Federal Mortgage Bank of Nigeria


To operate as a robust and dynamic mortgage institution with the capacity to meet the challenges that arise from developing the nation’s mortgage industry.


To supply the mortgage and housing markets with sustainable liquidity in order to support the advancement of homeownership amongst Nigerians anchored to mortgage financing.


The FMBN aims to promote the emergence and growth of viable primary mortgage institutions with the capacity to service the need of housing delivery in all parts of Nigeria. It wishes to mobilise both domestic and offshore funds to invest in the housing sector. It aims to link the capital market with the housing industry, establishing and operating a viable secondary mortgage market. It collects and administers the National Housing Fund in accordance with the provisions of the NHF Act.


The Federal Mortgage Bank of Nigeria (FMBN), established in 1956, was originally known as the Nigerian Building Society (NBS), a joint venture between the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. In 1973 the Federal Government undertook 100% ownership acquisition of the NBS under the Indigenisation Act, and consequently renamed it the Federal Mortgage Bank of Nigeria.
The Bank operates as a vehicle for increasing the mobilisation of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.

The FMBN was restructured into a Federal Government-Sponsored Enterprise under the reform of the housing sector based on the 2002/2006 National Policy on Housing and Urban Development. As a result, it places more emphasis on secondary mortgage and capital market functions. It plays the critical role in developing a robust mortgage finance system for Nigeria.

In order to meet its mandate, the FMBN has shifted the operational emphasis from a focus only on social housing on-lending under the National Housing Fund to an expansion of its functions to include commercial on-lending for housing, commercial mortgages refinancing, mortgage purchasing and warehousing, and mortgage-backed securitisation. Under this mandate it finances mortgages created by primary mortgage institutions under the National Housing Fund Scheme and provides estate development loans to real estate developers.
The National Housing Fund Scheme provides loans to Nigerians for erecting, purchasing or renovating houses. In particular it encourages programmes which would enhance housing financing among low and medium income earners. The Fund also services the non-salaried informal sector.

The FMBN has a number of ongoing housing estate projects around the country. The overall mandate of the bank is to promote the delivery of affordable and modern houses to Nigerians.