The MOFI Real Estate Investment Fund (MREIF) recorded ₦14.24 billion in profit after tax for the first half of 2026, while expanding its mortgage portfolio and supporting thousands of Nigerians seeking homeownership.
For the six months ended June 30, 2026, the fund generated ₦17.48 billion in total income from its investment activities, including income from mortgages and interest earned on cash holdings. It recorded ₦14.49 billion in profit before tax.
The results highlight the growing role of institutional investment funds in addressing Nigeria’s housing-finance challenges.
Mortgage Lending Expands
MREIF’s total assets reached ₦269.9 billion by the end of June.
Of this amount, ₦131.67 billion had been disbursed as mortgage loans, financing 1,909 completed housing units across all six geopolitical zones and 27 states.
The geographical spread is significant because mortgage lending in Nigeria has historically been concentrated in a relatively small number of major urban centres.
MREIF’s model is designed to make longer-term mortgage financing more accessible through participating banks and mortgage institutions. The fund currently works with 22 partner banks and mortgage institutions, according to the report.
Salaried Workers Make Up Majority of Beneficiaries
Salaried workers account for 87.2 per cent of MREIF’s mortgage beneficiaries, while self-employed Nigerians make up 12.8 per cent.
The distribution reflects the importance of predictable income when accessing mortgage finance, but it also highlights an opportunity to expand access among self-employed workers and other Nigerians who may struggle to qualify for conventional mortgages.
MREIF’s mortgage offering is designed around lower-cost, longer-term financing. Its official platform currently advertises mortgages of up to 20 years at a fixed rate of 9.75 per cent per annum.
Developers Also Receive Support
MREIF’s role extends beyond financing homebuyers.
The fund has provided offtake guarantees to three developer projects, supporting 475 housing units currently under construction.
These guarantees can help developers obtain construction financing from financial institutions by providing additional confidence around the eventual purchase of completed housing units.
This is important because increasing housing supply requires financing on both sides of the market. Buyers need affordable mortgages, while developers need access to capital to construct the homes in the first place.
Investors Also Receive Returns
The fund’s performance has also generated returns for investors.
MREIF paid an interim dividend on July 15 to its two categories of investors.
Commercial investors received ₦8.61 per unit, while government-held units received ₦2.80 per unit. Combined, the fund distributed ₦12.82 billion across its 2.5 billion outstanding units.
The results demonstrate the fund’s dual role as an investment vehicle and a housing-finance mechanism.
Profitability Is Not the Only Measure
Despite the strong financial results, mortgage-banking stakeholders have argued that MREIF’s performance should not be judged by profitability alone.
The Mortgage Banking Association of Nigeria (MBAN) recently called for greater emphasis on sustainable housing-finance delivery, noting that MREIF was created to expand affordable mortgage access, mobilise long-term capital and increase homeownership.
MBAN also pointed out that a significant portion of the fund’s assets remains in cash and investment securities rather than mortgage loans.
That creates an important question for the housing sector: how quickly can MREIF convert its available capital into more mortgages and housing projects?
What the Numbers Mean for Nigeria’s Housing Market
MREIF’s first-half performance suggests that structured housing finance can play a larger role in Nigeria’s homeownership market.
The fund has already financed 1,909 completed units and supported another 475 units under construction. But Nigeria’s housing challenge is much larger than the current scale of lending.
The next test is therefore not simply whether MREIF can remain profitable. It is whether the fund can scale mortgage lending, reach more states and income groups, and help developers deliver homes that households can actually afford.
For Nigeria’s housing market, the combination of affordable mortgages and developer financing could become an important part of closing the gap between housing demand and actual home delivery.
