Financial institution, FMBN, posts operational surplus worth N13bn during the initial half of the year 2025, as reported by Osidi.
The Federal Mortgage Bank of Nigeria (FMBN) is currently on an impressive growth trajectory, as revealed by the Managing Director and Chief Executive, Mr. Shehu Usman Osidi, during a retreat along the Abuja-Kaduna expressway.
Osidi expressed optimism that the Bank could surpass its collections for 2024 if the positive trend is sustained. By half-year 2025, FMBN had collected N73.9 billion, compared to N49.6 billion collected in the corresponding period for 2024, marking a significant increase.
The Managing Director also highlighted the commendable progress made since the last retreat. The half-year surplus grew from N4.9B to over N13B by the halfway point of 2025. This growth in operational surplus is attributed to the capacity and commitment of FMBN's staff members.
In 2024, seven Recovery Task Teams were constituted to recover delinquent loans. By the end of 2024, the Task Teams had recovered N10.9 billion. This figure has grown to N18.9 billion at the end of June, 2025.
Osidi also announced that the Core-Banking application (CBA) deployment has been completed, and FMBN is currently in a six-month maintenance phase that will end by the end of the month.
Under the National Housing Fund (NHF) operations, FMBN's annual collections grew by N3 billion in 2024, totaling N103 billion compared to N100 billion in 2023.
The Bank has also made strides in clearing its audited accounts backlog. FMBN has cleared a 4-year backlog of audited accounts for 2018, 2019, 2020, and 2021. Osidi signed off on the commencement of the 2023 audit, and the audit of 2022 accounts has been concluded and submitted to the CBN. The plan is to clear the remaining backlog and bring the Bank up to date by the end of the year.
The retreat's theme was "Process Re-Engineering for Optimal Performance", reflecting the Bank's commitment to continuous improvement and optimising performance for sustainable growth. These developments are significant for any corporate organization seeking long-term growth and financial sustainability.
Though the surplus may be reduced by provisioning, the trajectory indicates that FMBN is on the right track. No new facts regarding the clearance of audited accounts or the surplus recorded in the first half of 2025 were mentioned in this paragraph. However, the Bank's positive trend and commitment to improvement bode well for its future prospects.
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