Tinubu Hails MOFI’s Delivery of N128bn Mortgages to 1,859 Families
President Bola Tinubu has commended MOFI’s real estate fund for delivering N128bn in mortgages to 1,859 families nationwide, describing it as a major step in expanding home ownership.
President Bola Tinubu has praised the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering ₦128 billion in affordable mortgages to 1,859 families across 25 states in Nigeria.
According to a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the initiative represents a significant milestone in expanding access to home ownership for Nigerians previously excluded from the housing finance system.
Tinubu said the beneficiaries, drawn from all six geopolitical zones, accessed mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, with a minimum equity contribution of 10 per cent.
He noted that such favourable mortgage conditions had been largely unavailable in Nigeria for nearly six decades, stressing that the development reflects the impact of effective policy reforms.
The President said the achievement demonstrates that with strong institutions and the right policy environment, more Nigerians can gain access to long-term housing finance and build sustainable wealth through property ownership.
He added that the initiative has unlocked about ₦221 billion in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.
The average age of beneficiaries was put at 42 years, indicating that working-age Nigerians form a major segment of those benefiting from the housing scheme.
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a ₦1 trillion housing finance platform, backed by concessionary and commercial funding. Its pilot phase includes ₦250 billion in funding and is managed by ARM Investment Managers.
The fund’s Series 2 commercial issuance has received strong credit ratings from Agusto & Co. and GCR Ratings, reflecting investor confidence in the housing finance structure.
Tinubu said the initiative complements other government housing programmes, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited, all aimed at addressing Nigeria’s housing deficit and improving access to affordable home ownership
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