FMBN launches N100 million diaspora mortgage loan at 9% for Nigerians abroad
By Aboki Forex —
The Federal Mortgage Bank of Nigeria has launched a dedicated mortgage loan product for Nigerians living abroad, allowing diaspora contributors to access up to N100 million in housing finance at 9% per annum without travelling to Nigeria. The development was revealed in a statement signed by the bank’s Group Head of Corporate Communications, Joe Abuku, on Saturday.
Product unveiled in London
The National Housing Fund Diaspora Mortgage Loan was unveiled in London on Friday, August 7, 2026, at an event attended by senior government officials, housing and mortgage finance stakeholders, and representatives of the Nigerian diaspora community in the United Kingdom. Under the product, eligible Nigerians living abroad can register under the NHF Scheme, complete KYC requirements digitally, make contributions remotely, and access mortgage financing from outside the country, with a maximum repayment tenor of 10 years and subject to affordability and applicable requirements.
What FMBN is saying
FMBN Managing Director and Chief Executive Shehu Usman Osidi said the launch extends affordable homeownership beyond Nigeria’s borders and is designed to leverage the financial potential of Nigerians abroad for the benefit of the entire country. “Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” he said.
He said the initiative would not only facilitate homeownership but also stimulate residential construction, support developers, create jobs, deepen mortgage penetration, and increase foreign exchange inflows into the Nigerian economy. “This is not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Ahmed Tinubu and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” he added.
Government backs the product
The Minister of State for Housing and Urban Development, Yusuf Ata, representing the substantive minister, said the product addresses longstanding challenges that have prevented diaspora Nigerians from owning homes at home, including fraudulent transactions, uncompleted projects, and unreliable intermediaries. “The NHF Diaspora Mortgage Loan represents the Federal Government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he said.
NiDCOM Chairman and CEO Abike Dabiri-Erewa described the product as anchored on investment, belonging, and trust, and urged the diaspora community to take advantage of the structured channel it provides for investing in Nigerian real estate.
Earlier announcement and recovered estate
FMBN had announced in July that it would launch the Diaspora National Housing Fund Mortgage Loan on August 7, 2026, in London. Osidi disclosed the planned launch during his goodwill message at the 2026 National Diaspora Day Celebration in Abuja, according to a statement issued by Joe Abuku. At the time, FMBN said the product was being developed to provide Nigerians living and working abroad with a safe, transparent and sustainable pathway to own homes in Nigeria.
Nairametrics earlier reported that the FMBN is set to complete 962 housing units in Abuja following the recovery of a housing project financed with a $65 million loan allegedly diverted from its intended purpose. The development follows the formal handover of the forfeited Kaba District estate by the Independent Corrupt Practices and Other Related Offences Commission to FMBN, in compliance with a final forfeiture order issued by the Federal High Court. The estate is part of a housing project initiated by FMBN in 2012 and financed through a $65 million loan facility. The project was subsequently abandoned after the funds were allegedly diverted, leading the ICPC to commence civil and criminal proceedings over the matter.
For the naira and the broader economy, the diaspora mortgage product is expected to increase foreign exchange inflows as more Nigerians abroad invest in homes back home, while supportive construction activity could create jobs and deepen mortgage penetration.