Federal Mortgage Bank of Nigeria
Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act [1973], acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN).
In 1994, FMBN assumed the status of an apex mortgage institution in Nigeria with the promulgation of the FMBN Act 82 [1993] and the Mortgage Institutions Act 53 [1989]. It also commenced the management and administration of the contributory savings scheme known as the National Housing Fund (NHF) established by Act 3 of [1992]. The National Housing Fund (NHF) is a social savings scheme designed to mobilize long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance concessionary loans to contributors.
In fulfilling its mandate, the Bank is to also float capital market instruments such as Mortgage-Backed Bonds and Mortgage-Backed Securities for sale to institutional investors, such as pension funds, insurance companies, securities companies and banks, to raise long term funds for its secondary mortgage lending activities. This is to ensure a sustainable supply of liquidity to finance first home mortgage loan originations.
Following the reform of the Nigerian housing sector, FMBN was restructured into a Federal Government-Sponsored Enterprise (FGSE) with more focus on its secondary mortgage and capital market functions. FMBN is shifting operational emphasis to expand its functions from solely social housing on-lending under the NHF, to other areas of business including commercial on-lending for housing, refinancing of commercial mortgages created by mortgage loan originators, mortgage purchasing and warehousing and mortgage-backed securitization.
The Bank’s current business model targets partnerships with local and international organisations with financial and technical capacity, interested in delivering affordable mass housing for the low income end of the market.
Our Vision: To be the preferred mortgage institution providing reliable and affordable access to homeownership for Nigerians
Our Mission: To drive delivery of accessible and affordable homeownership by providing sustainable liquidity, innovative products and services, and excellent customer service.
CORE VALUES (I-PACT)
Integrity: Ensure honesty in all we do and demonstrate strong moral principles and ethical convictions.
Professionalism: Uphold high level objectivity, mutual respect, ethical standards and appropriate cultural mannerisms.
Accountability: Employee are dedicated to their work and take full responsibility for own activities. Honour our commitments to our stakeholders (customers, employee, shareholders and community).
Customer Centricity: Ensure we accurately identify our customers’ needs and desire so that we strive to meet and exceed their expectations by delivering value.
Team Work: Committed to teamwork environment where every employee is a valued member, treated with respect, encourage to contribute and recognise and rewarded for their effort.
OUR MANDATE
As spelt out in our ENABLING ACT and other related legislations, FMBN functions include to:
- Provide long-term credit facilities to mortgage institutions in Nigeria.
- Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.
- Mobilizing both domestic and offshore funds into the housing sector.
- Link the capital market with the housing industry.
- Establish and operate a viable secondary mortgage market.
- Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act.
- Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.
For more visit www.fmbn.gov.ng
