The Federal Mortgage Bank of Nigeria (FMBN), Nigeria’s leading mortgage finance institution says it has disbursed N2.6 billion in Home Renovation Loans to 3,051 federal civil servants through the Federal Government Staff Housing Loans Board (FGSHLB).
This was disclosed in a statement released by the Group Head, Corporate Communications, Jadesola Gbago, following a meeting between the two institutions at the Bank’s Head Office in Abuja.
According to the statement, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, made the disclosure while receiving a delegation from FGSHLB led by its Executive Secretary, Salamatu Ladi Ahmed. The meeting focused on strengthening collaboration to tackle housing challenges facing public servants.
Osidi emphasised the importance of closer cooperation in developing innovative and inclusive housing products tailored to the needs of civil servants, many of whom are unable to access mortgages due to high interest rates and income limitations. He reiterated the Bank’s commitment to deepening its partnership with FGSHLB to expand affordable housing opportunities under the National Housing Fund (NHF) Scheme.
He noted that the 3,051 beneficiaries of the Home Renovation Loans had improved their living conditions, describing the initiative as a strong foundation for designing more structured mortgage solutions for public sector workers.
The FMBN boss also reaffirmed the Bank’s role as a leading provider of housing solutions for civil servants, expressing optimism that the renewed collaboration would deliver greater relief and access to affordable homes.
In her remarks, Ahmed commended FMBN’s continued support and called for enhanced synergy in creating housing products that make homeownership more accessible. She identified low income levels and high commercial lending rates as major barriers confronting civil servants.
Both institutions agreed to establish a joint technical working group to develop practical frameworks and products aimed at improving access to affordable housing.
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