The MOFI Real Estate Investment Fund (MREIF) has provided more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.

The Federal Government-backed housing finance initiative has expanded its reach across the country. Mortgage beneficiaries now span 27 states, according to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers.

Adekunbi disclosed the figures during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

MREIF Mortgage Disbursements Begin in 2025

MREIF began mortgage disbursements in April 2025. By August 2026, more than 2,000 people had received financing through the scheme.

Adekunbi said the fund has maintained a relatively fast application process. He added that applicants do not need personal connections to move their applications through the system.

The quickest mortgage transaction under the programme took less than three weeks, he said. However, applicants must submit the required documents and complete all due diligence checks before approval.

Adekunbi said eligible applicants could potentially complete the process and secure a home within a month.

Mortgages Available Across 27 States

Lagos and Abuja account for the largest share of applications under the scheme. However, MREIF has extended mortgage financing to properties in 27 states across Nigeria’s six geopolitical zones.

Properties in Ogun, Oyo, Enugu, Kano and Kaduna can qualify for financing. Applicants must provide valid land titles and clear ownership records for the properties.

The scheme also serves Nigerians living abroad, provided they meet the required eligibility and documentation conditions.

Adekunbi said the average age of applicants stands at 43. Mortgage repayment periods generally take retirement age into account.

Most loans are structured around a retirement age of 60. Some professionals, including lecturers and judges, may qualify for different arrangements because of their higher retirement ages.

Nigeria Needs More Housing Finance

The MREIF expansion comes as Nigeria continues to face a major shortage of housing.

Sani Yakubu, MREIF National Coordinator at the Ministry of Finance Incorporated (MOFI), said Nigeria needs to build at least 700,000 housing units each year to address the housing gap.

He said the country currently produces about 100,000 units annually. The difference between required and actual housing production highlights the scale of the supply challenge.

Yakubu linked part of the problem to limited access to affordable mortgage finance. Developers also face difficulties raising capital and obtaining proper land documentation.

He said MREIF aims to support existing financial institutions rather than replace them. The fund, he explained, is intended to help strengthen the mortgage market and increase access to long-term housing finance.

Government Provides N150bn for First Tranche

The first N250 billion tranche of the MREIF programme received N150 billion from the Federal Government.

Private-sector investors contributed the remaining N100 billion. The tranche forms part of the wider N1 trillion MREIF programme registered with the Securities and Exchange Commission.

Nigerian professionals developed the fund structure. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees serves as nominee.

The funding model is designed to attract additional capital into Nigeria’s real estate and mortgage sectors. Greater availability of long-term finance could help more households move from renting to home ownership.

MREIF Mortgage Terms

MREIF offers mortgages of up to N100 million at an interest rate of 9.75%. Eligible borrowers can repay the loans over periods of up to 20 years.

Applicants must provide at least 10% equity toward the property purchase. Contributors to the Contributory Pension Scheme can also use up to 25% of their Retirement Savings Account balance to meet the equity requirement.

MREIF caps its mortgage exposure at N100 million per property. Buyers seeking properties above that value must fund the balance through other sources.

These may include personal savings, approved pension withdrawals or other available funding.

MREIF Reports N14.49bn Profit

The mortgage expansion follows MREIF’s reported financial performance for the first half of 2026.

The fund recorded N14.49 billion in profit before tax for the six months ended June 30, 2026. It generated total income of N17.48 billion during the period.

Interest income from financial assets measured at amortised cost contributed N8.10 billion. Cash and cash equivalents generated a further N6.21 billion.

After a withholding tax charge of N250.5 million, profit after tax stood at N14.24 billion.

FirstBank Partnership Expands Mortgage Access

The latest figures also follow FirstBank’s partnership with MREIF to expand access to mortgage financing.

Under the partnership, eligible Nigerians can seek mortgage loans of up to N100 million. The initiative is part of broader efforts to increase access to home financing and support home ownership.

MREIF’s growing disbursement figures show the potential role of long-term mortgage finance in Nigeria’s housing market. However, expanding access will also require adequate housing supply, clear land titles and financing that households can sustain over the life of their loans.

For Nigeria’s housing sector, the continued rollout of MREIF could help connect homebuyers with longer-term finance while giving developers greater access to capital. The fund’s ability to expand beyond major markets will also be important as the country seeks to increase home ownership and narrow its housing supply gap.

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President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 families across 25 states of the federation.

The President described the milestone as evidence that the right policy framework, strong institutions and strategic partnerships can significantly expand access to home ownership for millions of Nigerians.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across the six geopolitical zones, accessed long-term mortgage facilities with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.

Tinubu Says Affordable Housing Finance Is Key to Wealth Creation

According to the President, access to affordable mortgage financing has remained a major barrier to home ownership for many Nigerians over the past several decades.

“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu stated.

“That reality kept countless families out of home ownership and limited their ability to build lasting assets.

“The progress recorded by MREIF shows that with the right policies, strong institutions and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership.”

MREIF Unlocks N221bn in Property Value

Beyond the N128 billion in mortgages already disbursed, the fund has reportedly unlocked N221 billion in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.

The Presidency noted that the average age of mortgage beneficiaries is 42 years, highlighting strong demand for affordable housing finance among working-age Nigerians who have historically struggled to access long-term mortgage facilities.

Understanding the MREIF Housing Finance Initiative

The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a N1 trillion housing finance platform established to improve access to affordable mortgages and stimulate housing development across Nigeria.

Its pilot phase consists of N250 billion in concessionary and commercial funding.

The fund is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers.

Its Series 2 commercial issuance has received strong investment-grade ratings, including AAA from Agusto & Co. and AA from GCR Ratings, reflecting investor confidence in the initiative.

Part of Renewed Hope Housing Agenda

Tinubu explained that MREIF operates alongside other major housing interventions under his administration, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited initiatives.

According to him, the programmes serve as complementary pillars of the administration’s broader strategy to reduce Nigeria’s housing deficit, expand affordable housing opportunities and increase home ownership nationwide.

The President reiterated his administration’s commitment to strengthening housing finance mechanisms and creating sustainable pathways for Nigerians to acquire homes through accessible mortgage schemes.

Industry stakeholders have continued to identify affordable mortgage financing as one of the most critical tools required to bridge Nigeria’s housing deficit and stimulate growth in the real estate sector.

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ARM Investment Managers Ltd has announced cash distributions for the second half of 2025 for the MoFI Real Estate Investment Fund (MREIF), proposing dividends of N3.7468 per unit for Series I and N9.7192 per unit for Series II.

The disclosure was made in a corporate actions notice filed with the Nigerian Exchange (NGX) at the close of trading on February 19, 2026, covering the financial period ended December 31, 2025.

Dividend Breakdown

Under the proposal:

• Series I: N3.7468 per unit

• Series II: N9.7192 per unit

• Qualification Date: February 20, 2026

• Register Closure: From February 23, 2026

• Payment Date: February 27, 2026

• Registrar: Africa Prudential Plc

• Payment Method: Electronic (e-dividend mandate required)

The significant difference in payout reflects the structural variations and distinct risk-return profiles of the two series.

Eligibility and Payment Process

Investors whose names appeared on the register as of the close of business on February 19, 2026, will qualify for the dividend payment.

Dividend disbursement is scheduled for February 27, 2026, and will be processed electronically. Investors yet to complete their e-dividend mandate have been advised to do so promptly to avoid delays.

ARM reiterated its commitment to electronic dividend payments as part of ongoing efforts to enhance operational efficiency and reduce unclaimed dividends in Nigeria’s capital market.

Performance on NGX

Since listing, the MOFI Real Estate Investment Fund has recorded limited trading activity on the NGX. The fund ranks among the least traded securities since November 2025.

• Total traded volume: 87,664 units

• Total value traded: N9.63 million

• Number of deals: 64

• Average per session: 1,391 units

• Highest single-day volume: About 25,000 units on November 24, 2025

Despite the relatively low liquidity, the proposed dividend payout is expected to stimulate renewed investor interest.

Background

The N1 trillion Series II of the MOFI Real Estate Investment Fund, an initiative of the Ministry of Finance Incorporated (MOFI), was listed on the NGX on November 11, 2025.

With 1 billion units priced at N100 each at listing, the fund was introduced to deepen housing finance and unlock value from federally owned real estate assets. The Series I and II units were structured to attract different classes of investors by offering varying risk-return profiles.

Investors in Series II are set to benefit from the stronger income performance reflected in the higher dividend declared for H2 2025.

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This funding, targeted specifically at low- and middle-income earners, is part of a broader push by the Federal Government to expand mortgage accessibility and bolster housing delivery under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

According to sources familiar with the deal, ITMB is among the first institutions in the mortgage banking space to tap into this strategic fund, signaling its leadership role in providing sustainable home financing.

“This isn’t just capital, it’s a transformative opportunity for everyday Nigerians,” said Mrs. Ngozi Chukwu, the Acting Managing Director/CEO of ITMB, during a briefing in Abuja.

“Our mandate goes beyond mortgage provision. We are here to enable ownership, stability, and dignity through housing. This ₦5 billion facility will allow us to roll out more affordable and flexible mortgage products designed specifically for average income earners.”

With more than 20 years of institutional experience in mortgage financing, ITMB is strategically positioned to utilize this capital injection to close gaps in the housing market. The bank plans to launch a series of tailored products that will feature lower interest rates, longer repayment periods, and reduced entry barriers, especially for first-time buyers and underserved demographics.

The MREIF facility, which is administered by ARM Investment Managers on behalf of the Federal Government, is expected to stimulate broader economic activity by unlocking liquidity within the real estate sector.

It is also intended to catalyze new investments into housing development by reducing the financial bottlenecks that have historically limited both developers and prospective homeowners.

Analysts suggest that this partnership between the public and private sectors could mark a significant turning point in addressing Nigeria’s estimated housing deficit of over 17 million units. By deploying resources through reputable mortgage institutions, the government is aiming for scalable impact enabling thousands of Nigerians to transition from renting to owning homes.

“Infinity Trust Mortgage Bank is committed not just to financing houses, but to building communities and securing futures,” Chukwu emphasized. “With this funding, we will extend our reach and improve our service delivery, while ensuring that the dream of owning a home becomes realistic for a much larger segment of the population.”

ITMB’s involvement in this initiative is widely seen as a vote of confidence in its operational integrity and social impact. Over the years, the bank has financed residential developments and facilitated home purchases for hundreds of Nigerians through customized mortgage solutions.

Housing experts say the ₦5 billion facility could serve as a blueprint for similar interventions in the future encouraging other financial institutions to participate in targeted funding schemes that prioritize affordability and inclusiveness.

The MREIF is part of the Federal Government’s broader effort to stimulate private sector-led growth in the housing sector while addressing systemic financing challenges that have plagued the mortgage industry for decades.

As implementation gains momentum, industry watchers will be monitoring how effectively the funds are deployed, particularly in reaching the demographic groups that the program is designed to serve.

Infinity Trust Mortgage Bank says it is ready.

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