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. In 1994, FMBN assumed the status of the apex mortgage institution in Nigeria,with the promulgation of the FMBN Act 82 [1993] and the Mortgage Institutions Act 53 [1989]. It also commenced the management and administration of the contributory savings scheme known as the National Housing Fund (NHF) established by Act 3 of [1992]. The National Housing Fund (NHF) is a social savings scheme designed to mobilize long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance concessionary loans to contributors. In fulfilling its mandate, the Bank is to also float capital market instruments such as mortgage-backed bonds and Mortgage Backed Securities for sale to institutional investors, such as pension funds, insurance comp...