FMBN Launches Non-Interest Mortgage Scheme to Expand Homeownership in Nigeria

The Federal Mortgage Bank of Nigeria (FMBN) has launched a non-interest mortgage product designed to help more Nigerians become homeowners, offering an alternative to conventional interest-based housing loans.

The product, known as Ijarah Muntahia Bittamleek, operates under a lease-to-own arrangement. It allows eligible National Housing Fund (NHF) contributors to occupy a residential property through agreed rental payments and take ownership after fulfilling the terms of the contract.

The Minister of Housing and Urban Development, Muttaqha Rabe-Darma, announced the launch on Tuesday, October 27, 2026, in Kano State.

According to the minister, the initiative aims to expand access to housing finance, particularly for Nigerians who prefer not to use conventional interest-based mortgages because of their financial or ethical convictions.

How FMBN’s Non-Interest Mortgage Works

Under the Ijarah Muntahia Bittamleek model, a property is acquired by the financing institution and leased to an eligible customer. The customer makes agreed rental payments while occupying the property, with ownership transferred at the end of the contract once all stipulated obligations have been fulfilled.

The arrangement provides another option for Nigerians seeking to own homes without using a conventional interest-based mortgage.

FMBN Managing Director and Chief Executive, Shehu Usman-Osidi, said the product was intended to make housing finance more inclusive and provide additional opportunities for eligible NHF contributors.

He explained that the bank wanted to widen the mortgage market and ensure that contributors who prefer non-interest financing are not excluded from opportunities to own homes.

The bank said the product is available to eligible NHF contributors across Nigeria, regardless of their religion or location.

FMBN Seeks to Expand Access to Mortgage Loans

Speaking at the launch, Rabe-Darma said more than six million Nigerians contributed to the National Housing Fund, but the bank had historically granted fewer than 500 individual mortgages annually.

He said the new product would help address the gap between NHF participation and access to mortgage financing.

The launch also marks the first public product introduced under the National Mortgage Industry Policy issued by the Federal Ministry of Housing and Urban Development in July 2026.

Under the policy, FMBN is expected to direct at least 40 per cent of annual NHF collections towards mortgage financing and increase its maximum loan limit from ₦50 million to ₦85 million.

The policy also sets a target of 2,000 mortgages in 2026, rising to 5,000 annually by 2028.

Another objective is to simplify the mortgage application process, with applications expected to be processed within 30 working days under a streamlined eight-document requirement.

These measures are intended to improve access to housing finance and make the process less difficult for eligible applicants.

Informal-Sector Workers Targeted for Greater Access

The housing policy also seeks to increase National Housing Fund membership from six million to 10 million by 2028.

It further targets allocating between 30 and 40 per cent of FMBN’s mortgage bookings to informal-sector workers, including market traders, artisans and transport workers.

Many people in these groups face difficulties accessing conventional mortgages because of irregular income, limited formal employment records and documentation requirements.

Expanding access to mortgage financing for informal-sector workers could help more Nigerians participate in formal housing finance programmes.

However, the effectiveness of this approach will depend on the final eligibility requirements, repayment conditions and the ability of applicants to meet the costs of acquiring a home.

Kano Selected for the Product’s Pilot Implementation

FMBN selected Kano State for the launch because of its commercial importance, large working population and demand for affordable housing.

The bank designated the FMBN housing project in Bichi Local Government Area, developed by AYAB Nigeria Ltd., for the pilot implementation of the scheme.

The launch programme also included plans for the commissioning of the housing estate and the handover of keys to the first beneficiaries.

Kano State Governor Abba Kabir-Yusuf, represented at the event by the Commissioner for Housing Development, Ibrahim Yakubu-Adamu, described the initiative as an important development for Nigeria’s housing finance sector.

The state government expressed support for efforts to improve access to affordable housing.

What the New Mortgage Scheme Means for Nigerians

The introduction of the non-interest mortgage product gives eligible NHF contributors another route to homeownership.

For people who prefer alternatives to conventional interest-based loans, the lease-to-own arrangement could provide a more suitable financing option.

Its broader impact, however, will depend on how accessible the properties are, the total amount beneficiaries must pay, the duration of the agreements and the transparency of the contractual terms.

The bank will also need to ensure that the scheme reaches intended beneficiaries and that the application process remains manageable for people with different income levels.

Although the launch is an important step towards diversifying housing finance in Nigeria, financing alone cannot resolve the country’s housing affordability challenges. Property prices, construction costs, access to serviced land and the supply of affordable homes remain important factors.

The success of the initiative will therefore depend on effective implementation and its ability to translate housing finance into actual homeownership opportunities.

For prospective applicants, the next step is to confirm their eligibility and obtain the official application requirements directly from FMBN before making financial commitments.

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Kwara Inaugurates 464-Unit Housing Estate in Ijagbo

The Kwara State Government has inaugurated a 464-unit housing estate in Ijagbo, Oyun Local Government Area, as part of efforts to expand access to decent and affordable housing in the state.

Governor AbdulRahman AbdulRazaq inaugurated the AbdulRahman AbdulRazaq Morire Housing Estate on Tuesday. The governor was represented at the event by the Commissioner for Housing and Urban Development, Dr Segun Ogunsola.

The estate consists of 210 two-bedroom terrace apartments, 200 three-bedroom units and 54 four-bedroom terrace duplexes.

AbdulRazaq said the Morire City Project demonstrated what could be achieved when government creates an enabling environment for private sector investment in housing.

He noted that the decision by the developer to name the estate after him was an acknowledgement of his administration’s contributions to mass housing development in Kwara.

The governor also highlighted reforms introduced in the state’s land administration system, saying they had reduced the processing period for a Certificate of Occupancy from about 180 days to 35 days.

He said the reforms were part of the government’s broader commitment to making land administration more transparent, efficient and responsive to investors and residents.

According to him, the state government had prioritised housing development and recognised access to decent and affordable housing as important to the wellbeing of residents.

AbdulRazaq said the commitment was also reflected in the development of the Kwara Smart City and other mass housing projects across the state.

He added that the government had worked to improve access to land, facilitate the prompt issuance of land titles and Certificates of Occupancy, and provide timely approvals for property and mortgage transactions.

“These reforms have produced measurable results,” the governor said, noting that about 600 Certificates of Occupancy had recently been approved and signed since the land administration reforms were implemented.

He said the previous system could take up to 180 days or longer to process applications, while the streamlined process now takes about 35 days.

AbdulRazaq said the shorter turnaround time demonstrated the administration’s efforts to create a more investor-friendly land administration system and support housing development.

Earlier, the Chief Executive Officer of ISHI Homes, Dr Olayinka Ilufoye, said the project was designed to broaden access to homeownership and make decent housing more accessible to residents of Kwara South Senatorial District.

Ilufoye said the estate was targeted at civil servants, traders and other Nigerians who could access the housing through the National Housing Fund.

He explained that the name “AbdulRahman AbdulRazaq Morire” translates to “I have seen goodness” and was chosen to represent the developers’ faith, hope and expectation for the project.

He said the company expected the estate to become a symbol of prosperity, progress and abundance in Kwara South.

Ilufoye also pledged the company’s commitment to transparency, accountability, quality construction and timely delivery.

The Executive Chairman of the Kwara State Geographic Information Service, Alhaji Sulyman Abdulkareem, commended the state government for its efforts to improve access to land and facilitate the prompt issuance of titles and Certificates of Occupancy.

Abdulkareem said the government’s timely approval of mortgage transactions was also helping to create the conditions required for housing development to grow in the state.

The inauguration adds another private-sector-led housing development to Kwara’s wider housing programme, which includes the state’s efforts to improve land administration, expand housing supply and attract investment into the sector.

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More Nigerian workers are turning to their pension savings to raise equity contributions for residential homeownership as rising property costs and declining purchasing power make it increasingly difficult to buy homes.

Data from the National Pension Commission (PenCom), as reported by Financial Vanguard, showed that 28,437 pension contributors accessed their Retirement Savings Accounts (RSAs) for homeownership equity contributions in the first quarter of 2026.

The figure represents a 284.3 per cent increase from the 7,399 contributors who accessed their pension savings for the same purpose in the fourth quarter of 2025.

The amount withdrawn also increased sharply. A total of N92.7bn was accessed from the contributors’ RSAs for residential homeownership equity contributions in Q1 2026, compared with N28.27bn in Q4 2025.

That represents a 227.9 per cent increase in the value of pension savings accessed within one quarter.

The increase in both the number of contributors and the amount accessed highlights the growing role of pension savings in helping workers meet the upfront financial requirements for homeownership.

It also reflects the widening gap between household incomes and the cost of residential property, particularly as rents, construction costs and mortgage-related expenses continue to rise.

Nigeria’s housing deficit was estimated in the report at 14.9 million units, while experts put the funding requirement for bridging the gap at about N21tn.

Despite the existence of the National Housing Fund (NHF), which was established as a financing mechanism to improve access to housing finance, stakeholders continue to raise concerns about workers’ ability to access loans through the scheme.

How pension savings can support homeownership

Under the Contributory Pension Scheme (CPS), eligible Retirement Savings Account holders can access up to 25 per cent of their RSA balances as equity contributions for residential mortgage financing.

The provision applies to active RSA holders who have contributed to the CPS for at least 60 months and are seeking to purchase their first homes, in line with Section 89(2) of the Pension Reform Act 2014.

PenCom’s guidelines provide that where 25 per cent of a contributor’s RSA balance exceeds the required equity contribution, the contributor can only access the amount needed for the equity contribution.

Where the 25 per cent is insufficient, contributors may use voluntary contributions where applicable, while personal pension contributors may also access the contingency portion under the relevant guidelines.

Where the available pension resources remain insufficient to meet the required equity contribution, the RSA holder is expected to provide the balance to the mortgage lender.

The policy covers pension contributors who are actively employed, including salaried workers and eligible self-employed contributors.

Workers still struggle to access NHF loans

The growing reliance on pension savings comes amid concerns over the effectiveness of the National Housing Fund in providing affordable mortgage finance to workers.

President of the Nigeria Labour Congress, Joe Ajaero, said workers had continued to face difficulties accessing housing loans despite regular deductions from their salaries for the NHF.

Ajaero said the government had consistently deducted the mandatory 2.5 per cent contribution from workers’ salaries, but argued that the Federal Mortgage Bank of Nigeria had not adequately communicated information about the contributions made into workers’ NHF accounts.

According to him, the lack of information has frustrated workers who are unable to take full advantage of the scheme.

He also raised concerns about delays in processing housing loans.

Ajaero said the NHF Act provides for a 90-day period from loan application to disbursement, but claimed that delays in approving loans had forced some workers to abandon their applications.

He further alleged that some applicants had resorted to third-party agents to accelerate the process, sometimes at unofficial costs.

“Despite the increase in the total pool in NHF, workers were still unable to get loans to get shelter,” he said.

Experts back pension-backed homeownership

Urban planner and environmentalist Michael Simire said the difficult economic environment, including naira depreciation, had made homeownership increasingly difficult for many Nigerians.

He said the pension scheme was nevertheless creating an avenue through which some workers could raise the funds required to purchase homes.

Simire also pointed to the existence of vacant residential and commercial properties, arguing that affordability remained a major reason many Nigerians could not take up available housing.

Director of the Centre for Pension Rights Advocacy, Ivor Takor, described the inclusion of homeownership within the pension scheme as a positive development.

However, he said Nigerians who were outside the pension scheme should also have access to housing loans at moderate interest rates.

Takor called for additional measures such as subsidies, tax concessions and appropriate private, cooperative and public-sector housing initiatives to expand access to affordable homes.

High property costs weigh on housing demand

Principal Partner of M.I. Okoro and Associates, Meckson Innocent Okoro, said the difficult economic environment had contributed to weak demand for residential mortgages and real estate.

He said high exchange rates had pushed up the cost of inputs across the property sector, making homes increasingly unaffordable for average investors.

According to Okoro, the high cost of property also creates longer investment recovery periods.

He illustrated the pressure by comparing a property that previously cost N30m with one that could now cost N90m, arguing that an investment that might previously have been recovered within five years could now require a much longer period.

Okoro said the entry of pension savings into the housing market could help moderate property prices and increase homeownership if the scheme is effectively implemented.

Former President of the Pension Fund Operators Association of Nigeria (PenOp), Olumide Oyetan, also said the residential mortgage scheme could improve contributors’ welfare and have a positive impact on the wider economy.

He said successful implementation of the initiative would improve people’s welfare and contribute to economic progress.

Housing finance remains a major challenge

The sharp rise in pension-backed housing finance comes as Nigeria continues to face a significant gap between housing supply, property prices and household purchasing power.

While allowing eligible workers to use part of their retirement savings provides an additional source of equity for home purchases, stakeholders continue to point to the need for broader reforms in mortgage finance and housing delivery.

The figures show that pension savings are becoming an increasingly important source of housing finance for Nigerian workers.

However, the continued increase in the amount workers need to withdraw from retirement savings also highlights the financial pressure prospective homeowners face in raising the initial capital required to enter the housing market.

For workers outside the pension scheme, stakeholders say alternative financing mechanisms will also be required if homeownership is to become more accessible.

The combination of affordable mortgage financing, improved access to housing loans, lower construction costs and increased housing supply remains central to efforts to address Nigeria’s housing crisis.

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The Federal Government has renewed its drive to expand access to affordable housing, with about 430 staff members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority receiving housing allocations under the Renewed Hope Housing Programme.

The allocation is part of a partnership involving the Federal Ministry of Housing and Urban Development, the Federal Mortgage Bank of Nigeria, NMDPRA, Family Homes Funds Limited, CityCode Mortgage Bank, developers and the NMDPRA Staff Cooperative Society.

Allocation letters were presented to beneficiaries at the NMDPRA Auditorium in Abuja on September 23, 2026. The housing units are located across Abuja, Kano and Lagos.

Speaking at the event, the Minister of Housing and Urban Development, Muttaqha Rabe Darma, said the Federal Government was working to reduce the amount of income Nigerian workers spend on rent.

Darma said the government wanted to ensure that workers would no longer have to spend between 40 and 60 per cent of their incomes on accommodation.

He said the high cost of housing was putting significant financial pressure on Nigerian families and that reducing the amount spent on rent would allow households to use more of their income to meet other basic needs.

The minister said the Federal Government was working with relevant stakeholders and regulators to increase the supply of affordable housing across the country.

He also said the government was addressing the housing deficit, which he put at about 16 million housing units.

FG reviews abandoned housing projects

Darma disclosed that the ministry was conducting an assessment of abandoned housing projects across the country as part of efforts to increase the nation’s housing stock.

According to the minister, about 250,000 housing units within abandoned projects could potentially be recovered and made available to Nigerians, including civil servants.

He said the government was collecting information on abandoned projects in different states and engaging state governors on the possibility of taking over or acquiring some of the projects for allocation.

The minister also identified the high cost of land, building materials and infrastructure as some of the factors making homeownership difficult for many Nigerians.

He said the government was exploring different financing options, including the National Housing Fund and mortgage facilities, with particular attention to workers in the informal sector.

Darma further disclosed plans for a social housing programme targeting communities across the 774 local government areas, with the aim of expanding access to affordable homes for low- and middle-income Nigerians.

He said the housing strategy would require collaboration among federal institutions, state governments, mortgage institutions, developers and private investors.

The minister urged government agencies and other stakeholders to focus on delivering actual housing projects rather than limiting their efforts to discussions and policy announcements.

430 NMDPRA staff benefit from housing scheme

The NMDPRA Chief Executive, Rabiu Abdullahi Umar, said the housing initiative was part of efforts to improve the welfare of the authority’s workforce.

He said providing workers with greater housing security could contribute to their wellbeing and productivity.

Umar commended the Federal Government, the Ministry of Housing and Urban Development, FMBN and other partners involved in the programme.

The President of the NMDPRA Staff Cooperative Society, Abdullahi Danladi Auta, described the housing allocation as a significant milestone for the authority’s workforce.

He said about 430 NMDPRA staff would benefit from housing projects in Abuja, Kano and Lagos, at a time when rising land prices, construction costs and other housing expenses were making homeownership more difficult for workers.

365 units earmarked for Abuja

The Chief Commercial Officer of Renewed Hope SPV Limited, Dare Makinde, said the first phase of the project would provide different categories of homes to NMDPRA staff.

The housing types include two-bedroom and three-bedroom flats, as well as three-bedroom terrace houses with boys’ quarters and other categories of homes.

Makinde said 365 housing units were earmarked for Abuja, while additional units would be delivered in Kano and Lagos.

He also disclosed that the second phase of the project would commence in 2027.

FMBN provides mortgage support

The Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, said the initiative demonstrated how government housing policy could translate into practical homeownership opportunities for Nigerian workers.

Osidi disclosed that NMDPRA employees had subscribed to 359 housing units in Karsana, Abuja, and 14 units at Janguza, Kano.

He also said 197 National Housing Fund mortgage applications valued at approximately N8.3 billion were being packaged for submission to FMBN.

CityCode Mortgage Bank is working with the beneficiaries on their mortgage applications, while FMBN will facilitate financing for eligible applicants.

Osidi explained that FMBN’s involvement in the Renewed Hope Cities and Estates Programme goes beyond individual mortgages to include project financing and off-take support.

For the Karsana project, he said FMBN provided a N100 billion off-taker guarantee in addition to N19.9 billion in direct funding.

According to him, the financing support is designed to provide greater certainty for developers, support construction financing and help eligible Nigerian workers access completed homes through mortgage arrangements.

Osidi said FMBN would continue working with developers, primary mortgage banks, cooperative societies, employers and other financial-sector partners to increase the supply of affordable homes and improve access to mortgage finance.

He also highlighted FMBN’s Diaspora Mortgage Loan and its forthcoming Rent Assistance Product as part of the bank’s efforts to respond to changing housing needs.

The FMBN chief urged beneficiaries to work with the cooperative society, CityCode Mortgage Bank, FMBN and developers to complete their mortgage documentation and other requirements.

Government targets wider housing access

The 430-unit NMDPRA initiative forms part of the Federal Government’s wider Renewed Hope Cities and Estates Programme, which seeks to expand affordable housing supply and improve access to homeownership.

The programme also highlights the role of collaboration between government agencies, mortgage institutions, developers, employers and cooperative societies in financing and delivering housing.

For the NMDPRA beneficiaries, the current allocation provides access to housing in Abuja, Kano and Lagos, while the government continues to pursue broader measures aimed at increasing housing supply and improving access to affordable financing.

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About 430 staff members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are set to benefit from a housing initiative under the Federal Government’s Renewed Hope Housing Programme.

The Minister of Housing and Urban Development, Engr. Dr. Muttaqha Rabe Darma, disclosed this on Wednesday in Abuja during the presentation of houses to the beneficiaries.

Darma said the initiative formed part of efforts to make home ownership more affordable for Nigerian workers and reduce the burden of rent on household incomes.

FG Targets 40–60% Rent Burden

The minister said the government was working to ensure workers no longer spend between 40 and 60 per cent of their income on rent.

“We are going to assure that in this country workers don’t spend 40 to 60 per cent of their income on rent,” Darma said.

He said reducing the amount workers spend on accommodation would ease financial pressure and allow families to meet other basic needs.

Darma also linked the high cost of housing to broader economic challenges, saying excessive housing costs could indirectly create incentives for corruption.

FG Targets 250,000 Abandoned Housing Units

The minister said the government was also reviewing abandoned housing projects nationwide as part of efforts to increase the country’s housing stock.

According to him, about 250,000 housing units in abandoned projects could potentially be recovered and made available to Nigerians, including civil servants.

“We are taking stock of them. We are taking statistics. We are moving to each and every state where we have these abandoned properties,” he said.

Darma said the Federal Government was engaging state governors on the possibility of taking over or acquiring some abandoned projects for allocation to civil servants and other Nigerians.

He also identified the rising costs of land, building materials and infrastructure as major challenges facing prospective homeowners.

Social Housing Programme to Cover 774 LGAs

The minister said the government was exploring financing options, including the National Housing Fund and mortgage facilities, particularly for workers in the informal sector.

He added that the planned social housing programme would target communities across the country, including the 774 local government areas.

The initiative is expected to involve partnerships among federal institutions, state governments, mortgage institutions, developers and private investors.

Darma urged government agencies and stakeholders to focus on delivering actual housing projects rather than limiting efforts to policy announcements.

430 NMDPRA Staff to Benefit

Speaking at the ceremony, NMDPRA Chief Executive Mallam Rabiu Abdullahi Umar said the authority was committed to improving staff welfare through initiatives that enhance productivity and wellbeing.

He said access to housing would provide greater security and stability for beneficiaries while strengthening their commitment to their responsibilities.

The NMDPRA chief commended the Federal Government, Ministry of Housing and Urban Development, Federal Mortgage Bank of Nigeria (FMBN) and other partners involved in the programme.

The President of the NMDPRA Staff Cooperative Society, Abdullahi Danladi Auta, described the housing allocation as a significant milestone.

Auta said about 430 NMDPRA workers would benefit from the initiative, with projects located in Abuja, Kano and Lagos.

365 Housing Units Earmarked for Abuja

The Chief Commercial Officer of Renewed Hope SPV Limited, Dare Makinde, said the first phase would provide different categories of housing units to NMDPRA staff.

The houses include two-bedroom and three-bedroom flats, as well as three-bedroom terraces with boys’ quarters and other categories across the project locations.

Makinde said 365 housing units were earmarked for Abuja, with additional units to be delivered in Kano and Lagos.

He also disclosed that the second phase of the project would commence in the coming year.

FMBN Managing Director Shehu Usman Osidi congratulated the beneficiaries and commended the partnership between NMDPRA, the Renewed Hope Housing Programme and other stakeholders.

He said the initiative demonstrated how collaboration could expand access to affordable housing and create more opportunities for workers to become homeowners.

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AG Mortgage Bank Plc recorded a sharp improvement in its 2025 financial performance, with profit after tax rising by 130 per cent to ₦1.06 billion.

The figures were disclosed at the bank’s 2026 Annual General Meeting, held virtually on September 25.

Gross earnings increased by 42 per cent to ₦4.93 billion in 2025, compared with ₦3.47 billion in the previous year.

Profit before tax also climbed by 89 per cent to ₦1.38 billion, while earnings per share rose from ₦4.59 to ₦10.55.

AG Mortgage Bank Expands Balance Sheet

The bank’s total assets grew by 48 per cent to ₦33.04 billion from ₦22.37 billion in 2024.

Loans and advances increased by 44 per cent to ₦22.71 billion, while customer deposits rose by 14 per cent to ₦9.48 billion.

Shareholders’ funds also strengthened by 17 per cent to ₦7.16 billion.

Managing Director and Chief Executive Officer, Ngozi Anyogu, described the growth in the loan book as particularly significant.

According to Anyogu, the expansion reflected the bank’s increased capacity to deploy funding into mortgage lending while maintaining credit discipline and portfolio quality.

Bank Highlights ₦7.83bn Mortgage Facility

Funding capacity was a major focus of the bank’s presentation to shareholders.

The lender highlighted its ₦7.83 billion Mortgage Refinance and Investment Enhancement Facility (MRIEF), alongside continued access to Federal Mortgage Bank of Nigeria funding for qualifying National Housing Fund lending.

Anyogu said the funding relationships went beyond liquidity, supporting the bank’s participation in programmes designed to expand access to housing finance.

The bank said its product development strategy remains focused on affordable and liveable housing while creating value for customers, employees, shareholders and communities.

Management Emphasises Risk Management

The bank’s board said growth during the year was accompanied by strengthened oversight of credit quality, liquidity, enterprise risk and regulatory compliance.

Management also said its credit risk approach incorporates forward-looking assessments of macroeconomic conditions in line with IFRS 9 requirements.

Chairman of the Board, Rev. Abel Amadi, said the financial results were encouraging despite inflation, elevated interest rates and exchange-rate volatility.

“These results are particularly encouraging because they demonstrate that the Bank was able to achieve meaningful growth while operating within a demanding economic environment,” Amadi told shareholders.

AG Mortgage Bank Proposes ₦50m Dividend

The board recommended a final dividend of ₦50 million, representing ₦0.50 per share.

According to the board, the proposal reflects the bank’s improved performance while preserving its capacity to finance future growth.

AG Mortgage Bank, which marked 21 years of operations in 2026, said its next phase would focus on scale, efficiency, customer reach and sustainable value creation.

The bank also plans to deepen its mortgage business and expand its reach through technology and strategic partnerships.

At the end of the AGM, members of the Audit Committee were re-elected, including Dr. Mark Chigozie, Mr. Monday Ubani and Engr. Eme Tasie.

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FMBN Allocates Homes to 430 NMDPRA Workers Across Abuja, Kano, Lagos

The Federal Mortgage Bank of Nigeria (FMBN) has allocated housing units to 430 employees of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) under the Federal Government’s Renewed Hope Cities and Estates Programme.

Allocation letters were presented to the beneficiaries on Wednesday, September 23, 2026, at the NMDPRA Auditorium in Abuja. The initiative covers housing units in Abuja, Kano and Lagos and brings together the Federal Ministry of Housing and Urban Development, FMBN, Family Homes Funds Limited, the NMDPRA Staff Cooperative Society, CityCode Mortgage Bank, developers and other stakeholders.

The Minister of Housing and Urban Development, Muttaqha Rabe Darma, reaffirmed the Federal Government’s commitment to providing decent and affordable housing for Nigerians.

Darma also announced plans to introduce a social housing scheme targeting the delivery of 100 housing units in each Local Government Area across the country.

He stressed the importance of stronger collaboration among government agencies and other stakeholders in the housing sector, noting that such partnerships would allow institutions to combine their resources, expertise and capacities to expand access to affordable housing.

The minister said collaboration remained important to achieving broader housing delivery objectives and ensuring that more Nigerians could benefit from government-backed housing programmes.

FMBN processes ₦8.3bn in mortgage applications

Speaking at the event, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, described the allocation as an example of how government housing policies could translate into homeownership opportunities for workers.

Osidi disclosed that NMDPRA employees had subscribed to 359 housing units at Karsana in Abuja and 14 units at Janguza in Kano.

He also revealed that 197 National Housing Fund mortgage applications valued at approximately ₦8.3 billion were being packaged for submission to FMBN.

CityCode Mortgage Bank is working with the beneficiaries on the mortgage applications, while FMBN will facilitate financing for applicants who meet the relevant eligibility requirements.

The FMBN chief executive explained that the bank’s involvement in the Renewed Hope Cities and Estates Programme goes beyond individual mortgage financing.

According to him, FMBN also provides project-level financing and off-take support to help create greater certainty for developers and support the construction and eventual purchase of completed housing units.

For the Karsana project, FMBN provided a ₦100 billion off-taker guarantee in addition to ₦19.9 billion in direct funding.

Osidi said the financing and guarantee were designed to support developers, facilitate construction financing and enable eligible Nigerian workers to access completed homes through mortgage arrangements.

“FMBN is proud to be part of the journey that gave birth to this event today, and we remain committed to supporting the Renewed Hope Cities and Estates programme in Karsana and across the country,” Osidi said.

FMBN targets wider housing finance partnerships

Osidi said FMBN would continue working with developers, primary mortgage banks, cooperative societies, employers and other financial-sector partners to expand the supply of affordable housing and improve access to mortgage finance.

He also highlighted the bank’s recently launched Diaspora Mortgage Loan and its forthcoming Rent Assistance Product as part of efforts to respond to changing housing needs among Nigerians.

The FMBN chief urged the beneficiaries to work closely with the NMDPRA Staff Cooperative Society, CityCode Mortgage Bank, FMBN and the developers to complete their mortgage documentation and other requirements promptly.

He assured beneficiaries that the bank remained committed to efficient and transparent processing of their applications.

NMDPRA praises inter-agency collaboration

The Chief Executive of NMDPRA, Rabiu Abdullahi Umar, commended the Federal Ministry of Housing and Urban Development, FMBN and the other participating institutions for working together to provide housing opportunities for the authority’s employees.

Umar said the initiative demonstrated the importance of collaboration among government agencies and other stakeholders in addressing workers’ welfare while contributing to wider national development objectives.

He expressed appreciation to the institutions and partners involved in the programme, describing the opportunity for NMDPRA employees to access housing as a significant milestone for the authority and its workers.

The event was attended by the Managing Director of Family Homes Funds Limited, Abdul Mutallab Muktar; the Managing Director of CityCode Mortgage Bank, Oluniyi Abiodun Ajao; the President of the Authority Staff Cooperative Society, Abdullahi Danladi Auta; the Chief Commercial Officer of Renewed Hope SPV Ltd., Dare Makinde; and other stakeholders.

The housing allocations form part of the Federal Government’s wider Renewed Hope Cities and Estates Programme, which combines housing construction, mortgage financing and institutional partnerships to expand access to homeownership for Nigerian workers.

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FG Commends NMDPRA Housing Scheme as 430 Workers Receive Home Allocations

The Federal Government has commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for supporting access to affordable housing for its workers through the Renewed Hope Cities and Estates Programme.

The Minister of Housing and Urban Development, Mr Muttaqha Darma, gave the commendation during the formal presentation of allocation letters to eligible NMDPRA staff under the housing programme.

Darma described the initiative as significant against the background of Nigeria’s housing deficit and the difficulties many Nigerians face in accessing decent homes.

He said the Federal Government remained committed to expanding access to affordable housing through partnerships with institutions and other stakeholders in the housing sector.

According to the minister, Nigeria requires more than 16 million housing units to address its housing deficit and provide accommodation for Nigerians without adequate housing.

“Providing housing to Nigerians remains a major responsibility. Providing houses to 110 million unhoused Nigerians is a task, a very big one,” Darma said.

The minister said the NMDPRA initiative should not be assessed solely by the number of homes being allocated to its workers.

“I consider the NMDPRA initiative beyond the number of houses being allocated.

“Forget about the mention of 450 housing units. No, I am not looking at it from that angle. I am looking at it from delivery of housing to Nigerians,” he said.

Darma stressed that every opportunity to deliver housing to Nigerians was important, regardless of the number of people who directly benefited from a particular project.

He also highlighted the rising cost of construction and building materials, which has made homeownership increasingly difficult for many Nigerians.

430 NMDPRA workers receive allocations

The Chief Executive of NMDPRA, Malam Rabiu Umar, said about 430 members of staff in Abuja, Kano and Lagos were receiving allocation letters under the Renewed Hope Cities and Estates Programme.

Umar described the development as an example of how government policies and institutional partnerships could translate into tangible benefits for workers.

He said staff welfare was an important part of institutional performance, noting that workers who have greater peace of mind and confidence in their personal future are better positioned to contribute effectively to their organisations.

The NMDPRA chief executive commended the Authority Staff Cooperative Society, the Renewed Hope Access to Housing Committee and other partners involved in facilitating the initiative.

The partners include the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Funds Limited, City Code Mortgage Bank Limited, Renewed Hope SPV, Key Shelter Limited and participating developers.

FMBN processes N8.3bn in mortgage applications

The Managing Director and Chief Executive of FMBN, Mr Shehu Osidi, said NMDPRA staff had subscribed to 430 housing units in Karsana, Abuja, and Janguza, Kano.

He disclosed that 197 National Housing Fund mortgage applications valued at approximately N8.3 billion were being packaged for submission to FMBN by City Code Mortgage Bank.

Osidi said the mortgage applications formed part of the financing structure designed to help eligible workers access homes through sustainable mortgage arrangements.

FMBN has also provided a N100 billion off-take guarantee for the Renewed Hope Cities and Estates Programme, beginning with the Karsana project, alongside N19.9 billion in direct funding.

The financing and guarantee arrangements are intended to give developers greater certainty, support construction financing and enable eligible workers to access completed housing through mortgage financing.

Osidi said FMBN would continue working with developers, primary mortgage banks, cooperative societies, employers and other financial-sector partners to increase the supply of affordable homes and strengthen access to mortgage finance.

He also disclosed that FMBN would soon introduce a Rent-to-Own product for eligible civil servants.

The bank has already launched a Diaspora Mortgage Loan and has signed a memorandum of understanding for a N10 billion housing loan scheme for Federal Civil Servants.

More than 1,000 NMDPRA staff applied

The President of the Authority Staff Cooperative Society, Mr Abdullahi Auta, said more than 1,000 NMDPRA workers had applied for the housing initiative.

However, about 430 staff had so far been accommodated under the current allocation exercise.

Auta appealed for continued support to enable additional workers who are still awaiting allocation to benefit from the scheme.

Details of housing units across Abuja, Kano and Lagos

The Chief Commercial Officer of Renewed Hope SPV Ltd., Dare Makinde, said the first phase of the project in Abuja consists of 365 housing units.

The Abuja development includes two-bedroom and three-bedroom flats, as well as three-bedroom terrace duplexes with boys’ quarters.

In Kano, the project includes 14 units comprising three-bedroom and four-bedroom bungalows, fully detached houses and three-bedroom terrace duplexes with boys’ quarters.

Lagos has 56 units comprising two-bedroom and three-bedroom apartments with boys’ quarters.

Makinde said a second phase of the project would be delivered next year to accommodate some applicants who could not benefit from the first phase.

He added that additional housing projects were planned for Asaba, Enugu and Ibadan.

Makinde also called on other public and private organisations to support housing schemes for their workers, particularly as rising rents continue to make homeownership and decent accommodation more difficult for many employees.

Government expands housing support for workers

The NMDPRA housing initiative forms part of a wider push by the Federal Government to expand access to housing through institutional partnerships and mortgage financing.

The government has also been implementing other housing projects targeted at workers and civil servants.

In August, the Federal Mortgage Bank of Nigeria joined the Federal Ministry of Housing and Urban Development and the Office of the Head of the Civil Service of the Federation for the groundbreaking of a 250-unit Renewed Hope Civil Service Estate at Dukpa, Gwagwalada, Abuja.

The estate comprises two-bedroom and three-bedroom bungalows and is being developed to provide decent and affordable housing for federal civil servants.

The Federal Government also approved a N10 billion housing loan scheme for federal civil servants earlier in 2026, with the Federal Housing Loans Board and FMBN entering into an agreement to facilitate access to affordable housing loans.

For the NMDPRA programme, the combination of housing allocations, mortgage financing, cooperative participation and government-backed project support is intended to provide workers with a structured route to homeownership.

The first phase of allocations covers projects in Abuja, Kano and Lagos, while additional developments are planned for other cities.

The initiative is expected to provide further opportunities for NMDPRA workers who are yet to receive allocations as subsequent phases of the housing programme are delivered.

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FG Sets Six-Week Deadline for Actionable Housing Reform Blueprint

The Federal Government has given a 14-member ministerial committee six weeks to develop a practical implementation strategy for wide-ranging reforms in Nigeria’s housing and built-environment sector.

Minister of Housing and Urban Development, Engr. Muttaqa Rabe Darma, inaugurated the committee in Abuja and directed its members to convert recommendations from housing stakeholders into measurable actions.

The panel is officially known as the Ministerial Committee on the Implementation Framework for the Validated Stakeholder Resolutions on Housing Sector Reforms.

Its members were drawn from technical departments of the Ministry of Housing and Urban Development and relevant housing agencies.

The ministry’s Permanent Secretary, Dr Shuaib Belgore, was appointed chairman of the committee.

Under its terms of reference, the panel is expected to coordinate the implementation of approved reform measures and develop a detailed work plan identifying priorities, timelines, responsibilities and expected results.

The committee will also monitor progress and ensure that agencies or departments assigned specific responsibilities complete them within the approved timeframe.

Darma explained that the reform recommendations emerged from an earlier stakeholders’ validation conference, where participants examined housing data and proposed measures for repositioning the sector.

The recommendations have been divided into three categories: measures the ministry can implement immediately, proposals requiring approval from the Presidential Council and reforms that will require legislative action.

According to the minister, the government’s responsibility extends beyond the direct construction of houses. It must also create an enabling environment in which individuals, developers, investors and financial institutions can increase housing supply.

Darma identified stronger regulation as an important requirement for improving standards and unlocking the economic potential of Nigeria’s built environment.

He cited 2025 data indicating that the sector contributes approximately 17 per cent to the Nigerian economy, compared with between 22 and 27 per cent in countries such as South Africa and Kenya.

The minister expressed confidence that better policies, improved regulation and coordinated implementation could help the Nigerian housing sector increase its contribution to national economic growth.

He urged the committee to approach its assignment with urgency and produce a workable strategy within the six-week deadline.

Responding on behalf of the panel, Belgore said the committee had received a working document that would be reviewed to identify gaps and strengthen the proposed implementation framework.

He said the committee would focus on immediate interventions while preparing reforms requiring consideration by the Federal Executive Council or the National Assembly.

Belgore added that further consultations would be held with stakeholders to build broad support and ensure that the reforms reflected the needs of professionals, developers, financiers, artisans and other participants in the housing industry.

Standardising professional practices and improving coordination among engineers, architects, builders, artisans and other construction workers will also form part of the reform process.

Managing Director of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, welcomed the initiative but warned that sustained stakeholder engagement would be critical to its success.

Osidi recalled that previous efforts to amend the National Housing Fund and FMBN Acts, as well as a proposed ₦500 billion recapitalisation of the mortgage bank, encountered stakeholder resistance.

He advised the committee to apply lessons from those experiences and ensure that affected groups were properly consulted before major changes were implemented.

The Federal Housing Authority also pledged its cooperation with the committee and expressed confidence that the reforms could improve housing delivery across the country.

While the inauguration represents another step towards reforming the sector, the initiative’s success will depend on whether the committee’s recommendations are implemented, funded and supported by the necessary executive and legislative approvals.

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Six Million NHF Contributors, Fewer Than 500 Mortgages: Nigeria’s Homeownership Gap

Nigeria’s National Housing Fund has continued to attract billions of naira from workers, but the number of contributors successfully obtaining mortgages remains extremely low.

Housing and Urban Development Minister, Muttaqha Rabe Darma, recently said about six million Nigerians contribute between ₦120 billion and ₦150 billion to the fund annually, while the Federal Mortgage Bank of Nigeria books fewer than 500 mortgages.

Based on those reported figures, only a tiny proportion of contributors secure a mortgage each year, raising concerns about the fund’s ability to convert workers’ savings into widespread homeownership.

Established in 1992, the NHF requires eligible workers to contribute 2.5 per cent of their basic monthly salary. The funds are administered by FMBN and channelled into housing finance.

Under the current scheme, contributors may obtain up to ₦50 million through accredited primary mortgage banks after making continuous contributions for at least six months. The loans attract six per cent interest and can be repaid over a maximum of 30 years.

Although these terms are substantially cheaper than commercial mortgage rates, the price of housing remains beyond the repayment capacity of many workers.

A ₦50 million mortgage at six per cent over 30 years would require a monthly repayment of approximately ₦300,000, excluding insurance, documentation and other ownership expenses. This is more than four times Nigeria’s ₦70,000 national minimum wage.

The fund has also introduced home-renovation loans, construction finance, rent-to-own arrangements and a mortgage product for Nigerians in the diaspora.

However, differences in published beneficiary figures create further questions. While fewer than 500 mortgages are reportedly booked, broader estimates suggest that fewer than 20,000 Nigerians access various NHF-backed loans annually. These figures may cover different products and periods, underscoring the need for clearer reporting.

FMBN’s proposed National Mortgage Registry could improve transparency by tracking applications, approvals, disbursements, active loans and completed housing units.

Beyond affordable interest rates, experts say the NHF’s impact will depend on reducing land, infrastructure, building-material and construction costs.

The future performance of the scheme should therefore be measured not only by how much money it collects, but by how many contributors receive affordable homes with repayments that correspond to their incomes.

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