FMBN launches ₦100m mortgage in London as government and financial institutions seek to turn Diaspora resources into homes, investment and jobs

LONDON — Nigeria has taken a significant step towards unlocking the economic potential of its citizens abroad with the launch of the Federal Mortgage Bank of Nigeria (FMBN) Diaspora National Housing Fund Mortgage in London.

The scheme offers eligible Nigerians abroad mortgage finance of up to ₦100 million at 9 per cent interest, with repayment of up to 10 years. Applicants can complete registration and KYC digitally without travelling to Nigeria.

Minister of Housing and Urban Development Muttaqha Rabe Darma, represented by Minister of State Yusuf Ata, described the initiative as a secure institutional pathway for Nigerians abroad to own homes and invest in Nigeria. He acknowledged longstanding Diaspora concerns over fraudulent transactions, unfinished projects, unreliable intermediaries and inadequate financing, saying the scheme is designed to restore confidence through “credible institutions, transparent processes, and secure financing.”

For FMBN Managing Director/CEO Shehu Usman Osidi, the programme represents “a new chapter in Nigeria’s housing finance landscape”, extending affordable home ownership beyond Nigeria’s borders. He said it could stimulate construction, support developers, create jobs, deepen mortgage penetration and increase foreign-exchange inflows.

NiDCOM Chairman/CEO Abike Dabiri-Erewa described the mortgage as an initiative founded on “investment, belonging and trust”, urging Nigerians abroad to seize the opportunity. Her message was direct: “FMBN has done its part. NiDCOM has done hers. Now, do yours.”

The Central Bank of Nigeria, represented by Development Finance Institutions Director Mairami Ali Baba, confirmed its collaboration with FMBN on the product’s risk-management framework. CANUK Chairman Dr Iliyasu Maisanda also pledged the association’s support, while Nigeria’s UK High Commissioner Ambassador Amin Dalhatu, senior housing officials, mortgage bankers and other stakeholders attended the London launch.

The opportunity is much larger than housing. The World Bank records Nigerians’ personal remittances at 8.8 per cent of GDP in 2024, underlining the scale of Diaspora economic contribution. Properly structured investment can convert part of that financial flow into construction, employment, businesses and long-term Nigerian assets.

Yet challenges remain: trust, property-title security, transparency, currency risk, affordability, reliable developers and effective dispute resolution. Diaspora Nigerians need assurance that their investment is protected and delivered as promised.

Mentoring Cmdt Alistair, a Diaspora development advocate and serial  investor, welcomed the initiative:

“The next stage must be structured investment — turning Diaspora resources into homes, businesses, jobs and long-term Nigerian assets. Government has opened an important door; credibility and delivery will determine whether Nigerians abroad walk through it.”

For Nigeria, the London launch is therefore more than a mortgage announcement. It is a test of whether Diaspora goodwill can finally be converted systematically into productive national capital.