Federal mortgage bank of Nigeria
The Federal Mortgage Bank was established to meet the housing needs of all citizens of the country. It is known as the apex mortgage finance institution in Nigeria and it regulates the activities of primary mortgage loan originators.
The bank was founded by the federal Government of Nigeria in year 1977.
Between year 1978 and 1985, The Federal Mortgage Bank was the only mortgage institution in Nigeria.
The bank was established by the military government under Olusegun Obasanjo’s regime to be a wholesale and retail credit institution that can provide long term financing to home buyers, mortgage financial institutions and building material firms. The aim was to make the organisation long term deposits from mortgage companies, government sources, pension, trust funds and private individuals to fund its credit activities at competitive interest rates.
The law gave the bank the ability to guarantee construction loans financed from private investments.
Federal Mortgage Bank Of Nigeria was propositioned to become a regulator of the primary mortgage originators as the apex mortgage lending institution in the country as its primary mortgage lending activities was taken over by the Federal Mortgage Finance organisation of Nigeria. In attempt to expand mortgage financing to more Nigerians, the government established the National Housing Fund that included a mandatory contribution scheme to mobilize funds to develop the mortgage sector.
The bank operates as commercial bank. It also offers liquidity for the advancement of homeownership among Nigerians anchored on mortgage financing. They serve customers all over Nigeria.
Their company is located at:
Plot 266 Cadastral AO Central Business District Garki Abuja, PMB 2273 Nigeria
Phone
234-9-292-0689
Website
www.fmbn.gov.ng
