This Home Financing Scheme Targets 28 Million Nigerians

In the offing for Nigerians is a collaborative home financing scheme that has as target, 28 million Nigerians, and which aspires to bridge Nigeria’s housing gap

The Non Interest Mortgage Scheme is being promoted by the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN).

At the unveiling in Abuja on Friday, SEC Director-General Dr. Emomotimi Agama described the collaboration as crucial to unlocking long-term, sustainable financing for the housing sector .

“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector,” Agama said.

“By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international. This will create a virtuous cycle of funding, construction, and ownership.”

The home financing scheme is designed to particularly factor Nigerians excluded from conventional interest-based mortgages, providing them opportunity to own homes ethical, Sharia-compliant financing platforms.

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Agama underscored SEC’s commitment to providing the regulatory framework for Sukuk issuances and other non-interest capital market instruments that will fund the proposed mortgage products.

Agama noted that developing a structured NIM model would enhance market integrity, protect investors, and ensure stability across the financial ecosystem.

On the other hand, FMBN’s Managing Director/CEO, Mr. Shehu Osidi, said:

“We are committed to developing non-interest mortgage products that are ethical, inclusive, and financially sustainable.”