FirstBank of Nigeria Limited, in partnership with the Ministry of Finance Incorporated (MOFI) and ARM Investment Managers, has launched a single-digit mortgage housing scheme designed to expand access to affordable home ownership and reduce Nigeria’s estimated housing deficit of between 20 and 28 million units.

The initiative, unveiled in Abuja on Tuesday, introduces long-term mortgage financing at interest rates significantly below prevailing market levels, with repayment tenors extending up to 20 years. Stakeholders say the programme is expected to ease pressure on prospective homeowners, stimulate housing construction, and deepen economic inclusion across the country.

Speaking at the launch, the Managing Director and Chief Executive Officer of FirstBank, Mr. Olusegun Alebiosu, said the scheme represents a major shift in Nigeria’s housing finance framework, particularly at a time when high interest rates have continued to limit access to mortgage credit.

According to Alebiosu, offering mortgages at single-digit interest rates in the current economic environment demonstrates a deliberate effort to combine social impact with sustainable financial returns. He said the programme was structured to make home ownership achievable for more Nigerians while supporting growth across the construction and real estate value chain.

He explained that the availability of long-term mortgages at rates far below commercial lending benchmarks would significantly reduce repayment burdens for households, enabling more families to transition from renting to ownership. Alebiosu added that the initiative would also unlock large-scale housing development nationwide by improving developers’ access to off-take guarantees and predictable demand.

Beyond individual home ownership, the FirstBank chief said the construction of thousands of housing units under the scheme would create employment opportunities for artisans, contractors, suppliers, and other players in the construction ecosystem. He noted that mortgage repayments would be recycled into new housing projects, creating a self-sustaining financing model capable of supporting housing delivery and job creation over the long term.

Also speaking, the National Coordinator of the MOFI Real Estate Investment Fund (MREIF), Mr. Sani Yakubu, said the programme was designed to avoid the pitfalls that undermined previous public housing initiatives. He described the scheme as market-driven, transparent, and structured for long-term sustainability.

Yakubu disclosed that MREIF had recently been listed on the Nigerian Exchange with an initial ₦250bn tranche funded through a combination of public and private sector investments. He said the fund is regulated by the Securities and Exchange Commission, independently rated, and structured as an A-grade tradable investment, measures aimed at strengthening investor confidence and insulating the programme from policy inconsistencies.

According to him, mortgage loans under the scheme run for up to 20 years and are refinanced by the Nigerian Mortgage Refinance Company, a feature he said enhances liquidity and stability within the housing finance system. He added that beneficiaries are required to make a 10 per cent equity contribution, while mortgage interest rates are set at about 9.75 per cent.

Yakubu further revealed that the initiative provides off-take guarantees for developers, ensuring that completed housing units are matched with qualified buyers. He said this structure reduces project risk, accelerates construction timelines, and encourages private sector participation in housing delivery.

He noted that the broader programme is backed by a ₦1tn funding framework registered with the SEC, starting with the ₦250bn pilot tranche. According to him, the scale and regulatory framework of the fund are intended to attract sustained private capital into Nigeria’s housing sector.

In her remarks, the Managing Director of ARM Investment Managers Limited, Ms. Kai Orga, said the partnership with FirstBank would fast-track mortgage approvals and simplify access to housing finance for eligible Nigerians. She disclosed that ARM had already facilitated mortgage disbursements exceeding ₦75m to more than 110 clients, adding that approvals under the new arrangement could be completed within four to six weeks.

The initiative, officially known as the Ministry of Finance Incorporated Real Estate Investment Fund, is a public-private housing programme introduced under the administration of President Bola Tinubu. It is backed by the Federal Government through MOFI, powered by FirstBank, and managed by ARM Investment Managers.

Stakeholders at the launch said the programme represents one of the most structured attempts in recent years to address Nigeria’s housing deficit through a blend of public sector support, private capital, and long-term financing. They expressed optimism that sustained implementation would improve access to affordable housing, strengthen the construction sector, and contribute to broader economic growth.

The post Mortgage Rates Drop as FirstBank, MOFI Introduce 20-Year Housing Plan appeared first on Housing TV Africa.

‎…Advocacy group warns investors to beware of impostors, urges vigilance and due diligence
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‎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.
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‎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.
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‎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.
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‎“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.
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‎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.
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‎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.
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‎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.

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The Federal Government has introduced new measures aimed at making homeownership more attainable for Nigerians, with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) announcing a reduction of its mortgage equity contribution requirement from 20 per cent to 10 per cent.

The move, which follows an earlier cut in interest rates from 12 per cent to 9.75 per cent, applies to MREIF’s long-term mortgage products with repayment periods of up to 20 years. The initiative is designed to ease access to housing for middle- and lower-income earners while addressing the country’s persistent housing deficit.

Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, described the development as a “transformative step” toward breaking one of the major barriers to homeownership.

“I am excited to share that the Equity Contribution for homeseekers under the MREIF has now been reduced to 10 per cent, from the initial 20 per cent, for all applicants,” Takang announced via his official LinkedIn handle. “This follows our recent reduction of the interest rate from 12 per cent to 9.75 per cent. Our goal is to turn the dream of owning a home into reality for as many Nigerians as possible.”

According to Takang, the revised terms form part of the Federal Government’s Renewed Hope agenda, which prioritises affordable housing as a cornerstone of social and economic development. “By reducing the down payment and maintaining our low interest rate, we are opening the door to a brighter, more secure future for families across the nation,” he said.

The scheme also offers applicants the option to use funds from their Retirement Savings Account (RSA) for their down payment, a provision aimed at enhancing flexibility and participation, especially among those in formal employment.

Takang assured prospective homeowners of MOFI’s continued dedication to delivering tangible results. “We are committed to expanding access to decent housing and aligning our efforts with the President’s vision for affordable homes for Nigerians,” he said.

The MREIF’s work has not gone unnoticed, as it recently received the Innovative FG Mortgage Intervention Award at the 2025 Africa International Housing Show (AIHS). Takang said the recognition would further drive the team’s commitment. “This award inspires us to do more, fully aware of the scale of the task and the potential impact on citizens’ lives,” he noted.

The revised mortgage terms are expected to stimulate wider participation in the housing market, boosting demand in both the affordable and mid-tier property segments while supporting the government’s goal of inclusive economic growth.

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… Reiterates Commitment to Investor-Backed Real Estate Fund

… Promises Affordable Homeownership for Nigerians

The Ministry of Finance Incorporated (MOFI) has reiterated its commitment to tackling Nigeria’s housing deficit and unlocking affordable homeownership for millions of citizens through its innovative MOFI Real Estate Investment Fund (MREIF).

Speaking at the 19th Africa International Housing Show (AIHS) in Transcorp Hilton, Abuja, MOFI Managing Director, Dr. Armstrong Takang, outlined the fund’s transformative role in driving investment-led public sector reform and sustainable infrastructure delivery, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Dr. Takang described MREIF as a market-aligned public-private partnership (PPP) designed to catalyse Nigeria’s housing value chain by raising capital from the capital markets rather than relying on government subsidies.

This approach, he noted, ensures liquidity, sustainability, and transparency, avoiding the pitfalls of previous housing programmes.

With a pilot phase capital target of ₦250 billion under a broader ₦1 trillion programme, the fund offers single-digit interest mortgages, flexible equity contributions, and repayment tenors of up to 20 years.

It also provides offtake guarantees to developers and supports mortgage finance institutions, ensuring a holistic boost to both supply and demand.

MOFI has further reduced the fund’s mortgage rate from 12% to 9.75% per annum to make homeownership more affordable and accessible to most Nigerians.

Highlighting its national alignment, Dr. Takang emphasized that MREIF directly supports President Tinubu’s vision for sustainable infrastructure and homeownership expansion.

“This is not just a financing programme; it is a blueprint for transforming Nigeria’s housing sector through structured capital, strong governance, and genuine public-private collaboration,” he said.

With over 22,000 ready homebuyers already on its portal, MREIF is being positioned as a replicable model for other African nations seeking innovative solutions to their housing challenges. MOFI’s presence at AIHS 2025 underscores the event’s role as Africa’s largest platform for housing innovation, collaboration, and investment.

The post Housing Breakthrough at AIHS 2025 as MOFI Slashes Mortgage Rate from 12% to 9.75% appeared first on Housing TV Africa.

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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The loan came from the International Development Association, a branch of the World Bank that gives credit to developing countries.

The Federal Ministry of Finance confirmed that it asked the World Bank to cancel $9.5 million tied to unmet goals and another $0.9 million left unused. Nigeria was expected to complete several tasks, but it fell short on many

One key failure was a $4 million audit of two major agencies   the Federal Inland Revenue Service and Nigeria Customs Service. The audit was poorly done and didn’t meet global standards. The country also failed to launch a National Budget Portal, which had a $1 million budget. No proof of progress was submitted.

Another project that failed was the Revenue Assurance and Billing System. This system was meant to track foreign income from government agencies and send the money directly to the national treasury. Only 27 out of 55 agencies set up the needed accounts. The process to move the funds automatically was not in place. Contract issues and delays from the Central Bank also slowed progress.

Because of these setbacks, the system won’t be ready until August 2025. But the loan program ends in June. So the country can’t use the money even if the project is finished later.

Despite the problems, the World Bank said Nigeria made some progress. The country improved its non-oil income, reaching 153% of its 2024 target. This growth came from exchange rate changes and better digital tax systems like TaxProMax. Nigeria also published more public finance data than expected.

But capital projects were slow. The government only used 50% of the funds for construction and infrastructure, far below the 65% goal. The World Bank rated the monitoring of the project as “moderately unsatisfactory.

So far, Nigeria has used $96.04 million of the $103 million loan. The remaining $10 million is lost. At today’s exchange rate, that’s about ₦15.77 billion. That money could have funded 40 primary health care centres, 300 boreholes, or 500 electricity transformers for underserved communities. A single health centre costs ₦120 million. A borehole is about ₦20 million, and a transformer is around ₦10 million.

While losing this money, Nigeria is also working on a new project. The government has pledged $50 million to the Nigeria Wholesale Impact Investment Fund. It aims to grow the fund to $100 million and support businesses in farming, technology, and public works.

At a recent meeting in Abuja, Finance Minister Wale Edun said the goal is to create jobs and grow the economy. The fund will also work with the African Development Bank to help young business owners. Edun promised that the money would be used with full transparency and clear results.

Still, many experts worry. Economist Joseph Momoh said the problem is that Nigeria reacts too late. He believes the country fails to meet simple requirements that would unlock more funds. “We knew what was expected,” he said. “If we had met the deadlines, this money could have changed lives.”

The lost $10 million shows how poor planning and late action can cost the country badly. If Nigeria wants progress, it must act sooner and follow through.

The post Nigeria Misses Out on $10 Million World Bank Loan Over Delays and Failed Reforms appeared first on Housing TV Africa.

This action aims to increase tax compliance and raise funds needed for key public projects. The government hopes this step will also encourage accountability among property owners.

Mr. Tajudeen Mahmud, the Permanent Secretary in the Ministry of Finance, confirmed the plan. He stated that the decision is fully backed by the Land Use Charge Law of 2020. According to him, the government has made several efforts to deliver annual bills to residents. Despite this, many still ignore their payment obligations.

While some property owners have paid their LUC bills promptly, many others continue to default. The Land Use Charge helps fund vital infrastructure like roads, schools, and drainage systems. Without proper funding, these public services cannot meet the city’s growing needs.

From April, the government will begin publishing a list of defaulters. Mahmud explained that this will act as a final warning. After that, legal measures may follow. These may include taking over defaulting properties, as allowed by law.

All property owners are encouraged to check their payment status immediately. Those with unpaid charges should settle their bills to avoid being named publicly.

For any questions or concerns, residents can visit the Land Use Charge Contact Centre. It is located at Block 12, The Secretariat, Alausa-Ikeja.

This latest move shows the government’s serious approach to tax enforcement. It also highlights the need for everyone to contribute to Lagos State’s development.

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He urged state-owned enterprises (SOEs) to meet global standards of transparency, ethics, and performance.

Speaking at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health – designed to position SOEs for investment, growth, and long-term value creation.

“This scorecard is not just a document – it’s a test,” Edun said, adding that “Strong governance attracts capital, builds trust, and delivers real economic returns.”

The two-day forum, themed: “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.

Referencing entities like NNPC Ltd, Edun noted that SOEs must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.

He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.

MOFI Chairman Dr. Shamsudeen Usman confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.

“We are not asking others to do what we haven’t already done,” he said.

MOFI CEO c outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.

Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth with governance now central to growth, resilience, and investor confidence.

Mohammed Manga, Director, Information and Public Relations said the introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy.

According to him, as the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for the SOEs.

The post FG Targets $1 Trillion Economy with New SOE Governance Framework appeared first on Housing TV Africa.

Finance Minister Wale Edun made this clear at a recent forum in Abuja. According to him, the aim is to assess all possible outcomes and guide the country through any challenges that may arise.

Despite the tension, Nigeria might not feel the full weight of the tariff. The new U.S. policy excludes oil and mineral-related exports, which make up the bulk of Nigeria’s trade with America. Edun explained that Nigeria has long maintained a 27 percent tariff on U.S. imports. Over the last three years, trade has consistently favored Nigeria. In 2024 alone, exports hit N5.5 trillion, with oil and minerals making up 92 percent of that figure.

This detail changes the outlook. Unless there is a major drop in global oil prices, the new tariff may not significantly harm the economy. Still, the Finance Minister stressed the need to stay alert. A drop in oil prices could reduce national income. To stay ahead, the government is working to boost oil production and explore new revenue sources.

Agencies like the FIRS and Customs are being pushed to increase non-oil revenue. At the same time, the administration is looking into fresh ways to fund key projects without piling on more debt.

The forum also raised deep concerns about Nigeria’s State-Owned Enterprises. These organizations play major roles in energy, telecom, and infrastructure. Yet, many are underperforming. Edun said inefficiency, waste, and poor oversight have drained value from these vital assets. The issue, he said, is not whether SOEs should exist, but how they can be restructured to succeed.

Corporate governance, he emphasized, is the key. A lack of it has led to lost funds, weak performance, and fading public trust. The government, through the Ministry of Finance Incorporated (MOFI), is taking steps to fix that. MOFI, originally founded in 1959 and recently restructured, now acts as an asset manager for government investments.

One of its new tools is the Corporate Governance Scorecard. This initiative will track and improve the performance of public enterprises. Global partners like the World Bank are also supporting these efforts to bring transparency and accountability to the system.

Power Minister Adebayo Adelabu added more insight. He revealed that government-owned power plants, despite a total capacity of 4,000 megawatts, often generate only 500 to 800 megawatts. Compared to private-sector plants like Azura and Transcorp, the gap in performance is alarming. Adelabu insisted that poor management and weak governance are the main reasons for this failure.

Meanwhile, MOFI’s CEO, Dr. Amstrong Ume Takang, announced a major audit of national assets. The review will determine the current state of each holding. Based on this, the government will decide what to keep, reform, or sell. This move is meant to align public assets with the country’s development goals.

As global policies shift and new economic challenges emerge, Nigeria is working to stay ahead. The mix of trade pressure, oil dependency, and structural inefficiencies makes this a critical time. Policymakers are not waiting for a crisis. They’re choosing foresight, reform, and strategy.

The message from Abuja is clear: Nigeria is ready to adapt.

The post Trump’s Tariff Twist Puts Nigeria’s Economic Planners on High Alert appeared first on Housing TV Africa.

He noted that stronger governance frameworks would unlock the hidden potential in public assets, especially land, buildings, and housing infrastructure.

This was disclosed during the inaugural Corporate Governance Forum, organized by the Ministry of Finance Incorporated (MOFI), commenced on April 7, 2025, at the Transcorp Hilton in Abuja.

The two-day event, themed “Ensuring Value Creation in State-Owned Enterprises (SOEs) through Better Corporate Governance,” marked a bold step toward improving Nigeria’s public sector efficiency and advancing the nation’s $1 trillion economy target.

In his opening address, Dr. Shamsuddeen Usman, Chairman of MOFI’s Board of Directors, emphasized that effective corporate governance is a key catalyst for economic transformation. He stressed the need for transparency and accountability in managing public enterprises, many of which hold significant real estate and infrastructure portfolios that are currently underutilized.

Delivering a goodwill message, Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance, reiterated that improved governance structures are central to ensuring that SOEs, including those in the housing and real estate sectors, deliver tangible value to citizens.

Dr. Ndiame Diop, the World Bank Country Director for Nigeria, stressed that good governance is indispensable for sustainable development. He called for a renewed focus on performance metrics, particularly in sectors like housing and construction, which are vital for inclusive economic growth.

In his keynote address, titled “Making SOEs Engines of Development Through Better Corporate Governance: An International Perspective,” Dr. Ishmael Yamson, Chairperson of Ishmael Yamson & Associates, explored global best practices and highlighted how better governance can transform real estate-heavy SOEs into profitable and impactful contributors to national development.

The event also spotlighted MOFI’s strategic shift from a passive custodian of government assets to an active asset manager. This transition is expected to stimulate the housing and real estate market by revitalizing underperforming assets and encouraging private-sector collaboration for infrastructure development.

With many SOEs sitting on valuable land and property across the country, the forum underscored the importance of proper asset management in driving both economic growth and real estate development.

As MOFI charts this new course, stakeholders across finance, governance, and real estate are hopeful that this initiative will unlock long-dormant value and spur nationwide investment.

Ubong Usoro

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