MOFI Turns to Capital Market to Expand Affordable Housing Finance

The Ministry of Finance Incorporated is strengthening efforts to mobilise capital-market funding for large-scale housing projects and affordable mortgages across Nigeria.

MOFI Managing Director and Chief Executive Officer, Dr Armstrong Takang, said the approach would be implemented through the MOFI Real Estate Investment Fund, a major financing component of the Federal Government’s One Million Homes Presidential Initiative.

Takang disclosed the plan during a visit by senior members of the Housing Development Advocacy Network to MOFI’s office in Abuja.

He explained that MREIF was designed as a market-driven platform capable of attracting pension funds and other institutional capital into Nigeria’s housing sector.

The initiative is expected to provide long-term funding for housing projects while expanding access to affordable mortgages, particularly for workers and contributors to the pension system.

According to Takang, transparency and market efficiency will guide the fund’s operations, helping to strengthen Nigeria’s mortgage market and create more sustainable routes to homeownership.

The Federal Government engaged professionals from the pension, investment and financial sectors to support the fund’s governance and deployment.

Those involved include the Accountant-General of the Federation, Dr Oluwatoyin Madein; Wale Odutola of ARM Pensions; Funmi Ekundayo of STC Trustees; and Saadu Jijji of PAL Pensions.

Their experience covers pension management, trusteeship, investment advisory services, fund management and real estate financing.

MOFI also plans to work closely with the Federal Mortgage Bank of Nigeria, Family Homes Funds Limited and Primary Mortgage Banks to increase the reach of housing finance.

Support for mortgage institutions is expected to improve their operational capacity and help them respond to the growing demand for long-term home loans.

MREIF currently offers qualifying homebuyers mortgages with repayment periods of up to 20 years at a fixed annual interest rate of 9.75 per cent and a minimum equity contribution of 10 per cent.

By June 2026, the fund had reportedly provided ₦128 billion in mortgages to 1,859 families across 25 states.

It had also unlocked approximately ₦221 billion in property value and supported the delivery of 475 housing units through offtake-guarantee projects.

The commercial tranche of the fund has been listed on the Nigerian Exchange, creating a platform through which private and institutional investors can participate in housing finance.

Reacting to the initiative, HDAN welcomed the Federal Government’s ₦250 billion commitment to housing and described the decision to access the capital market as an important step towards addressing Nigeria’s longstanding financing challenges.

The organisation, however, advised MOFI to learn from previous federal housing programmes and work with qualified professionals and developers with verifiable records of successful project delivery.

HDAN Executive Director, Festus Adebayo, called on credible estate developers to support the One Million Homes initiative and contribute to the expansion of affordable housing.

Former Chairman of the Federal Government’s Reform Committee on Land, Dr Ugochukwu Chime, identified weak land-titling systems as a major obstacle that could limit access to housing finance.

He urged MOFI and other government institutions to support reforms that would make property titles easier to obtain, verify and use as security for mortgages and construction loans.

Another housing stakeholder, Emmanuel Akinwumi, called for a review of outdated housing and mortgage laws that continue to constrain the sector’s performance.

Mobilising money from the capital market could reduce dependence on short-term government funding and commercial bank loans. Its success will, however, depend on transparent fund management, credible project selection, secure land titles and the delivery of homes within the income range of intended beneficiaries.

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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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The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Ume Takang, has said Nigeria’s democratic journey has played a significant role in driving infrastructure development, strengthening public institutions and supporting economic growth.

Speaking during activities marking Democracy Day 2026, Takang noted that democratic governance has provided the enabling environment for reforms aimed at improving institutional capacity and unlocking value from government-owned assets.

According to him, democracy remains a critical foundation for sustainable development and economic transformation.

“Democracy provides the foundation for institutional growth and economic progress. The ongoing reforms within the public sector, particularly the effort to unlock value from government-owned assets, demonstrate long-term vision and a commitment to national development,” he said.

Takang explained that one of the major achievements of the current reform agenda is the transformation of the Ministry of Finance Incorporated into a strategic asset management institution focused on preserving, growing and optimising the value of the Federal Government’s commercial assets.

He noted that MOFI has evolved from a passive holder of government investments into an active portfolio management institution tasked with enhancing the performance and value of public assets.

The MOFI boss said the reforms are designed to ensure that government-owned enterprises and investments contribute more effectively to national revenue generation, economic growth and infrastructure development.

He added that strengthening asset management practices would help improve transparency, accountability and efficiency in the management of public resources while creating long-term value for Nigerians.

According to him, the repositioning of MOFI aligns with broader government efforts to implement economic reforms, attract investments and maximise returns from public sector assets.

Takang reaffirmed the agency’s commitment to supporting national development through strategic asset management and sustainable value creation across the Federal Government’s investment portfolio.

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COPEN Group has unveiled a 2,000-unit housing development project and launched a new digital platform aimed at simplifying access to housing finance and property ownership for Nigerians.

The announcement was made during the COPEN Brand Showcase, Stakeholder Appreciation and Strategic Housing Engagement 2026, held at the Amadeo Event Centre in Enugu under the theme, “A Home for Every Dream… A House for Every Pocket.”

The event attracted government officials, housing sector stakeholders, financial institutions, faith-based organisations and members of the public.

Speaking at the event, the Group Managing Director of COPEN, Dr. Ugochukwu Chime, unveiled the flagship Spring City Housing Development located at Umuchigbo, Iji Nike, Enugu.

Chime said the project forms part of the company’s long-term strategy to deliver affordable, structured and sustainable housing communities across Nigeria.

According to him, the development will be executed in phases, beginning with the delivery of 400 housing units in the first phase to ensure quality construction and accessibility for prospective homeowners.

He explained that the project is designed to help individuals and families achieve sustainable homeownership while contributing to broader socio-economic development.

The COPEN chief executive acknowledged the support of the Enugu State Government and host communities in facilitating the successful take-off of the housing initiative.

He noted that beyond providing homes, the project is expected to stimulate economic growth, create jobs, support infrastructure development and enhance community development within the area.

As part of efforts to expand access to housing, Chime also unveiled the “Brother-Sister Help Me Own a House” initiative, which encourages collective support and cooperative financing for aspiring homeowners.

The initiative is being supported by key institutions, including the Ministry of Finance Incorporated (MOFI), the Federal Mortgage Bank of Nigeria (FMBN) and AG Mortgage Bank.

Stakeholders, including the Enugu State Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) and the Ministry of Environment and Climate Change, commended the company’s efforts to deepen mortgage access and promote affordable housing delivery.

A major highlight of the event was the launch of the Urban Home Front Application, a digital platform developed to simplify property subscriptions, documentation processes and mortgage applications through collaboration with partner institutions.

According to COPEN, the platform is expected to reduce bottlenecks in property acquisition and improve access to housing finance for Nigerians.

Participants at the event praised the company’s growing contribution to housing delivery and investment facilitation, citing its record in developing structured residential estates targeted at middle-income earners.

Several partners and clients also shared testimonials, describing the company as credible and reliable in project execution and housing development.

COPEN reaffirmed its commitment to expanding access to affordable housing and promoting inclusive homeownership opportunities in line with its vision of providing “A Home for Every Dream and a House for Every Pocket.”

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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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In a sweeping move poised to reshape Nigeria’s housing landscape, the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has unveiled revised mortgage terms designed to significantly ease the path to homeownership for millions of Nigerians.

In a major policy shift, MREIF has reduced the minimum equity contribution required to access its mortgage facility from 20% to just 10% a move widely viewed as a turning point for housing affordability in the country. Complementing this is a fixed mortgage interest rate of 9.75%, coupled with repayment terms extending up to 20 years.

The initiative forms part of the Federal Government’s broader Renewed Hope agenda, aimed at fostering inclusive economic growth and improving living standards. By lowering upfront financial barriers, the revised framework seeks to transition more Nigerians from renting to owning their own homes—an ambition long hindered by prohibitive down payment requirements.

Dr. Armstrong Takang, Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), described the revised mortgage terms as a “milestone in our mission to build a sustainable and inclusive housing ecosystem.”

“This reform is not merely about housing,” Takang stated. “It’s about economic empowerment. By making homeownership more attainable, we are laying the foundation for long-term financial stability and prosperity for families across the nation.”

Wale Odutola, CEO of ARM Group—the fund manager for MREIF—emphasized the timeliness and transformative potential of the scheme.

“We now have a compelling value proposition for Nigerians ready to take that step toward owning a home,” said Odutola. “This initiative is not just visionary it’s actionable, and the time to engage is now.”

In a further boost to accessibility, prospective homeowners may utilize funds from their Retirement Savings Accounts (RSAs) to cover the required down payment an option expected to widen participation and reduce the financial strain on aspiring buyers.

The revised terms are applicable to long-tenure mortgages offered under the MREIF umbrella, designed to minimize monthly repayment burdens while maximizing homeownership opportunities across the country.

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The MOFI Real Estate Investment Fund, better known as MREIF, may not be a household name yet, but it’s set to play a major role in fixing Nigeria’s housing crisis.

Backed by a bold N1 trillion commitment, this fund is focused on one thing giving more Nigerians a chance to own a home. It’s a collaboration between the government and private investors, and it’s already raised N250 billion, with N100 billion of that coming directly from the federal government. The rest came from private-sector believers in the mission.

The fund is designed to work in two ways. First, it helps developers by giving them access to construction financing, so more housing units can be built across the country. Second and more importantly it helps everyday Nigerians buy those homes through long-term, affordable mortgage loans. We’re talking about interest rates as low as 12 percent and repayment periods stretching up to 20 years.

Mortgage banks are now stepping in to make this real. Homebase Mortgage Bank, for example, recently received ₦3.5 billion from the fund. The bank’s managing director, Arinze Adigwe, said they’re not just lending money they’re building futures. Every loan, he said, represents a chance to help someone put down roots, raise a family, and finally leave behind the struggle of rent.

This isn’t just for government workers or big earners. Salaried workers in any sector, self-employed Nigerians with steady income, and even Nigerians living abroad can apply. If you meet basic income and credit standards, you could be eligible. That’s what makes this fund different it’s built with ordinary Nigerians in mind.

Industry experts are paying close attention. Lanre Olutimilehin, a respected real estate advisor, called the fund a “one-stop solution” to Nigeria’s housing deficit. At a recent property conference, he said it offers a rare mix of low-cost financing for developers and long-term loans for buyers. He also pointed out how simple the process is: users can check if they qualify, apply, and get approved all on a digital platform with fewer roadblocks.

There’s no denying the scale of the challenge. Nigeria needs millions of homes to close its housing gap. But MREIF isn’t just talk. The money is real, the system is live, and the support is growing. It won’t fix the problem overnight but it’s one of the most serious steps the country has taken in years.

For too long, owning a home in Nigeria felt impossible unless you were rich or lucky. But this fund changes that. If you’ve been waiting for the right opportunity, this might just be it. MREIF isn’t about promises it’s about access, action, and hope.

So if you’ve ever thought homeownership was out of reach, maybe it’s time to think again. The door is opening. You just have to walk through it.

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