The MOFI Real Estate Investment Fund (MREIF) recorded ₦14.24 billion in profit after tax for the first half of 2026, while expanding its mortgage portfolio and supporting thousands of Nigerians seeking homeownership.

For the six months ended June 30, 2026, the fund generated ₦17.48 billion in total income from its investment activities, including income from mortgages and interest earned on cash holdings. It recorded ₦14.49 billion in profit before tax.

The results highlight the growing role of institutional investment funds in addressing Nigeria’s housing-finance challenges.

Mortgage Lending Expands

MREIF’s total assets reached ₦269.9 billion by the end of June.

Of this amount, ₦131.67 billion had been disbursed as mortgage loans, financing 1,909 completed housing units across all six geopolitical zones and 27 states.

The geographical spread is significant because mortgage lending in Nigeria has historically been concentrated in a relatively small number of major urban centres.

MREIF’s model is designed to make longer-term mortgage financing more accessible through participating banks and mortgage institutions. The fund currently works with 22 partner banks and mortgage institutions, according to the report.

Salaried Workers Make Up Majority of Beneficiaries

Salaried workers account for 87.2 per cent of MREIF’s mortgage beneficiaries, while self-employed Nigerians make up 12.8 per cent.

The distribution reflects the importance of predictable income when accessing mortgage finance, but it also highlights an opportunity to expand access among self-employed workers and other Nigerians who may struggle to qualify for conventional mortgages.

MREIF’s mortgage offering is designed around lower-cost, longer-term financing. Its official platform currently advertises mortgages of up to 20 years at a fixed rate of 9.75 per cent per annum.

Developers Also Receive Support

MREIF’s role extends beyond financing homebuyers.

The fund has provided offtake guarantees to three developer projects, supporting 475 housing units currently under construction.

These guarantees can help developers obtain construction financing from financial institutions by providing additional confidence around the eventual purchase of completed housing units.

This is important because increasing housing supply requires financing on both sides of the market. Buyers need affordable mortgages, while developers need access to capital to construct the homes in the first place.

Investors Also Receive Returns

The fund’s performance has also generated returns for investors.

MREIF paid an interim dividend on July 15 to its two categories of investors.

Commercial investors received ₦8.61 per unit, while government-held units received ₦2.80 per unit. Combined, the fund distributed ₦12.82 billion across its 2.5 billion outstanding units.

The results demonstrate the fund’s dual role as an investment vehicle and a housing-finance mechanism.

Profitability Is Not the Only Measure

Despite the strong financial results, mortgage-banking stakeholders have argued that MREIF’s performance should not be judged by profitability alone.

The Mortgage Banking Association of Nigeria (MBAN) recently called for greater emphasis on sustainable housing-finance delivery, noting that MREIF was created to expand affordable mortgage access, mobilise long-term capital and increase homeownership.

MBAN also pointed out that a significant portion of the fund’s assets remains in cash and investment securities rather than mortgage loans.

That creates an important question for the housing sector: how quickly can MREIF convert its available capital into more mortgages and housing projects?

What the Numbers Mean for Nigeria’s Housing Market

MREIF’s first-half performance suggests that structured housing finance can play a larger role in Nigeria’s homeownership market.

The fund has already financed 1,909 completed units and supported another 475 units under construction. But Nigeria’s housing challenge is much larger than the current scale of lending.

The next test is therefore not simply whether MREIF can remain profitable. It is whether the fund can scale mortgage lending, reach more states and income groups, and help developers deliver homes that households can actually afford.

For Nigeria’s housing market, the combination of affordable mortgages and developer financing could become an important part of closing the gap between housing demand and actual home delivery.

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The Mortgage Banking Association of Nigeria (MBAN) has called on the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to translate its strong financial performance into increased mortgage lending and wider access to affordable housing finance.

The call followed MREIF’s half-year 2026 financial results, which showed a profit before tax of ₦14.49 billion and profit after tax of ₦14.24 billion. The fund also declared interim dividends and increased its net asset value per unit to ₦106.71.

MBAN President, Ayo Olowookere, commended the fund’s financial performance, describing it as evidence of sound financial management. However, he argued that profitability should be matched with greater deployment of capital into mortgage lending.

According to Olowookere, MREIF increased its mortgage portfolio by 86 per cent within six months, but a significant portion of its assets remained invested in cash and investment securities rather than mortgage loans. He noted that much of the fund’s income during the period came from interest earned on these investments.

He said the situation creates an opportunity for MREIF to accelerate the deployment of its resources towards its core development mandate, particularly the expansion of affordable mortgage finance.

MREIF was established as a public-private partnership intended to provide long-term, relatively low-cost mortgage financing while helping deepen Nigeria’s housing finance market.

Olowookere said the fund’s success should therefore not be assessed only through profitability, dividends or growth in assets. He argued that its wider impact should also be measured by the number of mortgages created, homes financed and households helped to achieve homeownership.

The MBAN president stressed that expanding mortgage lending would still require strong risk management. He identified credit assessment, legal documentation, property verification and reliable operational systems as important components of responsible mortgage lending.

He also called for stronger collaboration between MREIF and primary mortgage banks to improve transparency, execution and the overall impact of the fund.

Beyond financing, Olowookere said government reforms in land administration, property registration and foreclosure processes would be necessary to strengthen Nigeria’s housing finance ecosystem.

He assured MREIF that mortgage banks were prepared to support the fund by originating quality mortgage assets, improving underwriting standards, adopting technology and working with the institution to expand responsible mortgage lending nationwide.

The development highlights a central challenge facing Nigeria’s housing sector. Having capital available is not the same as having affordable mortgages reaching households that need them.

For MREIF, the next test may therefore be whether its strong balance sheet can translate into significantly more accessible housing finance and, ultimately, more homes financed for Nigerians.

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The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have asked the Federal High Court in Abuja to first determine whether it has the jurisdiction to hear a lawsuit filed by Aso Savings & Loans Plc and Union Homes Savings & Loans Plc over the revocation of their operating licences.

The two regulators raised the objection on Monday during proceedings before Justice Emeka Nwite, arguing that jurisdiction is a threshold issue that must be resolved before any other application can be considered.

The mortgage banks are challenging the recent withdrawal of their licences by the CBN and are seeking court orders to restrain the NDIC from taking further steps, including liquidation, pending the outcome of the case.

CBN’s counsel, Onyeka Ezeah, told the court that the issue of jurisdiction is fundamental and must be addressed first, citing a 2022 Supreme Court ruling which held that courts must resolve jurisdictional questions before entertaining substantive reliefs.

NDIC’s lawyer, Abubakar Shehu, aligned with the CBN’s position, insisting that the corporation acted within its statutory mandate once the licences were revoked. He urged the court to adjourn the matter to allow full arguments on the preliminary objections filed by both defendants.

Counsel to the mortgage institutions, Joseph Silas, argued that the suit was scheduled for the regulators to “show cause” why the court should not restrain them from further action. He warned that continued liquidation steps by the NDIC could cause irreversible damage if the court later finds the licence revocation unlawful.

He maintained that the law grants the affected institutions a 30-day window to challenge the CBN’s decision and urged the court to preserve the status quo to protect both the plaintiffs and their depositors.

Responding, NDIC’s counsel said the agency was acting in the interest of depositors who were unable to access their funds, noting that the law empowers NDIC to step in immediately after licence revocation. He added that shareholders could seek damages if the banks eventually succeed in court.

Justice Nwite, while noting the competing arguments, described jurisdiction as a “threshold issue” and declined to make any interim orders. He adjourned the case until January 21, 2026, for a hearing on the preliminary objections filed by the CBN and NDIC.

The suit, marked FHC/ABJ/CS/2776/2025, was filed by Aso Savings & Loans Plc, Union Homes Savings & Loans Plc, and two individuals against the CBN and NDIC.

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The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc that they will receive insured deposits of up to N2 million per depositor.

The assurance followed the revocation of the operating licences of the two mortgage banks by the Central Bank of Nigeria (CBN).

In a statement issued on Tuesday, the NDIC said it had commenced the liquidation process for the affected institutions in line with the provisions of the NDIC Act 2023.

Earlier, the CBN announced the withdrawal of the licences as part of efforts to reposition the mortgage banking subsector and strengthen regulatory compliance.

According to the apex bank, the action was taken under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

The CBN cited several regulatory breaches by the banks, including failure to meet minimum paid-up share capital requirements, insufficient assets to cover liabilities, critical undercapitalisation, and non-compliance with regulatory directives.

Deposit Payment Process

The NDIC said depositors would be paid insured sums of up to N2 million, using their Bank Verification Number (BVN) to locate alternate bank accounts into which the funds would be credited.

Depositors with balances exceeding N2 million will receive the insured portion immediately, while the remaining balances will be paid later as liquidation dividends after asset sales and loan recoveries.

To facilitate this, the Corporation said it would begin the sale of the banks’ assets and intensify debt recovery efforts.

Claims and Verification

Depositors have been advised to submit claims through the NDIC online claims portal by completing a digital verification form.

Those who prefer physical verification can visit the nearest branches of the closed banks between December 16 and December 30, 2025, where NDIC officials will be available.

Required documents include proof of account ownership, a valid means of identification, BVN details, and information on an alternate bank account.

Creditors, Staff, and Shareholders

Creditors of the failed banks were also advised to submit claims within the verification period. Payment of liquidation dividends to creditors will begin after all depositors have been fully settled.

The NDIC added that staff of the defunct banks would be paid after depositors, while shareholders would receive payments only after further asset realisation and debt recovery.

Debtors of the closed banks were advised to contact the NDIC’s Asset Management Department to settle outstanding loan obligations.

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The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and failure to meet required prudential standards.

In a regulatory notice released on Monday, the apex bank said the decision followed extensive supervisory reviews and enforcement actions aimed at stabilising Nigeria’s financial system.

According to the CBN, both mortgage banks failed to comply with critical provisions of the Banks and Other Financial Institutions Act (BOFIA), including capital adequacy requirements and corporate governance standards.

The apex bank stated that the revocation was necessary to protect depositors, maintain public confidence, and strengthen the integrity of the mortgage banking sub-sector.

“Withdrawing the licences of non-compliant institutions is part of our commitment to ensuring a sound and resilient financial system,” the CBN noted.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as liquidator and will commence the process of reimbursing insured depositors in line with existing regulations.

Industry analysts say the move underscores the CBN’s zero-tolerance stance on regulatory infractions and signals increased scrutiny of financial institutions operating in Nigeria.

The development has sparked concerns among stakeholders in the housing and mortgage sector, particularly as access to long-term housing finance remains a major challenge in the country.

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Nigeria’s newly introduced tax law is being described as a game-changer for the real estate sector, with experts highlighting its far-reaching benefits for home buyers, renters, developers, and investors.

One of the biggest advantages is the removal of value-added tax (VAT) on land and residential property sales, including rental transactions. This is expected to reduce overall construction costs and make housing more affordable. “This law creates real cost savings for buyers and renters. Exempting residential property from VAT lowers transaction costs and reduces the burden of rent and purchase,” an industry expert explained.

The law also provides capital gains tax exemptions on the disposal of personal residential properties, creating opportunities for homeowners to save more when selling. Another provision exempts leases below ₦10 million per month from stamp duty, a move that eases the burden on tenants. In addition, benefits in kind (BIK) valuation for individuals has been capped at 20 percent of annual salary, ensuring more predictable taxation.

Developers and construction firms are also expected to benefit significantly. Imported building materials, which form a large part of Nigeria’s construction costs, are now VAT-exempt. “For developers, this is a huge relief. The removal of VAT on input materials will directly lower costs and, by extension, make housing projects more viable,” one stakeholder noted.

Small and local contractors will now pay a lower withholding tax (WHT) of 2 percent, down from 2.5 percent, while foreign contractors will pay 5 percent. For investors and real estate investment trusts (REITs), the law introduces a WHT exemption on dividend distributions, a measure that experts say will attract fresh capital into the sector.

Real estate investors believe the reforms could spark renewed activity in commercial property markets as well. “There will be a significant boost in investor participation because the law eases tax burdens and encourages long-term commitments in real estate,” an analyst said.

Industry leaders also stressed the importance of aligning tax reforms with better land administration. “Real estate in Nigeria is locked-down wealth. If states ensure proper land title registrations, it will improve financial systems, attract investments, and strengthen mortgage insurance,” a developer observed.

The consensus across stakeholders is that the new tax law not only reduces costs for individuals and institutions but also positions real estate as a stronger driver of economic growth. “These reforms are unlocking opportunities that will enhance home ownership, expand mortgage access, and deepen investment in Nigeria’s property market,” another stakeholder emphasized.

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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.

The post MREIF Could Change Everything: Why Nigeria’s New Housing Fund Deserves Your Attention appeared first on Housing TV Africa.

Four mortgage banks have been honored with the prestigious Customer Service Excellence Award at the Africa Housing Awards 2024, held recently at the Musa Yar’Adua Event Centre in Abuja.

The annual event celebrated remarkable achievements in the housing and urban development sector, with key stakeholders, policymakers, and industry leaders from across Africa in attendance.

Among the highlights of the evening was the recognition of First Generation Mortgage Bank, AG Mortgage Bank Plc., Infinity Trust Mortgage Bank Plc., and Platinum Mortgage Bank Ltd for their outstanding contributions to customer satisfaction and excellence in the mortgage industry.

First Generation Mortgage Bank has consistently delivered innovative home financing solutions while maintaining an unwavering focus on personalized customer care. Its range of services, including mortgage financing, personal banking, and small business banking, has positioned it as a trusted partner for many Nigerians.

For AG Mortgage Bank Plc, established in 2004, has demonstrated a strong commitment to customer satisfaction by building a competent workforce and adopting cutting-edge management practices. Its dedication to ethical standards and integrity has solidified its reputation as a reliable name in Africa’s mortgage industry.

Infinity Trust Mortgage Bank Plc has also distinguished itself through its flexible mortgage products, such as the Infinity Mortgage Finance Scheme and the National Housing Funds Scheme. Over the years, it has supported more than 10,000 Nigerian families in achieving their dream of homeownership.

Also, Platinum Mortgage Bank Ltd, founded in 1992 and licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria, has consistently exceeded expectations by leveraging technology, professional management, and innovative products to provide tailored mortgage solutions. The bank’s expansion to regional offices and branches nationwide underscores its commitment to delivering affordable housing schemes with unmatched service quality.

Another notable recipient at the awards was Kenya Mortgage Refinance Company Limited, which was named the Innovative Affordable Housing Solution Provider of the Year. KMRC has played a pivotal role in revolutionizing housing affordability in Kenya, refinancing over 3,200 home loans, 46 percent of which were for women homeowners, and positively impacting more than 10,000 families.

The event also celebrated leadership in the housing sector, with Nigeria’s Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, being named Africa Housing Minister of the Year 2024. In his acceptance speech, the minister highlighted key initiatives under his leadership, including the Renewed Hope Cities and Estates Programme, which has delivered over 10,000 housing units and created 250,000 jobs.

Dangiwa emphasized the importance of collaboration between the public and private sectors, reiterating his commitment to addressing Nigeria’s housing challenges.

Festus Adebayo, the coordinator of the Africa Housing Awards, underscored the importance of the event as a platform for inspiring innovation and fostering collaboration in the housing sector. He called on stakeholders to intensify efforts to bridge Africa’s housing deficit and create opportunities for sustainable development.

Dignitaries at the event included ministers, senators, members of the National Assembly, and leaders of housing-related professional bodies, whose presence underscored the significance of the awards as a catalyst for advancing housing and urban development across Africa.

As the event drew to a close, it left attendees with a renewed sense of purpose and commitment to innovation, collaboration, and visionary leadership in addressing the continent’s housing challenges.

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The Managing Director, NDIC, Bello Hassa,  revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos on Thursday organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.

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Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”

He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.

READ ALSO: Submit returns or face sanctions, CBN warns mortgage banks, others

Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”

Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.

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