project forms part of the Renewed Hope Housing Programme. It aims to give federal workers better access to affordable homeownership.

The groundbreaking ceremony took place on Wednesday. The Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, attended the event.

Also present was the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack. The Minister of State for Housing and Urban Development, Rt. Hon. Yusuf Abdullahi Atta, also attended.

Senior government officials, traditional rulers and other stakeholders joined them at the ceremony.

250 Homes Planned for Civil Servants

The new estate will provide 250 two-bedroom bungalows. The Office of the Head of the Civil Service of the Federation and the Federal Ministry of Housing and Urban Development will deliver the project together.

Darma said the estate would address an important need among federal workers. He noted that affordable housing could improve workers’ living conditions.

Better housing could also support productivity in the public service, the minister said.

Darma asked the contractors and consultants to follow high construction standards. He also urged the teams to ensure that the homes remain strong and durable.

The minister said the Gwagwalada project forms part of a wider housing programme. The Federal Ministry of Housing and Urban Development has projects across all 36 states and the Federal Capital Territory.

FG Lists More Housing Deliveries

Darma said the government plans to increase housing delivery before President Bola Ahmed Tinubu’s tenure ends in May 2027.

The minister said 122 rent-to-own homes would be ready before the end of August. He also listed several projects planned for delivery between September and December.

The projects include 252 homes in Lagos and 300 homes in Abuja. Another 2,800 units are planned for Karsana in Abuja.

The government also plans to deliver 2,000 units and another 1,500 units at other locations. A further 2,129 housing units are scheduled for December.

Darma said the government wants to move beyond housing announcements. He stressed the need to complete projects and hand homes to beneficiaries.

Civil Service Housing Programme

Walson-Jack described the Gwagwalada estate as an important step in improving civil servants’ welfare.

She said homeownership could give workers and their families greater security. It could also provide a lasting benefit after years of public service.

The HOCSF urged the project team to complete the estate on schedule. She also called for quality, affordability and transparency throughout the project.

Walson-Jack stressed that civil servants need completed homes. She said the government must focus on delivering houses rather than only holding groundbreaking ceremonies.

She disclosed that the Office of the Head of the Civil Service of the Federation currently has 305 housing units under the Federal Integrated Staff Housing Programme, known as FISH.

More than 40,000 civil servants have also benefited from housing loans through the Federal Government Staff Housing Loans Board, she said.

N10bn Annual Housing Loan Scheme

Walson-Jack also urged eligible civil servants to use the government’s housing finance options.

She referred to the approved N10 billion annual housing loan scheme provided through the Federal Mortgage Bank of Nigeria.

The facility could help more federal workers pursue homeownership. Access to suitable housing finance remains important for workers who cannot afford to buy homes with their savings alone.

The HOCSF also called for more partnerships to provide homes for federal workers across the country.

She encouraged state governments to consider similar housing schemes for their employees.

Why the Abuja Project Matters

The Gwagwalada estate highlights the link between housing and worker welfare. For civil servants, affordable homes can reduce the financial pressure that comes with renting or buying property in major cities.

The project also shows the importance of housing finance alongside construction. Building homes alone may not solve the affordability challenge if workers cannot access suitable payment plans or mortgage loans.

For the Federal Government, the next test will be project delivery. Completing the 250 homes, maintaining construction quality and allocating them to eligible civil servants will determine the practical impact of the scheme.

The Gwagwalada project therefore adds to the government’s wider push to increase housing supply and improve access to homeownership for Nigerians.

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The Minister of Housing and Urban Development, Arc. Muttaqa Rabe Darma, has assured Nigerians that no critical records or customer data were lost in the recent fire incident at the headquarters of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja. He said the bank’s digital backup systems ensured that operations and customer information remained fully protected despite the damage caused by the fire.

The minister gave the assurance after inspecting the affected sections of the bank’s headquarters alongside officials of the ministry and FMBN management. He expressed gratitude that no lives were lost during the incident and noted that the fire was largely confined to part of the second floor of the building. Preliminary findings indicate that the fire may have been caused by an electrical fault, although investigations by the relevant authorities are still ongoing.

Following the inspection, Darma said he was satisfied with the explanations provided by the bank’s management regarding its disaster recovery measures. According to him, FMBN’s cloud-based digital infrastructure successfully preserved all customer records and operational data, ensuring that mortgage services and other banking operations continue without disruption.

The minister also warned that anyone found negligent after the conclusion of the investigation would be held accountable. He stressed the importance of maintaining high safety standards within public institutions while ensuring that government agencies strengthen preventive measures against similar incidents in the future.

Reassuring contributors to the National Housing Fund and other customers, Darma urged Nigerians to continue using FMBN’s services, noting that the institution remains fully operational. He added that the Federal Government remains committed to strengthening the bank’s mortgage delivery system as part of broader reforms aimed at improving access to affordable housing across the country.

The minister reaffirmed the government’s commitment to expanding homeownership through the Renewed Hope Housing Programme, stating that reforms underway at FMBN are expected to improve mortgage accessibility and increase the number of mortgages processed annually. He disclosed that the government has directed the bank to enhance its internal processes with the goal of significantly increasing mortgage approvals each year.

Industry stakeholders say the incident highlights the growing importance of digital transformation and cloud-based data management within Nigeria’s housing finance sector. They note that robust digital infrastructure not only protects sensitive customer information but also ensures business continuity during emergencies, strengthening public confidence in housing finance institutions.

The post FMBN Fire: Housing Minister Confirms Customer Data Remains Safe appeared first on Housing TV Africa.

The high cost of property in Lagos is pushing more residents to explore alternative ways of gaining exposure to the real estate market without buying or owning a traditional plot of land.

With median house prices in Lagos estimated at about ₦378.5 million and commercial mortgage rates ranging from 25 to 30 per cent, outright property ownership remains difficult for many workers. The affordability challenge has encouraged the growth of new investment models that allow residents to participate in the property market with smaller amounts of capital.

These options range from fractional ownership and real estate crowdfunding to Real Estate Investment Trusts (REITs), housing cooperatives and rent-to-own schemes.

Fractional Property Ownership

Fractional ownership allows several investors to jointly own an interest in a property. Investors contribute smaller amounts and receive returns based on their share of the asset.

Some platforms now offer entry points from about ₦100,000. Investors may earn rental income and benefit from capital appreciation when the investment exits, depending on the structure and performance of the property.

Some fractional investment opportunities linked to prime areas such as Lekki and Ikoyi advertise annual returns of between 15 and 25 per cent. However, investors must assess the risks and verify the claims of each platform before committing funds.

Real Estate Crowdfunding and Developer Finance

Another option is real estate crowdfunding. Under this model, several investors pool money to support property development projects.

Some platforms also provide financing directly to developers. Investors may receive fixed returns based on agreed terms and the performance of the underlying project.

These models can appeal to people who want exposure to property without taking on a mortgage or buying a complete house.

Short-Let Co-Hosting

Lagos’ short-let industry has also created opportunities for people who do not own property.

Co-hosts manage short-let apartments for landlords and handle tasks such as guest communication, cleaning and bookings. In return, operators may receive a share of rental revenue.

Some co-hosting arrangements pay operators between 20 and 25 per cent of gross rental revenue, according to estimates cited in the source material.

Lease Arbitrage

Lease arbitrage offers another route into the short-let business. An operator rents a property under a long-term agreement and then operates it as a short-let, subject to the landlord’s permission and applicable rules.

The model can generate profits in high-demand locations such as Lekki Phase 1 and Ikeja GRA. However, it also carries significant risks, including vacancy, operating expenses and lease restrictions.

Listed Real Estate Investment Trusts

Lagos residents can also gain exposure to property through Real Estate Investment Trusts (REITs) listed on the Nigerian Exchange.

REITs allow investors to participate in income-generating real estate without directly purchasing a building or plot. They can also provide a more accessible entry point and, in the case of listed instruments, greater liquidity than physical property.

Housing Cooperatives

Housing cooperatives offer another established route. Members contribute funds over time, allowing the cooperative to acquire land or support construction at scale.

Pooling resources can improve bargaining power and may lower some costs associated with land acquisition and development.

Developer Instalment Plans

Some property developers allow buyers to spread payments over several months or years. Instalment plans can reduce the pressure of making a single large payment.

Depending on the developer and project, payment periods may range from 12 to 48 months. Buyers should review the contract carefully and confirm title documents, project approvals and delivery terms before making payments.

Land Banking

Land banking involves acquiring property in areas expected to experience future growth. Investors typically target locations where infrastructure expansion and urban development could increase land values over time.

This strategy requires patience. Peripheral areas may take years to develop, and investors face risks linked to infrastructure delays, title issues and changing planning policies.

National Housing Fund and Rent-to-Own Options

For prospective homeowners who cannot raise a large deposit, housing finance programmes may provide another pathway.

The Federal Mortgage Bank of Nigeria administers National Housing Fund products designed to improve access to housing finance. Rent-to-own arrangements can also help some eligible buyers move towards ownership through structured payments rather than a large upfront purchase.

The source material cites interest rates as low as 6 per cent per annum for some relevant products, with repayment periods of 10 to 20 years. Eligibility and terms depend on the specific programme.

The Changing Face of Property Investment

The growing range of options shows how real estate participation is changing in Lagos. Property ownership is no longer the only way for individuals to gain exposure to the sector.

Technology has made it easier for investors to access fractional property platforms, digital investment products and alternative financing models. However, each option carries a different level of risk, return potential and liquidity.

Investors should therefore carry out proper due diligence before committing money. They should verify the ownership structure, regulatory status, fees, exit terms and credibility of the operator.

For Lagos residents facing high property prices, these alternatives may provide more accessible routes into real estate. The broader shift could also reshape how younger Nigerians view property not only as a home to own, but as an asset class that can be accessed through different investment strategies.

The post 10 Ways Lagos Residents Can Invest in Real Estate Without Owning Land appeared first on Housing TV Africa.

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has urged organised labour to broaden its advocacy beyond minimum wage negotiations by demanding the enforcement of existing laws and policies that guarantee affordable housing, healthcare, pensions, and other social welfare benefits for Nigerian workers.

Speaking at a symposium in Abuja held in honour of the late labour activist Dr. Segun Osoba, Falana argued that workers’ welfare extends beyond salary increases. He said labour unions should compel governments at all levels to fully implement social protection programmes that improve workers’ living standards and provide long-term economic security.

Falana specifically called for the implementation of the National Housing Act, noting that workers contribute three per cent of their monthly earnings to the National Housing Fund to facilitate access to affordable homes. He questioned why many contributors have yet to benefit from the scheme despite years of deductions, stressing that labour unions should insist on accountability and effective implementation of the programme.

He also expressed concern over Nigeria’s growing housing shortage, stating that millions of Nigerians remain without access to decent accommodation. According to him, affordable housing programmes must be strengthened to ensure workers can benefit from government-backed housing initiatives and improve their quality of life.

Beyond housing, Falana urged labour leaders to advocate for improved health insurance, prompt payment of pensions, better social protection measures, and increased allowances for workers. He maintained that enforcing existing welfare laws would have a greater impact on workers’ well-being than focusing solely on periodic wage increases.

Stakeholders believe Falana’s position reinforces the need for stronger implementation of housing and social welfare policies as part of broader labour reforms. They argue that improving access to affordable housing, healthcare, and social security would complement wage improvements and contribute to a higher standard of living for Nigerian workers.

The post Falana Urges Labour to Demand Affordable Housing, Social Welfare Beyond Minimum Wage appeared first on Housing TV Africa.

The Federal Government has handed over completed housing units to beneficiaries under its Rent-to-Own Scheme in Abuja, reaffirming its commitment to expanding affordable homeownership and reducing Nigeria’s housing deficit through innovative housing finance initiatives. The homes were developed by Brains & Hammers Limited with funding from the Federal Mortgage Bank of Nigeria (FMBN) under the Renewed Hope Housing Programme.

Speaking during the symbolic presentation of keys, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the initiative reflects President Bola Tinubu’s commitment to making decent and affordable housing accessible to more Nigerians. He described homeownership as a central pillar of the administration’s Renewed Hope Agenda and pledged that all approved beneficiaries under the Rent-to-Own Scheme would receive the keys to their homes before the end of the year.

The minister noted that the scheme provides an affordable pathway to homeownership, particularly for low- and middle-income earners who may not be able to afford the large upfront payments required to purchase homes outright. He added that the programme is designed to ease the burden of rising rents in major cities such as Abuja and Lagos while improving the welfare and living standards of Nigerians.

Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, explained that the delivery of the housing units, known as Bungalow City, experienced initial allocation challenges after part of the estate was assigned to security agencies. He said the bank established a joint technical committee with Brains & Hammers Limited to resolve the issues, ensuring that every profiled beneficiary received a home.

Osidi reaffirmed FMBN’s commitment to supporting the Federal Government’s affordable housing agenda through accessible mortgage financing and strategic partnerships with private developers. He said the bank would continue to expand opportunities for Nigerians to own homes through flexible financing models capable of addressing the country’s housing deficit.

Speaking on behalf of the beneficiaries, Sanusi Seidu Dantsoho expressed appreciation to the Federal Government and FMBN for providing many Nigerians with the opportunity to become homeowners. He pledged that residents would work together to maintain a peaceful, orderly, and well-managed estate while encouraging the government to sustain similar affordable housing programmes across the country.

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The Federal Mortgage Bank of Nigeria (FMBN) has said its newly developed National Mortgage Registry will strengthen transparency, improve access to mortgage information, and restore confidence in Nigeria’s real estate market. The digital platform, which has been approved by the National Council on Housing, is designed to serve as a central repository for mortgage transaction records across the country.

Speaking at a stakeholders’ workshop on the validation of the National Housing Data Programme Report and the proposed National Housing and Built Environment Regulation Policy in Abuja, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, disclosed that the registry has reached a major milestone and is ready for deployment. He explained that stakeholder engagement, data collection, cleansing, and validation are currently underway before the system becomes fully operational.

According to Osidi, the registry will provide a reliable digital database of mortgage transactions, enabling financial institutions, regulators, and other stakeholders to verify mortgage information more efficiently. He said the initiative is expected to strengthen risk management, improve transparency, reduce fraud, and increase investor confidence in Nigeria’s housing finance sector.

The FMBN boss noted that the success of the mortgage registry will depend on collaboration among federal and state governments, land registries, financial institutions, mortgage banks, developers, professional bodies, and other industry stakeholders. He added that the project complements the National Housing Data Programme by providing credible information to support housing policy, investment decisions, and mortgage financing.

Osidi reiterated that reliable housing and mortgage data are essential to addressing Nigeria’s housing deficit and expanding access to affordable homeownership. He maintained that a transparent mortgage system will improve confidence among investors, lenders, developers, and prospective homeowners while supporting sustainable growth in the real estate sector.

Industry stakeholders described the National Mortgage Registry as a significant step towards modernising Nigeria’s housing finance ecosystem. They believe the platform will improve mortgage documentation, enhance property transaction security, strengthen consumer protection, and promote greater accountability across the real estate industry.

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The Independent Corrupt Practices and Other Related Offences Commission has handed over a forfeited housing project in Abuja to the Federal Mortgage Bank of Nigeria for the completion of 962 housing units.

The handover took place on Tuesday at the Goodluck Jonathan Estate in Kaba District, Abuja, in compliance with a final forfeiture order issued by the Federal High Court in Abuja.

The development was disclosed in a statement published by the anti-graft agency, with ICPC Chairman, Musa Aliyu, and the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, leading officials of both institutions at the ceremony.

The court had, in December 2025, ordered the final forfeiture of two landed properties in Kaba District, Abuja, after they were identified as proceeds of alleged unlawful activities.

The affected properties include Plot No. 5 in Cadastral Zone D12, measuring about 122,015.80 square metres, and Plot No. 4 in the same cadastral zone, measuring approximately 157,198.30 square metres.

The Federal High Court directed the Federal Government, through the ICPC, to transfer the recovered properties to FMBN as the victim of the alleged fraud and mandated the commission to monitor and supervise the completion of the proposed 962 housing units.

Speaking during the handover, Aliyu said the housing project was initiated by FMBN in 2012 and financed with a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American firm.

According to him, the project was designed to deliver 962 housing units on about 27.92 hectares of land in Kaba District but was abandoned after the loan funds were allegedly diverted.

Aliyu said investigations by the commission revealed that the entire loan was diverted without the construction of any housing unit, adding that part of the funds was allegedly channelled through bureau de change operators and moved outside the country.

He reiterated the commission’s commitment to transparency, accountability and the proper management of recovered assets in line with the National Anti-Corruption Strategy.

The case is linked to the prosecution of former FMBN Managing Director, Gimba Ya’u, who was arraigned by the ICPC in November 2024 over the alleged diversion of the $65 million housing fund meant for the construction of the estate.

Ya’u was charged alongside former FMBN Director, Bola Ogunsola, and the Managing Director of T-Brend Fortunes Nigeria Limited, Tarry Rufus, before the Federal High Court in Abuja.

Responding, Osidi commended the ICPC for facilitating the recovery of the property and pledged that the bank would work towards completing the long-abandoned housing estate.

“This land, on which this estate is to be developed, has, for some time, been abandoned and left unutilised. We deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken,” he said.

The recovery and transfer of the project is expected to boost the Federal Government’s affordable housing drive by enabling the completion of the 962 housing units originally planned for the estate.

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The Federal Mortgage Bank of Nigeria has financed 1,590 housing units across Nasarawa State and disbursed more than N9.5 billion in home renovation loans to 10,601 civil servants as part of efforts to expand access to affordable housing in the state.

Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, disclosed this while receiving Nasarawa State Governor, Abdullahi Sule, during a courtesy visit to the bank’s headquarters in Abuja.

Osidi said the interventions reflect the bank’s growing partnership with the Nasarawa State Government to improve housing delivery and enhance workers’ welfare through affordable mortgage financing.

“To date, the Federal Mortgage Bank of Nigeria has financed over 1,590 housing units across Nasarawa State. Beyond housing construction, we have disbursed over N9.5 billion in home renovation loans to 10,601 civil servants in the state, enabling thousands of hardworking families to improve the quality of their homes,” he said.

The FMBN boss disclosed that the bank is also financing mortgages for Nasarawa civil servants to purchase homes under the state government’s Owner-Occupier Housing Scheme.

According to him, N94.7 million has so far been disbursed to 29 beneficiaries under the programme, while more than N1.02 billion in National Housing Fund contributions has been refunded to 5,462 retirees from the state.

He noted that the partnership between FMBN and Nasarawa extends beyond housing construction, adding that work at the Lafia housing project has reached an advanced stage, while construction at other first-phase project locations will begin before the end of the third quarter of the year.

Osidi reaffirmed the bank’s commitment to President Bola Tinubu’s Renewed Hope Housing Programme, revealing that FMBN is financing housing projects nationwide and providing a N100 billion off-taker guarantee to accelerate project delivery.

He also highlighted the bank’s recent operational performance, stating that National Housing Fund collections increased from N103 billion in 2024 to a record N152.4 billion in 2025, representing more than 48 per cent growth over the previous highest annual collection.

The FMBN chief executive added that over 300,000 new contributors had joined the NHF scheme in the last two years, while NHF refunds rose from N13.2 billion paid to 40,426 beneficiaries in 2023 to N15.6 billion paid to 55,068 beneficiaries in 2025.

He further disclosed that the bank financed 6,911 affordable housing units nationwide in 2025, achieving 96 per cent of its annual target of 7,200 housing units.

Describing Nasarawa as one of FMBN’s strongest housing development partners, Osidi recalled that the state became the first in the country to allocate land for the Renewed Hope Housing Project after President Tinubu assumed office.

Governor Sule commended FMBN for supporting the state’s housing development agenda, describing the bank as a dependable partner committed to improving access to affordable housing.

“When you asked me to consider the Federal Mortgage Bank of Nigeria as a dependable partner, I want to tell you we already consider you a dependable partner. We already believe there is much more we can do together,” the governor said.

Sule disclosed that the establishment of the Nasarawa Geographic Information Service had positioned the state for large-scale housing development by completing statewide mapping, identifying suitable development corridors and planning the infrastructure required for housing projects.

He said the state is already working with several developers on projects, including the Peninsula Housing Project in Masaka and the Technology Village in Mararaba.

The governor added that ongoing collaboration with FMBN would deliver affordable housing projects in Lafia, Akwanga, Keffi, Toto and Gudi, particularly for low- and middle-income earners.

Speaking on the proposed N550 billion recapitalisation of FMBN, Sule urged the Federal Government to attract private sector investment into the bank.

“If we want to achieve this goal, we need to go beyond the federal government. There are many Nigerians and institutions with investible funds that will support the bank if they are convinced the resources will be well managed,” he said.

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