The Federal Mortgage Bank of Nigeria (FMBN) says it recorded a total operational surplus of ₦13 billion in the first half of 2025.
The Managing Director and Chief Executive of FMBN, Shehu Osidi, made this known on Wednesday at the 2025 FMBN Management Retreat, held along the Abuja–Kaduna Expressway in Niger State.
Osidi said the retreat, with the theme “Process Re-Engineering for Optimal Performance”, aimed to review some of the milestones recorded in 2024 and set the tone for management expectations and deliverables in 2025.
According to him, the bank has recorded commendable progress in several areas since the last retreat.
“At the time, I announced a half-year surplus of ₦4.9 billion, the first in the history of the bank. However, by the end of 2024, that surplus grew to ₦11.9 billion.
Following that trend, in the half-year management account for 2025, we have made over ₦13 billion as surplus.
Though these figures may eventually be largely eroded by provisioning, the trajectory shows that we are on the right track to chart a new course for FMBN,” he said.
Osidi explained that, in addition to financial sustainability and transparency, the bank had also succeeded in clearing a four-year backlog of audited accounts for 2018, 2019, 2020, and 2021.
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He said the audit of the 2022 accounts had been concluded and submitted to the Central Bank of Nigeria (CBN).
“I have also just signed off on the commencement of the 2023 audit. It is our plan to clear the remaining backlog and bring the bank up to date by the end of the year.
All these developments are significant in the life of any corporate organisation desiring long-term growth and financial sustainability,” he said.
Osidi added that, under the National Housing Fund (NHF) operations, FMBN’s annual collections grew by ₦3 billion in 2024, resulting in a total of ₦103 billion compared with the ₦100 billion recorded in 2023.
By the half-year of 2025, he said, the bank had collected ₦73.9 billion, compared with ₦49.6 billion in the corresponding period of 2024.
Osidi expressed optimism that if the bank could sustain the positive trend, it would surpass the 2024 collections significantly.
He, however, said the “big elephant in the room” was the deployment of the Core Banking Application (CBA), a technology expected to herald a massive transformation in the way FMBN conducts business.
“In my address at the last retreat, I expressed the intention of this management to make the application work and conclude it speedily.
I am happy to report today that we have closed out the deployment of the application, and we are now in a six-month maintenance phase, which is due to end by the close of this month,” he said.
Osidi recalled that during the 2024 retreat, the bank had set up seven Recovery Task Teams to recover delinquent loans across the country’s geo-political zones.
He disclosed that by the end of 2024, the task teams had recovered ₦10.9 billion a figure that grew to ₦18.9 billion as of June 2025.
Osidi attributed these achievements to the capacity of the staff and their commitment to the organisation.
