The Federal Housing Authority (FHA) Mortgage Bank has announced a N100bn expansion drive, with plans to open 20 new branches, grow its customer base to 100,000 families, and scale its loan portfolio over the next three years.
Managing Director Hayatudeen Auwal made this known on Tuesday during the commissioning of the bank’s new head office in Abuja, noting that the strategy is designed to widen access to mortgage financing and sustain its record of financial discipline.
He said the bank has already facilitated over N27bn in mortgages for 3,427 Nigerians, while more than 6,000 citizens have accessed loans through the PENCOM retirement savings window.
According to him, the bank’s consistency in meeting obligations has strengthened its credibility in the sector.
ALSO READ
“Despite accessing a huge loan portfolio from the National Housing Fund, we have never defaulted in repayments or objectives,” Auwal stated.
The expansion plan includes a Diaspora Mortgage Project to support Nigerians abroad in home ownership, alongside new partnerships with pension funds, insurers, and international development agencies.
Auwal also disclosed that FHA Mortgage Bank is pursuing a national banking licence, having received a compliance checklist from the Central Bank of Nigeria. “We are confident FHA Mortgage Bank will attain national bank status,” he said.
He linked the bank’s growth agenda to the Federal Government’s economic vision, referencing President Bola Tinubu’s $1 trillion economy target. “The housing sector is well-positioned to contribute to that goal,” he added.
Nigeria faces a housing deficit estimated at between 20 million and 28 million units, with the shortfall deepening poverty and forcing millions into slums and informal settlements.
The bank said its long-term focus is to align housing finance with national development priorities, positioning itself as a key partner of the Federal Mortgage Bank of Nigeria in bridging the housing gap.
