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President Tinubu commends MOFI's N128bn mortgage delivery to 1,859 families
via Punch Nigeria2 min read
President Bola Tinubu praised the Ministry of Finance Incorporated Real Estate Investment Fund MREIF for providing N128bn in affordable mortgages to 1,859 families across 25 states. He highlighted this achievement as evidence that effective policy frameworks can enable home ownership for many Nigerians previously excluded from the market. The beneficiaries, from all six geopolitical zones, received mortgages for up to 20 years at a fixed interest rate of 9.75 percent annually, with a minimum 10 percent equity contribution, terms largely unavailable in Nigeria for nearly six decades. Tinubu noted that this progress by MREIF demonstrates that with appropriate policies, strong institutions, and partnerships, access to home ownership can be expanded, allowing more Nigerians to build wealth through asset ownership. Beyond the disbursed mortgages, MREIF has generated N221bn in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements. The average mortgage beneficiary is 42 years old, reflecting demand among working-age Nigerians who have historically lacked long-term housing finance. MREIF is a N1tn housing finance platform, with a pilot phase of N250bn in concessionary and commercial funding, sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers. Its Series 2 commercial issuance holds AAA and AA ratings from Agusto & Co. and GCR Ratings. Tinubu stated that MREIF complements the Renewed Hope Citie
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