…Rebrands after financing 15,900 homes, creating 104,000 jobs
Family Homes Funds Limited (FHFL), a government-owned housing finance institution, is broadening its funding base beyond government resources to attract private capital and other financing sources as it seeks to expand affordable housing delivery in Nigeria, where the housing deficit is estimated at 15 million units.
The institution has unveiled a new corporate identity and logo to reflect its growth since commencing operations in 2018 and its expanding role in Nigeria’s housing finance market. The rebranding comes as the Fund seeks to strengthen partnerships and mobilise the long-term capital needed to increase housing supply.
Abdul Mutallab Mukhtar, managing director and chief executive officer of FHFL, disclosed the funding strategy while speaking to journalists in Abuja after the unveiling. He said the institution was repositioning itself to attract a wider range of investors and strengthen its capacity to finance affordable housing.
“Our previous identity served us through the early years of our operations, and our growth has created the need for a brand that reflects the organisation we have become, where we are today and where we want to be,” Mukhtar said.
Since commencing operations in 2018, FHFL has financed more than 15,900 homes, created over 104,000 direct and indirect jobs and established a presence across 70 project sites in 19 states and the Federal Capital Territory, according to figures presented at the briefing. Its development pipeline includes more than 18,000 housing units under review.
The institution has also supported more than 15,700 student bed spaces, extending its activities beyond conventional homeownership into rental housing and student accommodation.
Mukhtar said FHFL wanted to become a more resilient and better-structured housing development finance institution over the next three to five years.
Nigeria’s housing shortage has been compounded by high construction costs, limited access to long-term finance and the difficulty many households face in meeting mortgage requirements. Addressing the deficit therefore requires financing models that can bring together government resources, private investors, developers and development finance institutions.
But beyond financing, FHFL is investing in the skills required to increase construction capacity. Mukhtar said 572 artisans had graduated from a training programme during the year, while more than 500 others were undergoing training.
Ademola Adebise, chairman of FHFL, said the institution’s evolution reflected the need for stronger financing structures and partnerships capable of supporting housing delivery at scale.
“Addressing the scale of the challenge requires institutions that can mobilise capital, strengthen partnerships and create the conditions for housing delivery at scale,” Adebise said.
FHFL operates programmes covering affordable housing development, homeownership, rental housing, land and infrastructure development, and social housing for vulnerable communities. It works with developers and state governments to support housing projects, while eligible homebuyers access financing through primary mortgage banks rather than borrowing directly from the fund.
Emeka Henry Inegbu, executive director of operations at FHFL, said the institution has supported government housing initiatives, including the Renewed Hope Housing Estates, alongside private developers operating across Nigeria’s six geopolitical zones.
The fund uses partnerships to combine financing from different sources, with the aim of reducing costs and improving the affordability of completed homes. It has also expanded its support for student accommodation as part of efforts to address demand for rental housing.
Inegbu said FHFL had completed about 450 mortgages by mid-2026. The institution has financed student accommodation at 12 locations, with construction ongoing at 10 sites at the time of the briefing. Two locations in Akwa Ibom and Delta states were expected to be commissioned in the coming weeks.
Its social housing programme includes 100 homes for widows in Kaduna and 50 units for wives of fallen military personnel in Ibadan. Another 50 homes in Calabar had recently been completed and were awaiting commissioning and allocation.
The institution is owned by the Ministry of Finance Incorporated (MOFI), which holds a 51 percent stake, and the Nigeria Sovereign Investment Authority (NSIA), with 49 percent. Its development financing includes a $16 million facility from the African Development Bank and a €30 million facility from the French Development Agency for student accommodation.
Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.
