The Federal Mortgage Bank of Nigeria (FMBN) has posted an operational surplus of ₦11.5 billion for the 2024 financial year—the first in over 30 years. This achievement was driven by strategic revenue growth, financial management improvements, and cost-cutting measures aimed at enhancing efficiency.
However, the bank’s Managing Director/CEO, Shehu Usman Osidi, noted that the surplus is expected to decline after impairments are applied.
Speaking at a press briefing to mark one year in office on Wednesday, Osidi acknowledged the challenge of high non-performing loans (NPLs) inherited by the current administration but assured that aggressive loan recovery efforts are already yielding results.