About Federal Mortgage Bank of Nigeria
Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act [1973], acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN).
FMBN is shifting operational emphasis to expand its functions from solely social housing on-lending under the NHF, to other areas of business including commercial on-lending for housing, refinancing of commercial mortgages created by mortgage loan originators, mortgage purchasing and warehousing and mortgage-backed securitization.
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