Abuja: The Federal Mortgage Bank of Nigeria (FMBN) has reported an operational surplus of N13 billion for the first half of 2025. Shehu Osidi, the Managing Director and Chief Executive of FMBN, disclosed this achievement during the 2025 FMBN Management retreat held along the Abuja-Kaduna expressway in Niger.
According to News Agency of Nigeria, Osidi highlighted that the retreat, themed “Process Re-Engineering for Optimal Performance,” served as a platform to reflect on the milestones achieved in 2024 and to set expectations and deliverables for 2025. Osidi noted that the bank has made significant progress since the last retreat, with the operational surplus rising from N4.9 billion in the first half of 2024 to N11.9 billion by the end of that year. The surplus further increased to over N13 billion by mid-2025.
Osidi pointed out that while provisioning might eventually erode these figures, the positive trajectory indicates that FMBN is on the right path towards financial sustainability. He also mentioned the bank’s success in clearing a four-year backlog of audited accounts from 2018 to 2021, with the 2022 audit now complete and submitted to the Central Bank of Nigeria. The 2023 audit is underway, with plans to bring the bank up to date by the end of the year.
Under the National Housing Fund operations, FMBN’s annual collections increased by N3 billion in 2024, reaching a total of N103 billion compared to N100 billion in 2023. By the first half of 2025, collections stood at N73.9 billion, a significant increase from N49.6 billion in the same period in 2024. Osidi expressed confidence that the bank could surpass its 2024 collections if the positive trend continues.
Osidi also discussed the deployment of the Core-Banking application (CBA), a technological initiative expected to transform FMBN’s business operations. He announced the successful deployment of the application, which is now in a six-month maintenance phase ending this month.
Additionally, Osidi recalled the formation of seven Recovery Task Teams during the 2024 retreat to recover delinquent loans across Nigeria’s geo-political zones. By the end of 2024, these teams had recovered N10.9 billion, a figure that increased to N18.9 billion by June 2025. Osidi credited these achievements to the dedication and capacity of FMBN’s staff members.
