Reps to probe N250b housing fund over transparency, delivery concerns | Prestige Real Estate News
The House of Representatives Committee on Housing and Habitat has announced the commencement of a comprehensive investigation into the MOFI Real Estate Investment Fund (MREIF), a Federal Government housing finance initiative designed to expand access to affordable home ownership for Nigerians.
The investigative hearing is scheduled to begin tomorrow, with the Managing Director and the entire management team of MREIF expected to appear before the committee.
Chairman of the committee, Abdulmumin Jibrin, said the exercise forms part of the National Assembly’s oversight function and is aimed at ensuring that the implementation and performance of the fund align with the objectives of the Federal Government’s housing agenda.
He said the committee would undertake a detailed review of the fund’s operations, governance structure, financing model and overall performance, while also addressing multiple petitions received from stakeholders concerning its activities.
According to him, the appearance of the management team is mandatory, stressing that lawmakers remain committed to transparency, accountability and the effective delivery of public housing initiatives.
“The committee is embarking on this exercise to ensure that the administration and performance of MREIF meet the expectations of the President and the aspirations of Nigerians seeking affordable housing opportunities,” Jibrin said.
The MOFI Real Estate Investment Fund was established under the Ministry of Finance Incorporated (MOFI) as part of the Federal Government’s strategy to address Nigeria’s multi-million-unit housing deficit and deepen long-term financing for the real estate sector.
The fund was structured as a real estate investment platform intended to mobilise long-term capital from both public and private sources, including pension fund administrators, banks and development finance institutions.
It is designed to provide sustainable funding for large-scale housing development while expanding access to affordable mortgage products, particularly for low and middle-income earners. A key objective of the initiative is to reduce Nigeria’s housing affordability gap by offering longer-tenure and lower-interest financing options compared to conventional mortgage structures.
Although the fund operates on a phased capitalisation model, initial reports indicate that its first major issuance was valued at about N250 billion. Broader programme projections suggest it could scale up to about N500 billion and, in the long term, potentially reach N1 trillion as additional tranches and investor participation are secured.
The initiative is regarded as a central pillar of the Federal Government’s housing reform agenda under the Renewed Hope framework, aimed at stimulating housing supply, creating jobs in the construction sector and improving access to home ownership across the country.
The House committee’s investigation is expected to assess whether the fund’s structure, deployment mechanisms and project delivery are consistent with its stated objectives, particularly regarding transparency, fund management and the delivery of affordable housing.
– The Guardian
