The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have announced a strategic partnership to establish a robust non-interest mortgage ecosystem aimed at addressing Nigeria’s severe housing deficit and expanding financial inclusion.
This was revealed in a statement issued by the SEC on Friday, following a high-level meeting between both institutions in Abuja. The collaboration seeks to design and regulate Sharia-compliant financing structures that will allow millions of Nigerians—particularly those excluded from conventional interest-based loans—to access affordable pathways to homeownership.
The Director-General of the SEC, Dr. Emomotimi Agama, reaffirmed the Commission’s commitment to ensuring the integrity and stability of the proposed financial instruments. He noted that the SEC would provide the regulatory framework needed to facilitate the issuance of Sukuk and other non-interest capital market products to fund the mortgage system.
“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector,” Agama said. “By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international, to channel funds into this critical area. This will create a virtuous cycle of funding, construction, and ownership.”
The partnership is expected to strengthen Nigeria’s housing finance landscape and accelerate efforts to make homeownership more accessible to underserved populations.
