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 financing initiative aimed at expanding affordable home ownership for Nigerians. The investigative hearing is scheduled to begin tomorrow, with the Managing Director and entire management team of the fund expected to appear before the committee.
Committee Chairman's Statement
Chairman of the Committee, Hon. Abdulmumin Jibrin, stated that the exercise is part of the National Assembly's oversight function and is intended to ensure that the implementation and performance of the fund align with the objectives of the Federal Government's housing agenda. He emphasized that the committee will conduct a detailed review of the fund's operations, governance structure, financing model, and overall performance, while also addressing multiple petitions received from stakeholders regarding its activities.
According to Hon. Jibrin, the appearance of the management is mandatory, and lawmakers are 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 estimated multi-million-unit housing deficit and to deepen long-term financing for the real estate sector. The fund is structured as a real estate investment platform designed to mobilize long-term capital from both public and private sources, including institutional investors such as pension fund administrators, banks, and development finance institutions.
Its primary objective is 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 goal 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 approximately ₦250 billion. Broader program projections suggest potential scaling to about ₦500 billion, and in the long term, possibly up to ₦1 trillion as additional tranches and investor participation are secured. The initiative is widely regarded as a central pillar of the Federal Government's housing reform agenda under the Renewed Hope framework, aimed at stimulating housing supply, job creation in the construction sector, and improved access to home ownership across the country.
Scope of Investigation
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 in relation to transparency, fund management, and impact on affordable housing delivery. The committee will scrutinize the fund's governance and financial performance to ensure accountability and effectiveness in addressing Nigeria's housing challenges.
