FMBN records ₦11.58bn surplus, targets ₦750bn recapitalisation
Federal Mortgage Bank of Nigeria (FMBN) achieved its first operational surplus of ₦11.58 billion in 2024, marking the first such surplus in over three decades. The bank aims to raise ₦750 billion through recapitalisation to strengthen its lending capacity for housing finance. This financial turnaround signals improved operational efficiency and could enhance access to mortgage loans for Nigerians seeking homeownership. The surplus and recapitalisation plans are critical for sustaining and expanding FMBN's role in Nigeria's housing sector.