FMBN Introduces Non-Interest Housing Scheme for NHF Contributors

The Federal Mortgage Bank of Nigeria (FMBN) launched a non-interest lease-to-own housing finance scheme on October 27, 2026, in Kano State, aimed at providing eligible National Housing Fund (NHF) contributors with an alternative route to homeownership. The scheme, named Ijarah Muntahia Bittamleek, allows beneficiaries to occupy homes through a lease arrangement before ownership is transferred, contingent on fulfilling contractual obligations.

FMBN Managing Director and Chief Executive, Shehu Usman Osidi, stated that the product was designed to cater to NHF contributors seeking alternatives to conventional interest-based financing. The initiative is intended to broaden housing finance options and enhance financial inclusion.

The scheme is open to all eligible NHF contributors nationwide, regardless of religion or location. During the launch, FMBN commissioned the FMBN-Ijarah-01 Estate in Bichi, Kano State, developed by AYAB Construction Company, and presented keys to the first beneficiaries.

The estate features two- and three-bedroom bungalows with essential facilities. Kano State Governor Abba Kabir Yusuf, represented by Ibrahim Yakubu Adamu, praised the launch as a significant milestone for housing finance in Nigeria.