MREIF Disburses N140 Billion Mortgages to 2,000 Nigerians in 17 Months, Expands to 27 States

MOFI’s MREIF has disbursed N140 billion in mortgages to 2,000 Nigerians since April 2025. See mortgage terms, eligible states, and how to apply for the 9.75% MREIF-FirstBank home loan.

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Owning a home in Nigeria just got easier for 2,000 people.

The MOFI Real Estate Investment Fund, MREIF, has disbursed over N140 billion in mortgage financing to more than 2,000 Nigerians since it began operations in March 2025.

The update was shared by Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers, during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

What Is MREIF?

MREIF is a N1 trillion Federal Government housing finance initiative* set up by the *Ministry of Finance Incorporated, MOFI.

Its goal: bridge Nigeria’s housing deficit by providing *affordable, long-term mortgage financing* through banks and mortgage institutions.

N140 Billion Disbursed In 17 Months

According to Adekunbi, mortgage disbursements started in April 2025. By August 2026, the fund had reached over 2,000 beneficiaries.

“That pace, in our perspective, is unprecedented, and the processes have been done such that it’s seamless. You don’t need to know somebody to help you push your applications,” Adekunbi said.

He added that the fastest mortgage was completed in less than 3 weeks. With all documents ready, applicants can potentially secure a home within one month.

Where The Beneficiaries Are Located

While Lagos and Abuja have the highest number of applications, MREIF mortgages have been disbursed across 27 states in all 6 geopolitical zones.

Eligible states mentioned include Ogun, Oyo, Enugu, Kano and Kaduna.

Requirements: Properties must have valid land titles and clear ownership records.

Other key stats:
– *Average age of applicants:* 43 years
– *Mortgage tenor:* Up to 20 years, structured around retirement age of 60. Exceptions for lecturers and judges.
– *Diaspora Nigerians* are also eligible if they meet documentation requirements.

MREIF Mortgage Terms For 2026

Here’s what borrowers get under the scheme:
– *Loan amount:* Up to N100 million per applicant
– *Interest rate:* 9.75% fixed
– *Tenor:* Up to 20 years
– *Equity contribution:* Minimum 10%
– *Pension option:* RSA holders can use up to 25% of their Retirement Savings Account to meet equity

For homes above N100 million, applicants must fund the difference through savings, pension, or other sources.

How MREIF Is Funded

Sani Yakubu,  MREIF National Coordinator at MOFI, said the first tranche of N250 billion has been launched.

– FG contribution: N150 billion
– Private investors: N100 billion

This is part of the broader N1 trillion programme registered with the SEC Fund managers include Vetiva Capital Management as financial adviser,  STL Trustees as trustee, and First Nominees as nominee.

Yakubu said Nigeria needs 700,000 housing units annually to close the gap, but current production is only about 100,000 units per year.

“The MREIF didn’t come to remove any players. It came to catalyze,” Yakubu said.

MREIF Posts N14.49 Billion Profit

The fund is also performing financially. For the 6 months ended June 30, 2026, MREIF reported:
– *Profit before tax:* N14.49 billion
– *Total income:* N17.48 billion
– *Profit after tax:* N14.24 billion after N250.5m withholding tax

Income was driven mainly by interest from investments and cash equivalents.

How To Apply

Following FirstBank’s partnership with MREIF,  Nigerians can now access mortgage financing of up to N100 million through participating banks.

The scheme is part of the government’s push to expand home ownership and reduce Nigeria’s housing deficit.