Key Takeaways
- • MOFI Real Estate Investment Fund (MREIF) has disbursed N140 billion in mortgage financing to over 2,000 Nigerians across 27 states since commencing operations in April 2025, representing significant expansion of formal housing finance access in Nigeria.
- • MREIF offers mortgages up to N100 million at 9.75% interest with repayment periods extending to 20 years, requiring borrowers to provide minimum 10% equity contribution; Contributory Pension Scheme members may use up to 25% of Retirement Savings Account balance toward equity requirements.
- • Geographic distribution spans all six Nigerian geopolitical zones, with Lagos and Abuja representing the largest share of applications; qualifying properties also located in Ogun, Oyo, Enugu, Kano, and Kaduna states, addressing regional housing finance gaps.
- • Fastest mortgage transaction completed in less than three weeks, though standard processing requires comprehensive documentation and due diligence; financing exposure capped at N100 million per property, necessitating alternative financing for higher-value acquisitions.
- • Initiative addresses structural constraints in Nigeria's housing market, including high lending costs, limited long-term credit access, and inadequate housing supply that have historically constrained homeownership rates.
Summary
The MOFI Real Estate Investment Fund (MREIF) has achieved significant disbursement momentum since launching mortgage operations in April 2025, distributing N140 billion across more than 2,000 borrowers nationwide. According to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers, the programme represents a material expansion of formal mortgage financing in a market historically characterized by limited access to long-term housing credit and elevated lending costs.
Geographic coverage demonstrates broad national reach, with beneficiaries distributed across all six geopolitical zones. Lagos and Abuja account for the largest concentration of applications, though the programme has extended financing to qualifying properties in secondary markets including Ogun, Oyo, Enugu, Kano, and Kaduna. This geographic diversification reflects deliberate efforts to address housing finance constraints beyond major metropolitan centers.
MREIF's financing structure establishes clear parameters for borrower eligibility and loan sizing. The fund extends mortgages up to N100 million at a fixed rate of 9.75% with repayment tenors reaching 20 years. Borrowers must contribute a minimum 10% equity stake toward property acquisition, with provisions allowing Contributory Pension Scheme participants to deploy up to 25% of Retirement Savings Account balances to satisfy equity requirements. The N100 million per-property financing cap necessitates supplementary financing mechanisms for acquisitions exceeding this threshold.
Processing timelines have demonstrated efficiency, with the fastest mortgage completion executed in less than three weeks, contingent upon applicant provision of required documentation and completion of due diligence protocols. The programme's performance addresses longstanding structural deficiencies in Nigeria's residential real estate finance ecosystem, where insufficient long-term credit availability, high borrowing costs, and constrained housing supply have persistently limited homeownership accessibility for qualified borrowers.
Geographic coverage demonstrates broad national reach, with beneficiaries distributed across all six geopolitical zones. Lagos and Abuja account for the largest concentration of applications, though the programme has extended financing to qualifying properties in secondary markets including Ogun, Oyo, Enugu, Kano, and Kaduna. This geographic diversification reflects deliberate efforts to address housing finance constraints beyond major metropolitan centers.
MREIF's financing structure establishes clear parameters for borrower eligibility and loan sizing. The fund extends mortgages up to N100 million at a fixed rate of 9.75% with repayment tenors reaching 20 years. Borrowers must contribute a minimum 10% equity stake toward property acquisition, with provisions allowing Contributory Pension Scheme participants to deploy up to 25% of Retirement Savings Account balances to satisfy equity requirements. The N100 million per-property financing cap necessitates supplementary financing mechanisms for acquisitions exceeding this threshold.
Processing timelines have demonstrated efficiency, with the fastest mortgage completion executed in less than three weeks, contingent upon applicant provision of required documentation and completion of due diligence protocols. The programme's performance addresses longstanding structural deficiencies in Nigeria's residential real estate finance ecosystem, where insufficient long-term credit availability, high borrowing costs, and constrained housing supply have persistently limited homeownership accessibility for qualified borrowers.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.