…Advocacy group warns investors to beware of impostors, urges vigilance and due diligence
The Housing Development Advocacy Network (HDAN) has raised an alarm over the activities of fraudulent individuals posing as facilitators of the Ministry of Finance Incorporated’s (MOFI) Real Estate Investment Fund (MREIF), warning that such impostors pose a serious risk to unsuspecting investors and the credibility of Nigeria’s housing finance sector.
In a statement issued in Abuja, HDAN cautioned MOFI to put stringent measures in place to prevent fake actors from taking advantage of the new investment initiative designed to deepen funding for the nation’s housing and real estate market.
The advocacy group noted that the promise of the MREIF has already attracted wide interest from both local and foreign investors, a development that could be undermined if fraudulent facilitators are allowed to infiltrate the process.
“We are aware of individuals parading themselves as agents or middlemen for the Real Estate Investment Fund. This is a dangerous trend that can derail investor confidence and sabotage the objectives of the fund. We urge MOFI and all stakeholders to tighten the framework, ensure transparency, and warn the public against dealing with unverified parties,” HDAN said.
The group also stressed the importance of due diligence and vigilance on the part of investors, urging them to verify every transaction directly with MOFI before committing funds.
HDAN further reiterated its commitment to supporting the Federal Government’s housing initiatives while calling for stronger regulatory oversight and stricter sanctions for fraudulent actors in the sector.The NGO also called on MOFI to make public the mortgage banks that have benefited. It is our expectation that these mortgage banks will lead in the marketing of MREIF.
The MREIF is expected to mobilize long-term capital for affordable housing delivery and strengthen Nigeria’s real estate industry. However, HDAN warned that the success of the fund will depend on the integrity of its operations and the protection of investors from financial predators.
HDAN Cautions MOFI Against Fake Facilitators Exploiting Real Estate Investment Fund
