The Federal Housing Authority (FHA) Mortgage Bank has announced an ambitious expansion plan aimed at deepening its role in Nigeria’s housing finance sector. The initiative targets the establishment of 20 new branches across the country, an increase in its active customer base to 100,000 families, and the scaling of its loan portfolio to N100 billion within the next three years.
Managing Director of the bank, Hayatudeen Auwal, unveiled the plan on Tuesday at the commissioning of the bank’s new head office in Abuja. He explained that the strategy was designed not only to expand access to mortgage financing but also to sustain the bank’s long-standing record of financial prudence and credibility.
“We intend to establish at least 20 branches nationwide in the next three years, grow our active customer base to 100,000 families, and scale our loan portfolio to N100bn,” Auwal said. “With the support of our Chairman, the entire housing development financing window has been opened to support FHA Mortgage Bank. The dream of bridging Nigeria’s housing finance gap and supporting the Federal Government’s housing delivery agenda is alive.”
Auwal highlighted the bank’s progress in recent years, noting that it has already facilitated more than N27 billion in mortgages for 3,427 Nigerians across the federation. In addition, over 6,000 citizens have been able to access mortgage loans through the PENCOM retirement savings window, a scheme that allows workers to utilize a portion of their pension contributions to secure housing finance.
He stressed that FHA Mortgage Bank’s credibility is anchored on its consistent record of meeting financial obligations, a factor that has bolstered confidence in the institution. “From the National Housing Fund, despite accessing a huge loan portfolio, we have never defaulted in repayments, nor in meeting our objectives,” he said.
The managing director further emphasized that housing finance is pivotal to the Federal Government’s broader economic goals, particularly President Bola Tinubu’s vision of growing Nigeria’s economy to $1 trillion. “We believe the housing sector is well-positioned to contribute to that goal, and with the effort and commitment of our Chairman, FHA Mortgage Bank will play its part in achieving it,” Auwal added.
Looking ahead, the bank is also set to roll out new initiatives, including a Diaspora Mortgage Project designed to enable Nigerians abroad to invest in home ownership back home. Partnerships with pension funds, insurance companies, and international development agencies are also being explored as part of the bank’s wider growth strategy.
In addition, Auwal disclosed that the institution is actively working toward securing a national banking licence, which would allow it to expand its operations and service offerings nationwide. “We are aiming to become a national bank,” he said. “The Central Bank of Nigeria has already provided us with a checklist of outstanding requirements, and with our commitment, we are confident that FHA Mortgage Bank will attain national bank status soon.”
Nigeria currently faces one of its most severe housing deficits in decades, with estimates placing the shortfall between 20 million and 28 million housing units. The FHA Mortgage Bank’s expansion plan is being positioned as a significant step toward narrowing that gap and making affordable housing more accessible to Nigerians.
