The Federal Housing Authority Mortgage Bank (FHA MB) has announced an ambitious expansion strategy aimed at strengthening Nigeria’s housing finance sector and bridging the country’s massive housing deficit.
Speaking during the commissioning of the bank’s new head office in Abuja, Managing Director Hayatudeen Auwal revealed that the bank plans to open 20 new branches nationwide, grow its active customer base to 100,000 families, and scale its loan portfolio to N100bn within the next three years.
Auwal highlighted that FHA MB has already facilitated over N27bn in mortgages for 3,427 Nigerians and enabled more than 6,000 citizens to access loans through the PENCOM retirement savings window. He noted that the bank’s consistency in meeting its financial obligations has helped earn it credibility in the financial sector.
“We intend to establish at least 20 branches nationwide in the next three years, grow our active customer base to 100,000 families, and scale our loan portfolio to N100bn. With this strategy, we are not only sustaining our dream but expanding it,” Auwal stated.
The bank is also preparing to launch a Diaspora Mortgage Project to enable Nigerians abroad to own homes locally, while deepening partnerships with pension funds, insurers, and international development agencies. In addition, FHA MB is working toward securing a national banking licence from the Central Bank of Nigeria.
Nigeria is currently facing a housing shortfall estimated at between 20 million and 28 million units, leaving millions of citizens in informal settlements and worsening inequality. FHA MB says its expansion agenda is designed to support the Federal Government’s housing delivery goals and contribute to President Bola Tinubu’s $1 trillion economy vision.
