The House of Representatives Committee on Housing and Habitat has announced a comprehensive investigation into the MOFI Real Estate Investment Fund (MREIF), a Federal Government housing finance initiative aimed at expanding affordable home ownership for Nigerians. The investigative hearing is set to begin tomorrow, with the Managing Director and entire management team of MREIF required to appear before the committee.
Oversight and Objectives
Committee Chairman Abdulmumin Jibrin stated that the exercise is part of the National Assembly's oversight function, designed to ensure that the fund's implementation and performance align with the Federal Government's housing agenda. The committee will conduct a detailed review of the fund's operations, governance structure, financing model, and overall performance, while also addressing multiple petitions from stakeholders.
Jibrin emphasized that the management's appearance is mandatory, and lawmakers remain committed to transparency, accountability, and 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,” he said.
Background of MREIF
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 is structured as a real estate investment platform that mobilizes long-term capital from both public and private sources, including pension fund administrators, banks, and development finance institutions.
It aims 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 is to reduce Nigeria's housing affordability gap by offering longer-tenure and lower-interest financing options compared to conventional mortgage structures.
Capitalization and Projections
Although the fund operates on a phased capitalization model, initial reports indicate that its first major issuance was valued at about N250 billion. Broader program 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.
Investigation Scope
The House committee's investigation will 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.
