The Federal Mortgage Bank of Nigeria (FMBN) has introduced a specialized mortgage product in London to assist Nigerians living abroad in acquiring property within their home country. This initiative, titled the National Housing Fund (NHF) Diaspora Mortgage Loan, provides eligible applicants with access to as much as N100 million at a nine percent annual interest rate, with repayment terms extending up to a decade.
Government officials, including Minister of State for Housing and Urban Development, Yusuf Ata, presented the scheme as a solution to common pitfalls such as fraud and unreliable developers. By offering a direct government-backed route, officials aim to remove the need for middlemen and ensure a secure investment process.
FMBN Managing Director, Shehu Usman Osidi, confirmed that the entire application process, including registration and Know Your Customer (KYC) requirements, is digitized to allow remote participation. This project aligns with President Bola Tinubu’s broader Renewed Hope Housing Agenda, which seeks to stimulate the construction sector and increase foreign investment. Representatives from the Nigerians in Diaspora Commission (NiDCOM) and the Central Bank of Nigeria expressed their support, noting that risk management protocols have been integrated to safeguard the interests of both the financial institution and the borrowers.
