FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.

The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.

Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.

The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.

The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.

Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.

Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.

He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.

According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.

He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.

FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.

She said the bank verifies property ownership and land documentation before financing is provided.

According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.

She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.

Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.

He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.

The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.

Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.

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The MOFI Real Estate Investment Fund (MREIF) has recorded a Net Asset Value (NAV) of N270.29bn at the close of the 2025 financial year, reflecting steady growth from the N261.83bn reported at the start of the fourth quarter.

Details contained in its Q4 2025 investor report filed with the Nigerian Exchange Limited show that the fund maintained strong performance momentum within its first year of operations.

Structured as a N1tn shelf programme, MREIF operates as a closed-end real estate investment fund under a unit trust scheme, regulated by the Securities and Exchange Commission. The fund commenced operations on March 17, 2025, following full subscription and regulatory clearance for its N100bn Series 2 issuance.

Income Performance and Investor Returns

For the 10-month period ended December 31, 2025, the fund posted total income of N36.54bn, largely driven by interest income on financial instruments and loans.

Commercial investors earned an impressive annualised yield of 19.28 percent, underscoring the fund’s attractiveness in Nigeria’s capital market space.

ARM Investment Managers Limited, the fund manager, announced a final distribution for 2025:

• Series I investors: N3.7468 per unit

• Series II investors: N9.7192 per unit

Investors on the register as of February 20, 2026, will receive dividend payments electronically on February 27, 2026.

Mortgage Expansion Across 21 States

Beyond asset growth, MREIF intensified efforts to address Nigeria’s housing deficit.

By December 31, 2025, the fund had:

• Originated 1,082 mortgages

• Disbursed N70.72bn

• Covered 21 states and the Federal Capital Territory

• Onboarded 18 Eligible Financial Institutions (EFIs), including eight commercial banks and 10 mortgage banks

• Executed two offtake guarantees worth N5bn

In Q4 alone, the fund disbursed N23bn to finance 336 mortgage applications.

The fund’s strategy combines concessionary public capital with private sector funding to provide single-digit interest rate mortgages through partner financial institutions.

Strong Credit Ratings

Sponsored by the Ministry of Finance Incorporated, the fund has secured:

• Aaa rating from Agusto & Co

• AA rating from Global Credit Rating (GCR)

These ratings reinforce investor confidence and the fund’s credit strength.

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On Monday, the Federal Government announced that individual investors can take part in the ₦1 Trillion housing initiative. Officials stated this decision will help more Nigerians buy homes and improve the mortgage sector.

This initiative is called the Ministry of Finance Real Estate Investment Fund (MREIF). It will list shares on the Nigerian Exchange, letting regular investors buy and sell units in the fund alongside institutional investors. Officials believe this listing will attract long-term private investments in construction and make mortgages more affordable and accessible for longer periods for buyers.

MREIF has already secured initial capital from previous funding rounds. The organizers hope to reach ₦1 Trillion by combining public and private funding. The ministry supported the initial phases and attracted interest from pension funds and asset management firms.

The scheme will provide mortgages through approved banks and mortgage companies, with repayment terms lasting up to 20 to 25 years. The program also aims to offer interest rates significantly lower than standard commercial loans. Officials have set ceilings of about 11 to 12% and hope to reduce rates to single digits when possible. The fund will also help civil servants and eligible Nigerians access loans with minimal equity contributions.

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Wale Odutola, Chief Executive Officer of ARM Holdings, says the Ministry of Finance Real Estate Investment Fund (MREIF) is transforming Nigeria’s housing market into a credible and investable asset class.

Speaking in an interview with BusinessDay, Odutola explained that the fund was designed to introduce structure, transparency, and governance into a sector long constrained by short-term financing and policy inconsistency.

He said MREIF operates as a regulated, closed-ended collective investment scheme under the Securities and Exchange Commission (SEC), with all transactions managed through independent custodians and trustees to ensure accountability.

Odutola noted that the initiative is building investor confidence by standardising mortgage-backed instruments and creating traceable housing assets with predictable income streams.

He added that the fund aligns public policy and private finance, positioning the Ministry of Finance Incorporated (MOFI) as an anchor investor to de-risk early investments and crowd in pension funds, insurance firms, and development finance institutions.

According to him, MREIF’s multi-layered structure—featuring concessionary, commercial, and hybrid tranches—offers risk protection through MOFI’s first-loss position, while independent governance frameworks safeguard investors’ interests.

Odutola said transparency remains a key differentiator for MREIF, as the fund provides full disclosure through audited reports, performance dashboards, and regulatory oversight, helping to build trust and credibility.

He added that the federal government’s reforms around fiscal discipline and asset optimisation have strengthened investor confidence, with MREIF serving as a model for future infrastructure funds in sectors such as energy, transportation, and manufacturing.

Odutola concluded that MREIF represents a long-term vision for institutional maturity in Nigeria’s financial system, showing that disciplined governance and blended finance can drive sustainable housing and economic development.

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The engagement aimed to explore the fund’s potential to address Nigeria’s growing housing deficit and promote collaboration across key players in the industry.

The meeting was attended by prominent figures, including the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa; the Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), Usman Shehu Osidi; representatives from the Federal Housing Authority (FHA); Real Estate Developers Association of Nigeria (REDAN); Housing Development Advocacy Network (HDAN), Mortgage Banking Association of Nigeria (MBAN) and Family Homes Funds Limited (FHFL).

In his address, Arc. Ahmed Musa Dangiwa lauded the federal government for prioritizing the housing sector under the Renewed Hope Agenda. “This initiative demonstrates a renewed awakening in housing and urban development. Traditional funding methods are insufficient, so innovative financing mechanisms like the MOFI Real Estate Investment Fund are crucial,” Dangiwa remarked.

He cited lessons from Algeria, which successfully built one million homes in a year by integrating affordability measures, including cross-subsidization. “We need a framework where 20-30% of funding is allocated to affordable housing. This ensures inclusivity while maintaining the same external quality for all buildings,” he emphasized.

The MD/CEO of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, highlighted President Bola Ahmed Tinubu’s directive to prioritize liquidity in the housing sector and stressed the need for accessible and affordable mortgages with longer repayment terms to address affordability challenges and reduce the prevalence of abandoned houses.

Usman Shehu Osidi, MD/CEO of FMBN, highlighted the need to empower the bank through recapitalization to deliver more affordable mortgages. “The FMBN should focus on creating mortgages, while FHA and private developers handle housing construction. We also need to address the single obligor limit to ensure seamless mortgage disbursements,” he said.

Osidi called on the committee to facilitate collaboration with the Central Bank of Nigeria (CBN) to remove barriers, noting that such efforts would enable FMBN to significantly expand its reach.

Festus Adebayo, Executive Director of HDAN, expressed total optimism about the initiative but called for clear frameworks and collaboration. “MOFI’s plan to finance both demand and supply sides is commendable, but issues like land titles and outdated laws must be addressed. We also urge MOFI to work closely with FMBN and FHFL as its commence operation,” Adebayo noted.

He further advocated for amendments to the Land Use Act and other housing-related legislation, pledging HDAN’s support in lobbying for the necessary reforms.

President of MBAN, Ebliate MAC-Yoroki and other representatives from the CBN expressed support for the establishment of the investment fund, emphasizing the importance of a well-structured and approved framework.

Executive Director ( Finance)of the Federal Housing Authority stressed their mandate to provide affordable housing. “We need access to dormant funds lying in various accounts to construct homes priced between ₦3 million and ₦5 million. This will address Nigeria’s housing needs effectively,” the representative stated, urging the committee to advocate for better utilization of available funds.

Mr Emmanuel oyelowo representative of REDAN emphasized the importance of enabling laws to drive affordability. “The lack of a foreclosure law hampers our ability to recover investments when buyers default. Mortgage reforms are essential to sustain housing initiatives,” a REDAN representative argued.

In his response, the Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, delivered a candid critique of stakeholders’ readiness for legislative amendments. “You are not fully prepared to push for these changes. The regulatory framework remains a critical gap that must be addressed. Regulation will transform the sector and attract significant investments,” Jibrin stated.

He assured stakeholders of the committee’s commitment to supporting initiatives that align with the federal government’s housing agenda, emphasizing the need for immediate action to unlock the sector’s potential.

The meeting focused on a collective agreement stressing the importance of collaboration. Stakeholders expressed their commitment to ensuring the MOFI Real Estate Investment Fund achieves its goal of delivering affordable housing while revitalizing the housing sector.

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The MREIF, a key component of the One Million Homes Presidential Initiative, is designed to provide affordable housing solutions by leveraging partnerships with the pension and financial sectors.

The Ministry of Finance has highlighted that this fund will transform the housing sector, making homeownership more accessible, particularly for pension account holders.

According to a statement from the Federal Ministry of Finance, the MREIF will offer low-cost mortgage financing options to eligible Nigerians, aligning with the government’s broader vision of improving housing affordability.

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At a high-level meeting discussing the fund’s launch, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the significant impact of the MREIF. He noted that the fund is poised to provide cost-effective mortgage solutions and address the nation’s housing challenges.

“The launch of this fund marks a significant advancement in providing affordable homes to Nigerians. With the support of the pension and financial sectors, we believe this initiative will transform the housing landscape and create substantial opportunities for homeowners,” Edun stated.

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Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, stressed the importance of transparency and market efficiency in managing the MREIF. He stated, “The MREIF is designed not only to improve housing access but also to enhance the mortgage market, creating a sustainable pathway for homeownership across Nigeria.”

The Federal Government has engaged leading figures from the pension and financial sectors to ensure the success of the MREIF. Key contributors include Dr. Oluwatoyin Maiden, Accountant General of the Federation; Wale Odutola, CEO of ARM Pensions; Funmi Ekundayo, CEO of STC Trustees; and Sani Yakubu, co-coordinator of the MREIF. Additional stakeholders include Temitayo Ajayi of Vetiva Advisory, Saadu Jijji of PAL Pensions, Tony Odutola of FCMB Pensions LTD, and Nuhu Modibbo of Access Pensions.

These experts bring extensive experience in pension fund management and real estate financing, which will be crucial in structuring and deploying the MREIF effectively. Through this innovative approach, the government aims to eliminate barriers to homeownership and provide pension account holders with affordable mortgage options, addressing Nigeria’s housing crisis.

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