The Federal Mortgage Bank of Nigeria (FMBN) is reinforcing its mandate of expanding affordable homeownership for Nigerians as it moves to deliver 1,500 housing units in Ibeju-Lekki, Lagos, under the Renewed Hope Cities and Estates Programme.
In readiness for the landmark event, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, the Executive Management Team and members of the Renewed Hope Cities Commissioning Planning Committee, made up of representatives from the Federal Ministry of Housing and Urban Development and the project Consultant, undertook a comprehensive site inspection on Saturday, November 29, 2025, to evaluate the level of work and the project’s readiness for commissioning.
Speaking during the inspection, Osidi underscored the project’s strategic importance to FMBN’s affordable housing delivery mandate and its contribution to President Tinubu’s vision of transforming Nigeria into a major construction site with expanded access to decent and affordable homes for Nigerians.
He described the Ibeju-Lekki project as a clear demonstration of the Bank’s capacity to support the President Tinubu-led administration’s commitment to practical, nationwide housing solutions.
“This is a demonstration of FMBN’s capacity to support the Federal Government under the able leadership of President Bola Ahmed Tinubu,” he noted.
Beyond providing affordable homes, Osidi highlighted the project’s wider economic benefits, noting that large-scale housing developments stimulate multiple sectors of the economy.
“This has a lot of advantages in terms of accelerating employment and promoting economic growth,” he said, adding that the construction value chain, from artisans to suppliers, continues to receive a significant boost from the Renewed Hope Cities initiative.
Osidi reasserted FMBN’s commitment to the success of the Renewed Hope Cities and Estates Programme, noting that the Bank is already working to replicate similar large-scale housing developments in Enugu, Port Harcourt and other locations across the country, in addition to Kano and Karsana, Abuja which are currently at the verge of completion.
He affirmed the importance of partnerships in advancing affordable housing delivery for Nigerians stating, “It is possible to go into partnerships that can deliver houses to Nigerians at affordable rates.”
The MD/CE expressed profound appreciation to the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, for his continued support in enabling FMBN to deliver on its mandate.
FMBN’s Executive Directors of Finance and Corporate Services, Ibidapo Odojukan and Business Development and Portfolio Management, Mrs. Chinenye Chinedu Anosike, commended the project team for the impressive pace and quality of work. Officials from the Ministry of Housing and Urban Development who were also part of the inspection equally expressed satisfaction with the progress recorded.
The FMBN team also visited Famous Garden Estate, another project being funded by FMBN, located at Ibeju-Lekki.
The milestone is another reflection of FMBN’s growing momentum in affordable housing delivery and its central role in driving inclusive national development.
