The Federal Mortgage Bank of Nigeria (FMBN) has disbursed N236.9 million as Home Renovation Loans (HRL) to 299 Kano State civil servants, in fulfilment of its mandate of providing affordable housing solutions through mortgage.

The Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, presented the cheques to the beneficiaries through the Executive Governor of Kano State, Abba Yusuf Kabir, last week at the Groundbreaking Ceremony of the Renewed Hope Housing Estate in Lambu, Tofa LGA of Kano State.

Giving a remark at the event, the Managing Director/Chief Executive, Shehu Usman Osidi, commended Governor Yusuf for his visionary leadership and unwavering commitment to the welfare of the people of Kano State.

The MD/CE described the event in Kano as another significant milestone in the collective journey towards making homeownership a reality for more Nigerians through the Renewed Hope Cities and Estates programme being championed by the Honourable Minister of Housing and Urban Development.

He affirmed that the Renewed Hope Cities and Estates initiative is a cardinal programme of the President Bola Ahmed Tinubu-led administration and restated the Bank’s commitment to the successful actualisation of the vision.

“As a measure of our commitment and support for the program, the Bank provided a N100 billion Off-takers Guarantee and the program was flagged off by President Bola Ahmed Tinubu GCFR, last February during the commencement of the construction of 3,112 housing units at Karsana, Abuja. The guarantee has facilitated the mobilisation of the required funds by a consortium of developers,” he said.


He outlined the Bank’s efforts at expanding access to homeownership for Kano indigenes, noting that the Federal Mortgage Bank of Nigeria has financed 10 housing projects in Kano State with funding of over N6.8 billion for the delivery of 989 housing units, almost all of which have been completed and delivered.


“We have also been extending the Bank’s benefits to individuals to offtake the houses through our various products including the regular NHF Loan and our Rent-to-Own product that allows individuals to take possession of their houses without the necessity of any personal stake. Our products are not only affordable, they are accessible,” he stated.

Osidi added that under the Home Renovation Loan, the Bank has advanced the sum of N1.39 billion to 1,644 beneficiaries who are majorly Kano State civil servants.

“And today as a practical demonstration of these statistics, the Bank, through our Supervising Minister, the Hon. Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, will be presenting a symbolic cheque in the sum of N236.9 million to his Excellency, the Executive Governor of Kano State for 299 state civil servants who have applied for our Home Renovation Loan. A few of these individuals would also be presented with their cheques today,” he declared.

Osidi further asserted the Bank’s commitment to the provision of mortgage loans to potential off-takers for the Renewed Hope Project in Kano.

“The Bank is also committed to funding potential off-takers who are contributors to the National Housing Fund to take up the housing units nationwide. In the same vein, I am also sure that most of the potential off-takers of the houses to be developed in this location would also be looking up to the Bank for the provision of mortgage loans to take up those houses. Let me assure you that this will be provided by the Bank,” he stressed.