Always Visit www.NaijaCover.Com

Posted By Admin On October 1st, 2025

The Federal Housing Mortgage Bank (FMB) has said it has obtained a national license to operate as a fully commercial bank effective 2026. The bank disclosed that it has secured N37 billion on behalf of 3,427 eligible Nigerians who are contributors to its housing scheme nationwide.

Managing Director, Federal Mortgage Bank, Haayatudeen Atiku, stated this at the commissioning of the agency’s head office in Gwarimpa Area of Abuja yesterday, adding that the choice of location was on the basis that Gwarimpa remains the biggest estate in Africa, which can house some of its properties and with a human population exceeding 300,000 people.

According to the Managing Director, although the agency has not received any allocation from the federation’s account for over two decades, it has prudently and innovatively established itself as one of the most efficiently managed and high-integrity establishments.

Atiku stated that the bank has applied to the Central Bank of Nigeria (CBN) for a national licence to operate as a full commercial bank. With the commissioning, the bank will commence the expansion of its state offices.

The Managing Director said: “In addition, through the PENCOM RSA window, we have facilitated access to mortgages for well over 6,000 Nigerians within 24 months of its commencement.

“The bank is set to effectively commence facilitation of mortgage access via the MREIF windows for Nigerians.

“Similarly, through the collaboration with the Family Homes Funds (FHF), we have assisted Nigerians to own houses in Asaba, Delta state, Gandum Sarki, in Kano, Gidan Iyalli Millennium City, in Kaduna State, Making city, in Ogun State and Cold City View Estate, in Enugu State.”

The bank said its income lines are also being diversified beyond traditional mortgage financing to include construction finance, partnerships with housing developers and innovative eco-friendly products.

Source: https://guardian.ng/news/fmb-to-commence-full-commercial-banking-services-in-2026/