‎…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.

The post FG Slashes Mortgage Down Payment to 10% to Boost Affordable Homeownership appeared first on Housing TV Africa.