Senate Housing Committee Hails FMBN’s Expanded Affordable Housing Delivery,
Backs Recapitalisation Drive
The Senate Committee on Housing and Urban Development has commended the Federal Mortgage Bank of Nigeria (FMBN) for its sustained efforts in expanding access to affordable housing across the country.
This was contained in a statement released by the Group Head , Corporate Communications, Jadesola Gbago Ms.
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The commendation came during an oversight and budget defence session at the National Assembly on Wednesday, April 1, 2026, when the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, FCIB, FICA, FCNA, along with the Bank’s Management team, appeared before the Committee.
In his opening remarks, Chairman of the Committee, Senator Aminu Waziri Tambuwal, underscored the significance of the engagement as part of the Committee’s constitutional mandate to provide oversight of agencies in the housing sector.
He explained that both FMBN and the Federal Housing Authority (FHA) were invited to present and defend their 2026 budget estimates for legislative scrutiny and approval.
Tambuwal stressed the critical role of housing in promoting the dignity of citizens and driving national development, urging that budget proposals must be “realistic, implementable and aligned with the Renewed Hope Agenda of President Bola Tinubu.”
Presenting the Bank’s 2026 budget proposal, Osidi stated that the budget is anchored on the Executive Management’s 7-Point Agenda, the Bank’s Five-Year Strategic Plan and national housing priorities.
He outlined key focus areas to include completion of ongoing housing projects, expansion of affordable housing finance and the deployment of technology to enhance operational efficiency. Other priorities, he noted, are the reduction of non-performing loans, strengthening of the Bank’s balance sheet, advancing recapitalisation efforts and scaling up mortgage delivery as well as off-taker guarantees.
Osidi added that the Bank would deepen stakeholder engagement to boost public confidence and improve awareness of its interventions.
He reaffirmed FMBN’s commitment to supporting the Federal Government’s vision of transforming Nigeria into a major construction hub, while appealing to the Committee for support in facilitating the release of outstanding equity contribution and the recapitalisation of the Bank.
In their response, the Deputy Chairman of the Committee, Senator Victor Umeh, alongside other members, commended FMBN for what they described as a turnaround in housing delivery.
The Committee pledged its support in ensuring that the Bank receives the necessary backing to deliver more effectively on its mandate.
Members also urged FMBN to intensify public awareness efforts to better showcase its programmes and achievements, noting that many Nigerians remain unaware of the Bank’s interventions despite recorded milestones.
FMBN’s MD/Chief Executive was accompanied by the Bank’s Executive Directors (Loans and Mortgage Services) Dr. Muhammad Sani Abdu, (Finance and Corporate Services) Mr. Ibidapo Odojukan and (Business Development and Portfolio Management), Mrs. Chinenye Chinedu Anosike.
Jadesola Gbago (Ms)
Group Head, Corporate Communications
(DEMOCRACY NEWSLINE NEWSPAPER, APRIL 3RD 2026)
