Federal Mortgage Bank of Nigeria (FMBN) don announce say dem record ₦19.5 billion net operating surplus for 2025 financial year, wey show over 68.4 per cent growth compared to last year.
Managing Director and Chief Executive Officer of the bank, Shehu Osidi, talk dis one on Wednesday for Abuja as e mark two years for office.
According to am, the strong performance na result of deliberate reforms and financial discipline wey the current management team introduce.
Osidi explain say when dem take over for 2023, na just ₦226,000 surplus dey management account. But for 2024, the bank record ₦11.58 billion operational surplus — the first time in over 30 years wey such thing happen.
For 2025, the surplus rise to about ₦19.5 billion, with total operating income growing by over 30 per cent, driven by better interest income, fees and other revenue sources.
Asset Base, Liquidity Improve
The MD talk say FMBN asset base grow by more than 27 per cent, as housing finance activities increase and asset management improve.
E also reveal say the bank recover about ₦19 billion wrongful deductions wey Office of the Accountant General of the Federation make from FMBN accounts before, wey help boost the bank liquidity position.
Despite the good numbers, Osidi admit say the bank still dey undercapitalised, with paid-up capital of about ₦2.56 billion.
To solve the problem, FMBN dey pursue recapitalisation plan wey target up to ₦750 billion. The process don get approval from Federal Executive Council, and discussions dey ongoing with Ministry of Finance, Central Bank of Nigeria (CBN), Ministry of Finance Incorporated (MOFI) and Bureau of Public Enterprises (BPE).
Osidi say though the recapitalisation process slow small, e go bring major transformation to the bank and Nigeria housing sector when completed.
Digital Transformation, Better Governance
One major achievement for 2025 na the full deployment of the bank Core Banking Application (CBA), wey don delay for years before now.
The new system don improve transaction processing, transparency, data integrity and customer service turnaround time. Customers now fit register and make remittance through digital platform and USSD channel.
The bank also introduce Electronic Visitor Management System to improve customer experience and move towards technology-driven operations.
For governance matter, Osidi reveal say the bank inherit six years unapproved audited accounts from 2018 to 2023. Within one year, accounts from 2018 to 2021 don get approval, while 2022 accounts don reach CBN for clearance and 2023 audit dey near completion.
E promise say all audit backlog go clear before end of 2026.
Loan Recovery, Financial Inclusion
To tackle bad loans, FMBN set up loan recovery task teams across the country.
For 2025 alone, the bank recover over ₦16.1 billion from delinquent loans, in addition to ₦11.2 billion wey dem recover for 2024 — bringing total recovery for two years to about ₦27.3 billion.
Osidi add say FMBN don launch new housing finance products to support informal sector workers, in line with financial inclusion goal.
Looking ahead to 2026, the bank strategy go focus on recapitalisation, reduction of non-performing loans and full digital transformation towards paperless system.
The MD also talk say management dey push for amendment and Presidential assent to FMBN and NHF Acts to modernise the legal framework.
Osidi reaffirm commitment to support Federal Government Renewed Hope housing agenda, adding say:
“Two years later, FMBN dey clear recovery path with reform and renewed relevance. Challenges still dey, but the direction clear and encouraging.”
