FHA Mortgage Bank to bridge housing gap with N27b loans

The Federal Housing Authority (FHA) Mortgage Bank said it has secured over N27 billion in housing loans for 3,427 Nigerians through the National Housing Fund (NHF) scheme, describing the milestone as a major step toward bridging the country’s wide housing finance gap.

The bank further disclosed that in addition to the NHF window, more than 6,000 Nigerians have accessed mortgages through the Pension Commission’s Retirement Savings Account (RSA) window in just two years since the initiative was introduced, underscoring its growing role in unlocking affordable homeownership.

The disclosures were made at the commissioning of the bank’s newly built head office complex in Gwarinpa, Abuja. The event marked a new phase in the bank’s expansion drive and was attended by stakeholders in housing finance, top government officials, and representatives of the banking and construction industries.Chairman of the bank’s Board and Managing Director of the Federal Housing Authority (FHA), Hon. Oyetunde Oladimeji Ojo, commended the leadership of the FHA Mortgage Bank for what he described as “resilience, dedication and a practical commitment to delivering housing finance solutions to Nigerians.”

Ojo said the commissioning of the new headquarters is not just an infrastructural upgrade but also a signal of the bank’s readiness to compete nationally. He revealed that one of his top priorities for the institution is to secure a national commercial banking licence to broaden access to housing finance for millions of Nigerians still outside the formal mortgage system.“We are determined to see this bank evolve into a truly national player in mortgage and housing finance. That is why we are pursuing the commercial banking licence as a legacy project — to give more Nigerians the opportunity to access affordable housing finance,” he said.

The Managing Director of FHA Mortgage Bank, Dr Hayatudeen Awwal, described the N27 billion loan approvals as a “milestone achievement” in the bank’s mission to deliver affordable housing finance to ordinary Nigerians. He noted that the approvals are already changing lives by enabling thousands of contributors to the NHF to become homeowners across the country.

“Through the NHF window, we secured approvals worth N27 billion on behalf of 3,427 eligible Nigerians to own homes nationwide. In addition, through the PENCOM RSA window, we facilitated access to mortgages for well over 6,000 Nigerians within just 24 months of its commencement,” Awwal stated.He stressed that the achievement demonstrates the bank’s growing capacity to serve the country’s massive housing needs, particularly among middle-income earners, civil servants, and young professionals, who he said form the backbone of Nigeria’s housing demand but often face the steepest barriers in accessing long-term mortgage finance.

Awwal said the bank’s progress reflects its close collaboration with the Federal Mortgage Bank of Nigeria (FMBN) and other stakeholders in the housing finance ecosystem.

He added that the FHA Mortgage Bank has also been instrumental in delivering residential units in states such as Delta, Kano, Kaduna, Ogun and others, through partnerships with the Family Homes Funds and private developers.

The bank chief revealed that work is already underway to transform the FHA Mortgage Bank into a full-fledged national commercial bank, which would allow it to offer a wider range of products and services to a broader spectrum of Nigerians. According to him, discussions with the Central Bank of Nigeria (CBN) on the licensing process have commenced.

As part of its growth strategy, Awwal said the bank plans to open at least 20 new branches across the country within the next two years, increase its loan portfolio to N100 billion, and grow its active customer base to over 100,000 families.

He added that the new head office complex in Abuja represents more than a physical expansion; it reflects the bank’s ambition to become a key driver of Nigeria’s housing finance market and a credible partner to federal and state governments, as well as private developers.

Stakeholders at the commissioning event noted that the bank’s recent achievements highlight the importance of robust institutional frameworks for affordable housing delivery.They observed that Nigeria’s housing deficit, estimated at over 20 million units, can only be addressed through sustained efforts to widen access to affordable mortgage products, reduce financing costs, and expand the reach of housing finance to underserved communities.

FHA Mortgage Bank to bridge housing gap with N27b loans - The Nation Newspaper