The House of Representatives Committee on Housing and Habitat has commenced an investigation into the operations of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a major federal government housing finance initiative established to expand access to affordable home ownership for Nigerians.
The investigative hearing is scheduled to begin tomorrow, with the Managing Director and the entire management team of the Fund expected to appear before the committee to provide explanations on its administration, performance and implementation.
Lawmakers To Review Fund Performance
Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, said the exercise is part of the National Assembly’s constitutional oversight responsibilities and is aimed at ensuring that the Fund is operating in line with its objectives.
According to him, lawmakers will conduct a comprehensive assessment of the Fund’s governance structure, financing framework, project implementation strategy and overall contribution to housing delivery across Nigeria.
“The committee is embarking on this exercise to ensure that the administration and performance of MREIF meet the expectations of the President and the aspirations of Nigerians seeking affordable housing opportunities,” Jibrin stated.
Petitions To Be Examined
Jibrin disclosed that the committee would also review several petitions submitted by stakeholders regarding the operations of the Fund.
He stressed that transparency, accountability and effective service delivery remain critical to the success of government-backed housing programmes.
The lawmaker noted that the management team’s appearance before the committee is mandatory, adding that the House is determined to establish whether the Fund is effectively addressing Nigeria’s housing challenges.
Understanding The MREIF Initiative
The MOFI Real Estate Investment Fund was established under the Ministry of Finance Incorporated as part of the Federal Government’s broader strategy to address Nigeria’s housing deficit and strengthen long-term financing in the real estate sector.
The Fund was designed to mobilise long-term capital from public and private sector institutions, including pension fund administrators, commercial banks, insurance firms and development finance institutions.
Government expects the initiative to create a sustainable financing platform capable of supporting large-scale housing development projects while expanding access to affordable mortgage facilities for low- and middle-income earners.
Key Component Of Renewed Hope Housing Programme
MREIF is regarded as one of the key financing pillars of the Federal Government’s Renewed Hope Housing Programme, which aims to increase housing supply, stimulate economic growth, create jobs and improve home ownership opportunities nationwide.
The initiative is expected to play a significant role in addressing the country’s housing shortage by providing affordable financing options and encouraging greater private-sector participation in housing development.
Focus Of The Investigation
As part of the ongoing probe, the House Committee is expected to examine whether the structure and implementation of the Fund align with its stated objectives.
Lawmakers will assess issues relating to transparency in fund management, deployment of resources, accessibility of mortgage products and the delivery of affordable housing projects.
The outcome of the investigation is expected to provide a clearer picture of the Fund’s performance and help determine whether additional legislative or policy measures are required to strengthen Nigeria’s housing finance framework.
