The Mortgage Banking Association of Nigeria (MBAN) has called on the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to translate its strong financial performance into increased mortgage lending and wider access to affordable housing finance.

The call followed MREIF’s half-year 2026 financial results, which showed a profit before tax of ₦14.49 billion and profit after tax of ₦14.24 billion. The fund also declared interim dividends and increased its net asset value per unit to ₦106.71.

MBAN President, Ayo Olowookere, commended the fund’s financial performance, describing it as evidence of sound financial management. However, he argued that profitability should be matched with greater deployment of capital into mortgage lending.

According to Olowookere, MREIF increased its mortgage portfolio by 86 per cent within six months, but a significant portion of its assets remained invested in cash and investment securities rather than mortgage loans. He noted that much of the fund’s income during the period came from interest earned on these investments.

He said the situation creates an opportunity for MREIF to accelerate the deployment of its resources towards its core development mandate, particularly the expansion of affordable mortgage finance.

MREIF was established as a public-private partnership intended to provide long-term, relatively low-cost mortgage financing while helping deepen Nigeria’s housing finance market.

Olowookere said the fund’s success should therefore not be assessed only through profitability, dividends or growth in assets. He argued that its wider impact should also be measured by the number of mortgages created, homes financed and households helped to achieve homeownership.

The MBAN president stressed that expanding mortgage lending would still require strong risk management. He identified credit assessment, legal documentation, property verification and reliable operational systems as important components of responsible mortgage lending.

He also called for stronger collaboration between MREIF and primary mortgage banks to improve transparency, execution and the overall impact of the fund.

Beyond financing, Olowookere said government reforms in land administration, property registration and foreclosure processes would be necessary to strengthen Nigeria’s housing finance ecosystem.

He assured MREIF that mortgage banks were prepared to support the fund by originating quality mortgage assets, improving underwriting standards, adopting technology and working with the institution to expand responsible mortgage lending nationwide.

The development highlights a central challenge facing Nigeria’s housing sector. Having capital available is not the same as having affordable mortgages reaching households that need them.

For MREIF, the next test may therefore be whether its strong balance sheet can translate into significantly more accessible housing finance and, ultimately, more homes financed for Nigerians.

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The Federal Government has reaffirmed its commitment to delivering 100,000 housing units across Nigeria before the end of the current administration, saying work is progressing on multiple housing projects under its national housing programme.

The assurance was given by the Minister of Housing and Urban Development, Arc. Muttaqa Rabe Darma, during an inspection of the Federal Mortgage Bank of Nigeria (FMBN) headquarters in Abuja following the recent fire incident at the facility. The minister said the administration remains focused on fulfilling its campaign promise by accelerating the construction and delivery of affordable homes nationwide.

According to Darma, housing projects are currently at different stages of development across the country, with many expected to be completed and handed over to beneficiaries before the administration’s tenure ends. He noted that once completed, Nigerians will be able to see the impact of the government’s housing initiatives in various states.

The minister stressed that expanding access to affordable housing remains a priority of the Federal Government’s development agenda. He explained that increasing the supply of quality homes will help reduce Nigeria’s housing deficit, stimulate economic activity, create jobs, and improve living standards for citizens.

Darma also reiterated the government’s commitment to strengthening the country’s housing finance system through reforms at the Federal Mortgage Bank of Nigeria. He disclosed that efforts are underway to improve mortgage processing and increase the number of mortgages approved annually, making homeownership more accessible to Nigerians.

Industry stakeholders say achieving the 100,000-home target will require sustained collaboration between the Federal Government, private developers, financial institutions, and state governments. They note that timely project execution, adequate infrastructure, and accessible housing finance will be critical to ensuring the successful delivery and long-term sustainability of the programme.

Housing experts also believe that expanding affordable housing supply could stimulate demand for building materials, create employment across the construction value chain, and contribute significantly to Nigeria’s economic growth. They add that consistent implementation of housing policies will be essential to addressing the country’s estimated housing deficit while encouraging greater private sector participation in residential development.

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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.

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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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Nigeria’s housing and real estate sector contributed more than ₦77 trillion to the nation’s economy in 2025, underscoring its growing importance as one of the country’s largest economic drivers. The disclosure was made by the Minister of Housing and Urban Development, Muttaqha Rabe Darma, during a stakeholders’ validation workshop on the National Housing Data Programme and the National Housing and Built Environment Regulation Policy in Abuja.

The minister explained that following the rebasing of Nigeria’s Gross Domestic Product (GDP), the real estate services sector alone accounted for approximately ₦41 trillion, representing 13.4 per cent of GDP, while the combined contribution of real estate and construction exceeded ₦77 trillion in 2025. He noted that despite the sector’s significant economic value, persistent challenges such as weak regulation, inadequate mortgage financing, and unreliable housing data continue to limit its full potential.

Darma described the validation workshop as a critical stage in the development of two major policy documents that will be presented to the Federal Executive Council (FEC). He urged stakeholders to provide constructive input to strengthen the proposed National Housing and Built Environment Regulation Policy and the National Mortgage Industry Policy before their adoption.

According to the minister, the proposed regulatory framework will introduce licensing requirements for developers and estate agents, escrow protection for homebuyers’ funds, stronger professional standards, improved construction quality, enhanced land administration, urban renewal safeguards, and the establishment of a National Housing Industry Regulatory Commission to improve oversight across the housing sector.

He also announced that the proposed mortgage policy seeks to reform the Federal Mortgage Bank of Nigeria (FMBN), establish a National Housing Finance Authority, expand access to the National Housing Fund for workers in the informal sector, and create a stronger framework for diaspora housing investment. In addition, the ministry disclosed that Nigeria’s housing deficit has been estimated at about 15 million units using internationally recognised methodologies, including the World Bank Adequate Housing Index and the UN-Habitat Household Crowding Index.

Speaking at the event, Permanent Secretary Dr. Shuaib Belgore said fragmented housing data and weak regulatory enforcement have constrained effective planning, housing quality, and investor confidence. Meanwhile, the Managing Director of FMBN, Shehu Usman Osidi, announced that the bank has completed the development of a National Mortgage Registry, a digital platform designed to centralise mortgage transactions and improve transparency within Nigeria’s housing finance system.

Stakeholders believe that stronger regulation, credible housing data, improved mortgage access, and enhanced consumer protection will be essential to unlocking greater investment in the housing sector, reducing the housing deficit, and strengthening the industry’s contribution to Nigeria’s long-term economic growth.

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The Association of Housing Corporations of Nigeria (AHCN) has called on the Federal Government to establish a National Housing Delivery Framework and dedicated Housing Infrastructure Funds to accelerate affordable housing delivery and address Nigeria’s growing housing deficit. The association said a coordinated national strategy is essential for scaling up housing production and improving access to decent homes for low- and middle-income earners.

The call formed part of a communiqué issued at the end of AHCN’s two-day National Workshop on Affordable Housing Solutions for Low-Income Earners in Emerging Real Estate Markets and its 49th Annual General Meeting held in Calabar, Cross River State. Delegates noted that rising inflation, foreign exchange volatility, and increasing construction costs continue to widen the affordability gap across the housing sector.

AHCN urged governments, financial institutions, and development partners to create financing frameworks tailored to the needs of state housing corporations. The association also recommended greater adoption of locally manufactured building materials developed by the Nigerian Building and Road Research Institute (NBRRI), arguing that reducing dependence on imported materials would lower construction costs and improve housing affordability.

The association further advocated the use of industrialised construction technologies, including prefabricated housing, modular construction, and precast concrete systems, to speed up project delivery while reducing development costs. It also encouraged stronger collaboration among the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Fund, MOFI Real Estate Investment Fund (MREIF), and other stakeholders to mobilise long-term financing for affordable housing projects.

AHCN expressed concern that many state housing corporations have become ineffective due to years of inadequate funding and institutional neglect. It urged state governments to strengthen these agencies through policy reforms and avoid merging them with ministries, warning that such practices weaken their capacity to deliver mass housing.

The association also highlighted the growing number of completed but unoccupied housing units in major cities, noting that many homes remain unaffordable for the people they were built to serve. It stressed that improving access to land, infrastructure financing, and affordable mortgages would help bridge the gap between housing supply and demand while restoring public confidence in government-led housing initiatives

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The Federal Government has directed the Federal Mortgage Bank of Nigeria (FMBN) to increase mortgage disbursements and raise its mortgage loan ceiling to ₦85 million as part of efforts to improve access to affordable housing and strengthen Nigeria’s housing finance system.

The Minister of Housing and Urban Development, Dr Muttaqha Rabe Darma, issued the directive while delivering the keynote address at the BusinessDay Real Estate Conference 2026 held in Abuja over the weekend.

According to a statement, the new directive is expected to enable the approval of at least 2,000 mortgages annually, while allowing contributors to the National Housing Fund (NHF) to access up to 25 per cent of their Retirement Savings Accounts (RSA) as equity contributions toward home ownership.

FG Moves to Address Nigeria’s Housing and Rent Crisis

As part of broader reforms in the housing sector, Darma said the ministry is developing new measures to tackle Nigeria’s worsening rental challenges.

The proposals include the establishment of a National Rent Registry, mandatory registration of large-scale landlords, stricter enforcement against the unlawful conversion of residential buildings, and the introduction of model tenancy legislation to ensure fairness for both landlords and tenants.

The minister also highlighted the ministry’s Land4Growth Initiative, the ongoing digitisation of land administration through the e-Certificate of Occupancy (e-C of O) programme, and the work of the National Housing Data Technical Committee.

According to the committee’s findings, Nigeria had an estimated housing deficit of about 15 million housing units as of 2025.

Renewed Hope Housing Programme Remains on Track

Reaffirming the Federal Government’s commitment to expanding affordable housing, Darma said implementation of the Renewed Hope Social Housing Programme remains on course.

He disclosed that the programme aims to deliver hundreds of housing units across each of Nigeria’s 774 local government areas, significantly increasing access to decent and affordable housing nationwide.

Stakeholders Invited to Shape Housing Reforms

The minister announced that the Ministry of Housing and Urban Development will commence formal stakeholder consultations this week on the proposed regulatory reforms.

He invited developers, investors, financial institutions, professional bodies, tenant associations and other stakeholders to contribute ideas that will strengthen Nigeria’s housing regulatory framework.

“The projects that will define Nigeria’s housing future are not yet built. The capital that will fund them is not yet fully mobilised. But the policy framework that will make them bankable, safe, and worth investing in is being written now. Come and help write it,” Darma said.

New Policy to Protect Homebuyers, Boost Investor Confidence

Darma said the ministry is finalising a National Housing and Built Environment Regulation Policy (NHBERP) aimed at improving transparency, accountability and investor confidence in Nigeria’s real estate sector.

He lamented that many Nigerians continue to lose their life savings to unlicensed property developers due to weak regulation and the absence of safeguards such as escrow arrangements for off-plan property transactions.

Despite the real estate sector contributing about 13.36 per cent to Nigeria’s Gross Domestic Product (GDP), the minister noted that inadequate regulation continues to discourage investment and expose homebuyers to fraud.

According to him, the proposed policy will introduce mandatory developer licensing, escrow protection for buyers’ funds, construction quality assurance mechanisms, professional registration requirements, and establish a National Housing Industry Data Observatory (NHIDO) to improve transparency across the sector.

He added that, under the proposed reforms, developers will no longer be allowed to market or sell off-plan housing projects without first obtaining the required licences and securing buyers’ funds in regulated escrow accounts.

The minister said the reforms are expected to align Nigeria’s housing market with international best practices while strengthening consumer protection, improving investor confidence and accelerating sustainable housing development across the country.

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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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