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 Association of Housing Corporations of Nigeria (AHCN) has called on the Federal Government to establish a National Housing Delivery Framework and dedicated Housing Infrastructure Funds to accelerate affordable housing delivery and address Nigeria’s growing housing deficit. The association said a coordinated national strategy is essential for scaling up housing production and improving access to decent homes for low- and middle-income earners.

The call formed part of a communiqué issued at the end of AHCN’s two-day National Workshop on Affordable Housing Solutions for Low-Income Earners in Emerging Real Estate Markets and its 49th Annual General Meeting held in Calabar, Cross River State. Delegates noted that rising inflation, foreign exchange volatility, and increasing construction costs continue to widen the affordability gap across the housing sector.

AHCN urged governments, financial institutions, and development partners to create financing frameworks tailored to the needs of state housing corporations. The association also recommended greater adoption of locally manufactured building materials developed by the Nigerian Building and Road Research Institute (NBRRI), arguing that reducing dependence on imported materials would lower construction costs and improve housing affordability.

The association further advocated the use of industrialised construction technologies, including prefabricated housing, modular construction, and precast concrete systems, to speed up project delivery while reducing development costs. It also encouraged stronger collaboration among the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Fund, MOFI Real Estate Investment Fund (MREIF), and other stakeholders to mobilise long-term financing for affordable housing projects.

AHCN expressed concern that many state housing corporations have become ineffective due to years of inadequate funding and institutional neglect. It urged state governments to strengthen these agencies through policy reforms and avoid merging them with ministries, warning that such practices weaken their capacity to deliver mass housing.

The association also highlighted the growing number of completed but unoccupied housing units in major cities, noting that many homes remain unaffordable for the people they were built to serve. It stressed that improving access to land, infrastructure financing, and affordable mortgages would help bridge the gap between housing supply and demand while restoring public confidence in government-led housing initiatives

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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.

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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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Nigeria and Saudi Arabia have taken steps to strengthen bilateral cooperation in housing development, construction technology and local building materials manufacturing, following high-level talks held on the sidelines of the 2026 Real Estate Future Forum (RFF 2026) in Riyadh.

The discussions took place during a bilateral meeting between Nigeria’s Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, and Saudi Arabia’s Minister of Municipal and Rural Affairs and Housing (MOMRAH), Majed bin Abdullah Al-Hogail. Both countries explored strategic areas of collaboration aimed at attracting private capital and accelerating large-scale housing delivery in Nigeria.

During the meeting, Dangiwa presented Nigeria’s Renewed Hope Housing Programme, describing it as a flagship initiative designed to deliver affordable and market-rate housing across different income segments through structured public-private partnerships (PPPs). He said the programme is anchored on clear policies, bankable frameworks and strong demand fundamentals that make it attractive to local and international investors.

The minister also highlighted the Federal Government’s Building Materials Manufacturing Hubs initiative, which is targeted at boosting local production of construction inputs, reducing building costs, creating jobs and strengthening Nigeria’s construction value chain.

According to Dangiwa, the Federal Government is repositioning the housing sector as a key driver of economic growth rather than merely a social intervention. He noted that Nigeria is actively seeking partnerships with credible Saudi developers, manufacturers, financiers and technology providers, particularly in the area of local building materials production.

“Our Building Materials Manufacturing Hubs offer a compelling opportunity for Saudi investors interested in local production and long-term value creation in Nigeria,” he said.

In his response, Al-Hogail welcomed Nigeria’s reform-driven housing agenda and expressed Saudi Arabia’s readiness to deepen institutional cooperation. He said Saudi authorities recognise Nigeria’s significant housing deficit and the ongoing efforts to unlock private investment in the sector.

According to him, both countries share common objectives in large-scale housing delivery, construction innovation and local manufacturing. He added that MOMRAH is willing to support engagement between Nigerian institutions and reputable Saudi firms with the required capital, technical expertise and operational capacity.

“There are clear areas of synergy between our housing and urban development goals,” Al-Hogail said, noting that Saudi Arabia is open to facilitating partnerships that can translate Nigeria’s housing reforms into concrete investment outcomes.

The engagement underscores Nigeria’s broader strategy of leveraging global platforms such as RFF 2026 to attract foreign direct investment, exchange best practices and forge partnerships that support housing delivery and industrial development under the Renewed Hope Agenda.

The Federal Ministry of Housing and Urban Development said follow-up engagements would continue with MOMRAH and prospective Saudi partners to convert the discussions into project-level collaborations and tangible investment opportunities in Nigeria.

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The Federal Government has mobilised over ₦70 billion in private capital to support its Renewed Hope Housing Programme, a national initiative aimed at reducing Nigeria’s housing deficit through public-private partnerships.

The announcement was made by the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, at the 19th Africa International Housing Show in Abuja. He also launched a state-by-state housing development campaign, reinforcing the administration’s commitment to delivering affordable homes across all 36 states and the FCT.

“This administration is not just building houses; we are laying the macroeconomic and structural foundations that will make housing truly affordable and sustainable,” Dangiwa said during his keynote address.

A statement issued by Mark Chieshe, Special Assistant on Media & Strategy to the Minister, confirmed that the programme’s funding will drive large-scale urban housing developments and create jobs in the construction sector.

The Renewed Hope Housing Programme is structured around three key components: Renewed Hope Cities, Renewed Hope Estates, and Renewed Hope Social Housing Estates. These tiers are designed to cater to various income groups, ensuring inclusive access to quality housing.

Dangiwa also announced new housing support initiatives by the Federal Mortgage Bank of Nigeria, including a Rent-to-Own Scheme and a Rental Assistance Product. Both products are aimed at easing access to affordable housing for urban workers and young families. The upcoming MOFI Real Estate Investment Fund is also expected to expand access to long-term mortgage financing.

In a major policy shift, the Minister unveiled a nationwide campaign to strengthen subnational implementation of housing policies. The initiative will involve embedding housing reform champions in state agencies, hosting housing roundtables, and supporting viable project development at the state level.

“We are bringing federal and state governments, private developers, and international partners into closer alignment to deliver housing solutions that meet local needs,” Dangiwa said.

He reaffirmed the government’s commitment to urban renewal and slum upgrading in line with global standards such as the UN-Habitat Global Action Plan and the Addis Declaration on Inclusive Urban Development. “No one and no place is left behind,” he added.

Calling for stronger collaboration, Dangiwa urged development finance institutions, donor agencies, and private investors to act on insights shared at the Africa International Housing Show and deliver real results.

“Housing is not a privilege it is a right. When we invest in housing, we invest in people, jobs, cities, and our collective future,” the Minister concluded.

The Renewed Hope Housing Programme represents one of Nigeria’s most determined efforts to solve its housing crisis through sustainable financing and nationwide collaboration.

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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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