Emmanuel Addeh in Abuja
The Federal Mortgage Bank of Nigeria (FMBN) has launched its National Housing Fund (NHF) Diaspora Mortgage Loan in London, opening a secure and institutional pathway for Nigerians living abroad to own homes and invest in Nigeria’s housing sector.
The Minister of Housing and Urban Development, Dr. Muttaqha Darma, was the guest of honour at the launch and was represented by the Minister of State for Housing and Urban Development, Yusuf Ata, a statement in Abuja by FMBN Group Head, Corporate, Communications, Joe Abuku, said.
Also at the event were the Nigerian High Commissioner to the United Kingdom, Ambassador Amin Dalhatu; the Permanent Secretary of the Ministry of Housing and Urban Development, Dr. Shuaib Belgore; the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa and the Director, Development Finance Institutions Department, Central Bank of Nigeria (CBN), Mr. Ali Baba.
Also present were FMBN’s Board Member, Mr. Momoh Jubril; FMBN’s Executive Directors of Finance and Corporate Services, Mr. Ibidapo Odojukan and Loans and Mortgage Services, Dr. Muhammad Sani Abdu; the President of the Mortgage Banking Association of Nigeria (MBAN), Mr. Ayo Olowookere; alongside other senior government officials, housing and mortgage finance stakeholders and representatives of the Nigerian diaspora.
Speaking at the event, the minister described the initiative as a significant step towards strengthening the relationship between Nigeria and its citizens abroad, while creating new opportunities for diaspora participation in Nigeria’s housing sector.
He observed that many Nigerians abroad had long aspired to own homes in Nigeria but faced challenges including fraudulent transactions, uncompleted projects, unreliable intermediaries and inadequate financing arrangements.
“The NHF Diaspora Mortgage Loan represents the federal government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he stated.
The minister urged Nigerians in the diaspora to take advantage of the new mortgage window, stating: “Register. Contribute. Participate. Invest. Own your home.”
In his Welcome Address, the Managing Director/Chief Executive of FMBN, Shehu Osidi, expressed appreciation to President Bola Tinubu, for his leadership and commitment to expanding access to affordable housing and promoting inclusive economic growth through the Renewed Hope Housing Agenda.
Osidi also commended the Ministry of Housing and Urban Development, NiDCOM, the CBN, the Nigerian High Commission in the United Kingdom, technology partners and other stakeholders for their collaboration in developing the product.
“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” he said.
The FMBN chief executive emphasised that the Diaspora Mortgage Initiative was not a departure from FMBN’s core mandate but an expansion of its efforts to deepen mortgage financing and mobilise additional long-term investment into Nigeria’s housing sector.
He explained that under the Diaspora Mortgage Loan, eligible Nigerians living abroad can register under the NHF Scheme, complete their KYC requirements digitally, make contributions remotely and access mortgage financing without travelling to Nigeria.
According to him, eligible contributors can access up to N100 million in mortgage financing, subject to affordability and applicable requirements, at an interest rate of 9 per cent per annum and a maximum repayment tenor of 10 years.
Osidi said the initiative would not only facilitate homeownership but also stimulate residential construction, support developers, create jobs, deepen mortgage penetration and increase foreign exchange inflows into the Nigerian economy.
“This is therefore not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Ahmed Tinubu, and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” he said.
He assured Nigerians in the diaspora that FMBN would administer the product with high standards of integrity, transparency, professionalism and accountability, while leveraging technology to provide efficient service delivery.
In her remarks, NiDCOM Chairman, Dabiri-Erewa, applauded FMBN for the initiative, describing the Diaspora Mortgage Product as one anchored on “investment, belonging and trust.”
She noted that the initiative provides a safe, structured channel for Nigerians in the Diaspora to invest back home in real estate and urged the Diaspora community to take advantage of the opportunity.
“FMBN has done its part. NiDCOM has done hers. Now, you do yours,” she urged, adding, “We look forward to your investment back home; we look forward to working with you; we look forward to continuous collaboration with you, our Diasporans.”
Also speaking at the event, the Director, Development Finance Institutions Department, CBN, Baba, highlighted the collaboration between the CBN and FMBN in developing the Diaspora Mortgage Loan, noting that the CBN worked with FMBN on the risk management framework for the product.
He emphasised the importance of putting appropriate risk management measures in place to ensure the sustainability, credibility and effective delivery of the initiative.
On his part, the Chairman of the Central Association of Nigerians in the UK (CANUK), Hon. Dr. Iliyasu Maisanda, commended the federal government for the initiative and pledged the association’s support for its success.