Economy
FMBN Raked In N18.9 Billion In 2024, Says MD: Loan Recovery
FMBN Raked In N18.9 Billion In 2024, Says MD: Loan Recovery
FMBN raked in N18.9 billion in 2024, says MD: Loan Recovery. Mr Osidi said the bank also improved its loan approvals significantly within the same period.
Shehu Osidi, the managing director and chief executive officer of the Federal Mortgage Bank of Nigeria (FMBN), said the bank raked in N18.9 billion in 2024 from the recovery of bad loans.
Mr Osidi made this known on FMBN Day at the ongoing Africa International Housing Show (AIHS) on Thursday in Abuja.
The theme for the Housing Show is “Re-imagining Housing Finance: Opportunities and Lessons for FMBN.”
Mr Osidi recalled that at the same event in 2024, the bank announced the constitution of seven recovery task teams to recover delinquent loans across the country.
“By the end of 2024, the teams had raked in over N10.9 billion in bad loans. This was in addition to our normal recovery activities, which also yielded the sum of N3.1billion in the same year.
“The recovery from the teams is currently at over N18.9 billion,’’ he said.
Mr Osidi said the bank also improved its loan approvals significantly within the same period.
According to him, N71.5 billion in loans has been approved, compared to N39.7 billion in 2023.
He added that under the National Housing Fund (NHF) operations, the bank’s collections grew by N3 billion in 2024, resulting in a total collection of N103 billion.
Mr Osidi said this was compared to the N100 billion the bank recorded in 2023.
“Notably, we were also able to clear a four-year backlog out of our outstanding unaudited accounts of 2018, 2019, 2020 and 2021, demonstrating our renewed commitment to financial transparency and good governance.
“I believe by the time we come to this platform next year, FMBN should have been up-to-date in its audited accounts.
“Our target is to achieve this milestone by the end of this year, 2025,” he said.
Mr Osidi said FMBN’s financial performance has also improved, adding that the bank made an operational surplus of N11.5 billion, making it the first time it recorded such an achievement in over 30 years of existence.
He said that with prudent management and growing operations, FMBN was on track for another surplus in 2025.
According to him, this is proof that FMBN’s policies are yielding results, and the bank is on the right track.
The managing director said FMBN was offering deliberate and substantial support for the Ministry of Housing on its housing delivery agenda under the Renewed Hope Housing programme of President Bola Tinubu.
He said the bank has so far provided N100 billion in off-taker guarantees to facilitate the mobilisation of required funding for the Renewed Hope Housing and Estates programme across Nigeria.
Mr Osidi explained that those projects were currently ongoing in Abuja, Kano, Lagos, and other locations across the country.
He further said FMBN has also extended an additional funding facility of N19.9 billion for the Karsana project in Abuja.
“This is apart from our funding of Renewed Hope City, Ibeju Lekki, Lagos, to the tune of N27 billion to deliver 1,500 units of two- and three-bedroom apartments.

FMBN
“The bank is also providing mortgages for Nigerians who are contributors to the NHF to off-take the houses constructed under the programme across the country,’’ he said.
Mr Osidi said the bank is also introducing new products to deepen affordable home ownership and promote financial inclusion.
He disclosed that from August, three groundbreaking products will be rolled out. These include the FMBN Non-Interest Mortgage Loan, which aligns with ethical finance principles to cater for the needs of Nigerians who prefer non-interest banking models.
The second is the FMBN National Housing Fund (NHF) Diaspora Mortgage Loan, specifically designed to provide a safe and seamless homeownership pathway for Nigerians living abroad, to be launched on August 31.
Mr Osidi said the FMBN National Housing Fund (NHF) Diaspora Mortgage Loan is in collaboration with NiDCOM and the Central Bank of Nigeria.
He said the third product is rent assistance, a customised product tailored to meet the immediate needs of NHF contributors in both formal and informal sectors before they own their homes.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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