The Federal Housing Mortgage Bank (FMB) has announced that it has obtained a national license to operate as a fully-fledged commercial bank starting in 2026.
This milestone marks a significant shift in the bank’s operations and its role in Nigeria’s financial and housing sectors.
Speaking at the commissioning of the bank’s new headquarters in the Gwarimpa area of Abuja, Managing Director Haayatudeen Atiku revealed that the bank has successfully secured ₦37 billion for 3,427 eligible Nigerians enrolled in its nationwide housing scheme.
He noted that Gwarimpa was chosen for the head office due to its status as Africa’s largest estate, with a population exceeding 300,000 and ample space to accommodate the bank’s facilities.
Atiku emphasized that despite not receiving allocations from the federation account for over 20 years, the bank has maintained a reputation for prudent management and operational integrity.
He confirmed that the bank has formally applied to the Central Bank of Nigeria (CBN) for a national license to transition into full commercial banking.
With the commissioning of the new headquarters, FMB plans to expand its presence across state offices. Atiku also highlighted the bank’s achievements through the PENCOM Retirement Savings Account (RSA) window, which has enabled over 6,000 Nigerians to access mortgage financing within just two years of its launch.
The bank is preparing to roll out mortgage access through the Mortgage Refinancing and Expansion Investment Fund (MREIF) and continues to collaborate with the Family Homes Funds (FHF) to support homeownership in various locations including Asaba (Delta State), Gandum Sarki (Kano), Gidan Iyalli Millennium City (Kaduna), Making City (Ogun), and Cold City View Estate (Enugu).
In a strategic move to broaden its revenue streams, FMB is diversifying beyond traditional mortgage services to include construction financing, partnerships with housing developers, and the introduction of innovative eco-friendly financial products.
