FMBN Achieves N13bn Operational Surplus in the First Half of 2025, According to Osidi
The Federal Mortgage Bank of Nigeria (FMBN) has made remarkable progress in its operations over the past two years, as announced by the Managing Director and Chief Executive, Shehu Osidi, at the 2025 FMBN Management retreat.
In 2024, the bank initiated seven Recovery Task Teams to tackle delinquent loans across the country's geo-political zones. By the end of the year, the bank had successfully cleared a 4-year backlog of FMBN audited accounts for 2018, 2019, 2020, and 2021. This significant achievement marked a turning point for the bank.
The deployment of the Core-Banking application (CBA) was completed in 2024, and the bank entered a six-month maintenance phase, which is due to end by the end of this month. This technological advancement has been recognised as a significant stride in the bank's operations.
The bank's annual collections under the National Housing Fund (NHF) grew by N3 billion in 2024, totaling N103 billion, compared to N100 billion in 2023. By half-year 2025, FMBN had collected N73.9 billion, compared to N49.6 billion collected in the corresponding period for 2024.
The Recovery Task Teams have been instrumental in the bank's success, recovering N18.9 billion by the end of June 2025, up from N10.9 billion by the end of 2024. Osidi attributed this success to the capacity and commitment of the staff members.
In financial terms, the bank recorded commendable progress. By the end of 2024, the surplus grew from N4.9 billion to N11.9 billion. Following that trend, by the half-year management account for 2025, the surplus grew to over N13 billion.
Osidi expressed optimism that FMBN could surpass the collections for 2024 with the sustained positive trend. He also mentioned that the audit of 2022 accounts has been concluded and submitted to the CBN, with the 2023 audit having been initiated.
The retreat's theme was "Process Re-Engineering for Optimal Performance," reflecting the bank's commitment to continuous improvement and efficiency in its operations. The FMBN's implementation of the Core Banking Application system and the significant progress made by the Recovery Task Teams are testament to this commitment.
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