— Backs ₦500bn FMBN Recapitalisation To Bridge Housing Gap Governor Abdullahi Sule of Nasarawa State has called for stronger financing of the Federal Mortgage Bank of Nigeria (FMBN), urging support for its proposed N500 billion recapitalisation as part of efforts to accelerate affordable housing delivery and reduce the nation’s housing deficit. The governor made the call on Tuesday during a courtesy visit to the headquarters of the FMBN in Abuja, where he said expanding the bank’s financial capacity would enhance access to mortgage finance and boost mass housing development across the country. Sule said the mortgage bank should leverage private capital in addition to government support, noting that pension funds, institutional investors and other private investors could play a critical role in strengthening the institution. “There are many Nigerians and institutions with idle funds willing to invest if they are convinced the resources will be prudently managed. Pension funds and other institutional investors can play a major role in strengthening FMBN,” he said. The governor also described Nasarawa as one of the country’s most promising destinations for affordable housing investments, citing its proximity to the Federal Capital Territory (FCT), abundant land, expanding infrastructure and investor-friendly policies. According to him, ongoing infrastructure projects, including the 2.2-kilometre Mararaba flyover, will further improve connectivity with Abuja and enhance the state’s attractiveness for residential and commercial developments. He expressed confidence that the collaboration between the state government and FMBN would significantly expand access to affordable housing for low- and middle-income earners. Sule commended the bank for extending its housing projects to Lafia, Akwanga, Keffi, Toto and Gudi, describing the locations as emerging growth centres with strong economic potential. He also highlighted reforms in land administration through the Nasarawa Geographic Information Service (NAGIS), saying the digital mapping of the state has simplified land acquisition and planning, making housing investments more seamless. The governor added that the state government had already entered into partnerships with private developers on major housing projects, including the Peninsula Housing Project in Masaka and the Technology Village in Mararaba, where solar-powered residential estates are being developed. Earlier, the managing director and chief executive officer of FMBN, Shehu Usman Osidi, said Nasarawa had become one of Nigeria’s fastest-growing investment destinations due to sustained investments in infrastructure and an enabling business environment. He noted that the state government’s prompt issuance of Certificates of Occupancy had accelerated the implementation of several housing projects being executed by the bank and the Federal Ministry of Housing and Urban Development. Osidi disclosed that construction at the Lafia housing project was at an advanced stage, while projects in Akwanga, Gudi, Keffi and Toto are expected to commence before the end of the third quarter of 2026. He added that Doma and Keana have been earmarked for the second phase of the programme. The FMBN boss revealed that the bank has financed more than 1,590 housing units in Nasarawa State, disbursed over ₦9.5 billion in home renovation loans to more than 10,600 civil servants and refunded over ₦1.02 billion in National Housing Fund (NHF) contributions to 5,462 retirees. He said FMBN is currently financing 3,139 housing units nationwide through construction facilities valued at about ₦57 billion in Lagos, Abuja and Enugu under the Federal Government’s Renewed Hope Housing Programme. Osidi further disclosed that National Housing Fund collections rose from ₦100 billion in 2023 to a record ₦152.4 billion in 2025, while over 300,000 new contributors joined the scheme within two years. He added that the bank financed 6,911 affordable housing units in 2025—representing 96 per cent of its annual target—and approved more than ₦208 billion in housing and mortgage loans through its various products, including mortgage financing, rent-to-own, cooperative housing and home renovation facilities. Osidi reaffirmed the bank’s commitment to strengthening its partnership with the Nasarawa State Government to expand access to affordable housing and mortgage finance for workers in both the public and private sectors.
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