The mortgage market in Nigeria will be getting a major boost as 20 new branches are on the way following Federal Housing Authority (FHA) Mortgage Bank’s N20 billion expansion plan which it unveiled recently.
The ambitious plan seeks to strengthen the bank’s role in Nigeria’s housing finance sector, with projections to open 20 new branches nationwide, grow its active customer base to 100,000 families, and scale its loan portfolio to N100 billion within the next three years.
Hayatudeen Auwal, the bank’s managing director, who disclosed this recently at the commissioning of the bank’s new head office in Abuja, explained that the strategy is aimed at expanding access to mortgage financing while sustaining the bank’s record of financial discipline.
“We intend to establish at least 20 branches nationwide in the next three years, grow our active customer base to 100,000 families, and scale our loan portfolio to N100 billion, Auwal disclosed in a statement at the weekend, adding that, with the support of their chairman, the entire housing development financing window has been opened to support the bank.
According to him, the dream of bridging Nigeria’s housing finance gap and supporting the Federal Government’s housing delivery agenda was alive, revealing that he was proud to say they have not only sustained that dream, but also expanded it, turning vision into measurable progress.
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“Our key achievement is being the number one collaborator with the Federal Mortgage Bank of Nigeria (FMBN),” he said, announcing that the bank had already achieved significant milestones, including facilitating over N27 billion in mortgages for 3,427 Nigerians across the federation and enabling more than 6,000 citizens to access mortgage loans through the PENCOM retirement savings window.
He noted that the bank’s credibility rests on its consistency in meeting obligations, a factor that has earned it trust within the financial sector.
“From the National Housing Fund (NHF), despite accessing a huge loan portfolio, we have never defaulted. We have never defaulted in making repayments, and we have never defaulted in meeting our objectives,” he emphasised.
Auwal stressed that housing finance remained central to achieving the government’s broader economic vision, commending President Tinubu, who has challenged Nigerians to envision a $1 trillion economy. “We believe the housing sector is well-positioned to contribute to that goal. With the effort and commitment of our chairman, the bank will play its part in achieving it,” he said.
As part of its growth agenda, the bank is also preparing to launch a Diaspora Mortgage Project to help Nigerians abroad own homes back home, while exploring partnerships with pension funds, insurers, and international development agencies.
Auwal disclosed that the bank was making efforts to secure a national banking licence. “We are aiming to become a national bank. The Central Bank of Nigeria has already been informed and has given us a checklist of outstanding requirements. With our commitment, we are confident that, before long, FHA Mortgage Bank will attain national bank status,” he assured.