The Federal Mortgage Bank of Nigeria (FMBN) is struggling with undercapitalization, a major hurdle preventing it from effectively financing affordable housing, says Managing Director Shehu Osidi.
Speaking in Abuja on Wednesday at an event marking his first year in office, Osidi called for a review of the FMBN and National Housing Fund (NHF) Acts, stressing that legal reforms are essential to addressing funding constraints.
He noted that the current framework limits the bank’s ability to fulfill its mandate and expand access to homeownership for Nigerians.