MREIF disburses over N140 billion in mortgages to 2,000 Nigerians
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The MOFI Real Estate Investment Fund has disbursed more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.
The MOFI Real Estate Investment Fund (MREIF) has disbursed more than N140 billion in mortgage financing to over 2,000 Nigerians since commencing operations in March 2025, as the Federal Government-backed housing initiative gains traction across the country.
Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers, disclosed the figures during a webinar hosted by FirstBank on the FirstBank-MREIF home loan scheme. He said mortgage disbursements began in April 2025 and more than 2,000 people had benefited by August 2026, describing the pace as unprecedented. The fastest transaction under the scheme was completed in less than three weeks, with applicants potentially securing home ownership within a month where documentation is in order.
MREIF is a N1 trillion housing finance initiative established by the Ministry of Finance Incorporated (MOFI) to address Nigeria's housing deficit through affordable, long-term mortgage financing. Mortgages of up to N100 million are offered at an interest rate of 9.75 percent with repayment tenors extending to 20 years, and a minimum equity contribution of 10 percent is required. Contributors under the Contributory Pension Scheme can access up to 25 percent of their Retirement Savings Account balance to meet the equity requirement.
Beneficiaries are spread across 27 states spanning Nigeria's six geopolitical zones, with Lagos and Abuja accounting for the largest share of applications. The average age of applicants is 43 years, and the scheme is also open to Nigerians in the diaspora who meet eligibility requirements. Properties in states such as Ogun, Oyo, Enugu, Kano and Kaduna qualify for financing provided they hold valid land titles.
Sani Yakubu, MREIF National Coordinator at MOFI, said Nigeria needs to build at least 700,000 housing units annually to bridge its housing gap, compared with current production levels of roughly 100,000 units per year. He attributed the deficit to limited access to affordable financing for homebuyers and challenges developers face in raising capital and securing land documentation. The Federal Government contributed N150 billion to the fund's first N250 billion tranche, with private-sector investors providing the remaining N100 billion.
MREIF earlier reported a profit before tax of N14.49 billion for the six months ended June 30, 2026, on total income of N17.48 billion, driven largely by interest earnings from its investment portfolio.