The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has commended the adoption of the Public-Private Partnership (PPP) model for implementing President Bola Ahmed Tinubu’s Renewed Hope Housing Agenda.
Osidi gave the commendation on the second day of the Renewed Hope Housing PPP Summit, held at the Shehu Musa Yar’Adua Centre on Tuesday, March 18, 2025.
Speaking during the Strategic Action Plan/Agenda Setting session, Osidi— who was represented by the Group Head, Strategy and Performance Management, Mr. Oladapo Fakeye, highlighted the uniqueness of the PPP model, accentuating its insistence on clear definition of roles by involved parties, identification of off-takers from the start and incorporation of technology in the off-taking process, bringing about value addition to the process and system.
He praised President Tinubu and the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, for all the foresighted initiatives being rolled out in the housing sector for a better future. “The Ministry is also taking actions not just focused on the project itself but associated issues like setting up the Building Materials Manufacturing Hubs in six geopolitical zones of the country and Abuja,” he stated.
He noted that in contribution to the success of the Renewed Hope Housing Programme nationwide, the Bank was providing a N100 billion off-taker guarantee, as well as N19.9 billion and N27 billion direct funding for the projects in Karsana, Abuja and Ibeju-Lekki, Lagos respectively.
The second day of the Summit commenced with a Stakeholder/Off-Taker Dialogue where built industry stakeholders shared experiences of engaging the PPP model for affordable housing delivery, highlighted the imbalance of risks associated with PPP arrangements and called for policy formulation to balance risks in PPP arrangements and incorporation of technology, as well as consideration of end-users, thereby having 4Ps, the last representing the People.
The Stakeholder/Off-Taker Dialogue was followed by Corporate Presentations, during which the MD/CE, Shehu Osidi, represented by Mr. Fakeye, unveiled the Bank’s contributions to affordable homeownership, in a presentation titled “The Federal Mortgage Bank of Nigeria (FMBN): Driving Opportunities for Affordable Homeownership.”
He pinpointed the focus of the Bank’s business model on affordability and accessibility, outlining key benefits of the National Housing Fund (NHF) Scheme to contributors, such as; access to loans and advances for housing needs at single digit interest rate, en bloc and in full refund of the accumulated contributions upon retirement, along with accumulated interest and the fact that employers bear no obligation under the NHF Scheme.
The FMBN Chief Executive called attention to the various loan opportunities provided by the Bank, emphasing that FMBN funds both the supply and demand sides, that is, financing developers and off-takers. He revealed that the Bank was in the process of releasing new products to cater to the informal sector and Nigerians in the Diaspora.
Osidi concluded the presentation with a thorough explanation of the basic loan documentation requirements, taking participants through a seamless loan application journey.
The two-day event having explored approaches to leveraging the PPP model in accelerating the delivery of affordable homes, improving financing options and enhancing overall housing infrastructure through the Renewed Hope Housing Agenda ended with the presentation of the Summit Communique for onward action.
Mr. Fakeye was accompanied to the event by the Group Head, Corporate Communications, Mrs. Virginia Jang.
