Federal Mortgage Bank targets N750bn recapitalisation to boost housing finance

The Federal Mortgage Bank of Nigeria (FMBN) is aiming to strengthen its capital base to N750 billion as part of efforts to expand housing finance in the country.

Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, disclosed this while addressing journalists on Wednesday during an event marking his two years in office.

Osidi noted that the bank’s current paid-up capital stands at about N2.56 billion, a level he described as inadequate to meaningfully tackle Nigeria’s housing deficit.