Nigerians in UK Can Access Up to ₦100m Mortgage to Buy Homes in Nigeria Under FMBN Scheme

Nigerians living in the United Kingdom can now access mortgage financing of up to ₦100 million to buy homes in Nigeria under a new diaspora housing initiative by the Federal Mortgage Bank of Nigeria (FMBN).

The scheme, called the National Housing Fund (NHF) Diaspora Mortgage Loan, was launched in London on Friday to bring overseas Nigerians into the country’s formal housing finance system and simplify home ownership from abroad.

Buying property from overseas has historically been difficult for many Nigerians due to fraud, unclear land titles, unreliable developers, and a lack of formal mortgage options. This programme aims to fix these issues by providing a structured, regulated route to buying a home.

At the launch event, the Minister of Housing and Urban Development, Engr. Dr Muttaqha Rabe Darma, represented by the Minister of State, Hon. Yusuf Ata, said the initiative is part of a broader effort to strengthen ties with citizens abroad.

He noted that the government views the diaspora as long-term investors in national development, particularly in housing, rather than just sources of remittances. The scheme aims to restore confidence for those who have previously faced risks in informal property markets.

“The NHF Diaspora Mortgage Loan represents the Federal Government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he said, urging Nigerians abroad to participate: “Register. Contribute. Participate. Invest. Own your home.”

FMBN Managing Director and Chief Executive, Shehu Usman Osidi, explained that Nigerians abroad can register for the National Housing Fund, complete their Know Your Customer (KYC) requirements online, and make contributions remotely.

Approved applicants can access loans up to ₦100 million, with final amounts depending on income, repayment capacity, and lending criteria. The mortgage carries a 9 per cent annual interest rate and a maximum repayment term of 10 years.

Osidi stated that the initiative aims to expand housing finance, attract long-term investment into the sector, boost construction, and create jobs across the real estate market.

““Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape.””

“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape,” he said.

For many Nigerians in the UK and elsewhere, buying property in Nigeria has often been hindered by trust issues and weaknesses in the real estate system.

Cases involving double allocation of land, abandoned projects, and ownership disputes have made some potential buyers cautious about investing from abroad.

The FMBN aims to cut these risks by routing transactions through formal financial institutions and using verified approval processes.

NiDCOM Chairman/CEO, Abike Dabiri-Erewa, called the initiative a vital step in rebuilding trust between Nigeria and its diaspora community, noting its emotional and economic significance.

“FMBN has done its part. NiDCOM has done hers. Now, you do yours,” she said.

The Central Bank of Nigeria (CBN) assisted in designing the framework, focusing on risk management and financial safeguards. CBN representative Mairami Ali Baba stated that regulatory oversight is in place to keep the scheme transparent and stable.

Stakeholders at the event, including mortgage industry players and Nigerian community groups in the UK, welcomed the initiative, describing it as a long-awaited step towards improving access to home ownership for the diaspora.

The Chairman of the Central Association of Nigerians in the UK (CANUK), Dr Iliyasu Maisanda, pledged support for the programme and encouraged Nigerians in Britain to explore the opportunity.

Amin Dalhatu, Nigeria’s High Commissioner to the United Kingdom, was also present at the event.