FHA Mortgage Bank Secures N27bn Loan For 3,427 Homeowners

The Federal Housing Authority (FHA) Mortgage Bank has announced that it has secured N27bn in housing loans for 3,427 eligible Nigerians through the National Housing Fund (NHF) scheme.

To this end, it disclosed that an additional 6,000 Nigerians have gained access to mortgages via the Pension Commission’s Retirement Savings Account (RSA) window within just two years of its commencement.

The bank also announced that plans were on for it to secure a national commercial banking licence to broaden access to housing finance for Nigerians.

Speaking at the commissioning of the bank’s new head office in Gwarinpa, Abuja, on Tuesday, its Board Chairman, Hon. Oyetunde Oladimeji Ojo, commended the leadership of the FHA Mortgage Bank for its resilience, dedication, and commitment to housing finance delivery in Nigeria.

Ojo, who is also the Managing Director/Chief Executive of the Federal Housing Authority (FHA), said he encouraged the bank MD, Dr Hayatudeen Atiku Awwal, to see the project as a legacy that must be delivered within record time.

According to Ojo, one of his priorities has been to secure a national commercial banking licence for FHA Mortgage Bank, to broaden access to housing finance for Nigerians.

Earlier, the Managing Director of the bank, Dr Hayatudeen Atiku Awwal, had explained that the approval marks a milestone in the bank’s efforts to bridge Nigeria’s housing finance gap and provide affordable mortgage opportunities for citizens across the 36 states and the Federal Capital Territory.

“Through the NHF window, the bank was able to secure approval of N27 billion on behalf of 3,427 eligible Nigerians who are contributors to the scheme to own their houses nationwide.

“In addition, through the PENCOM RSA window, we facilitated access to mortgages for well over 6,000 Nigerians within 24 months of its commencement,” Awwal stated.

He explained that the initiative reflects the bank’s commitment to working in partnership with the Federal Mortgage Bank of Nigeria (FMBN) and other stakeholders to deepen housing access for middle-income earners, civil servants, and young professionals, who make up the bulk of the country’s housing demand.

The FHA Mortgage Bank chief stated further that the institution has delivered residential units to customers in Delta, Kano, Kaduna, Ogun and other states through its collaboration with Family Homes Funds.

Awwal noted that steps have been taken toward upgrading the FHA Mortgage Bank into a national bank, with the Central Bank of Nigeria already engaged in the process.

He added that plans are underway to open at least 20 new branches in the next two years, scale its loan portfolio to N100bn, and grow its active customer base beyond 100,000 families.