MOFI Real Estate Investment Fund

What MOFI Real Estate Investment Fund does

MOFI Real Estate Investment Fund (MREIF) is a Nigerian government-backed housing finance platform operated under the Federal Government of Nigeria's Ministry of Finance Incorporated (MOFI), established under the MOFI Act of 1959 and reactivated in 2023. The fund addresses Nigeria's estimated 20 million-unit housing deficit through a Public-Private Partnership blended-finance structure, layering concessionary public capital (N150 billion Series 1 fully subscribed by MOFI) with private institutional capital (N100 billion Series 2 mobilised via capital markets) toward an N1 trillion programme target. MREIF originates long-term naira-denominated mortgages at 9.75% fixed annual interest with up to 20-year tenors and a 10% minimum equity contribution, supplemented by off-take guarantees that unlock construction finance for property developers. The platform is managed by ARM Investment Managers under SEC oversight and distributed through 10+ CBN-licensed Partner Mortgage Lenders including Sterling Bank, with civil-servant pricing of less than 10% delivered jointly with Family Homes Funds Limited using AfDB funding lines.

MREIF serves four primary customer segments: federal civil servants (priority mortgage access), working Nigerians (salary earners and business owners), the Nigerian diaspora seeking to invest in domestic property, and property developers requiring construction finance. Distribution is anchored on the NGX-listed commercial tranche, which enhances visibility and liquidity for institutional, retail, and diaspora investors. As of mid-2026 the fund has delivered N128 billion in mortgages to 1,859 families across 25 Nigerian states, unlocked N221 billion in property value, and produced 475 housing units through off-take-guarantee projects, earning AAA (Agusto & Co) and AA (GCR) credit ratings and Presidential endorsement under the Renewed Hope Agenda.

MREIF sits within MOFI's broader N100 trillion AUM aspiration over a 10-year horizon, alongside adjacent products including the National Asset Register (NAR) digital platform for cataloguing 130+ federal asset classifications, the World Bank-co-developed Corporate Governance Scorecard for SOE performance assessment, and recently transferred mandates covering the Presidential Fertiliser Initiative and Presidential Infrastructure Development Fund. Revenue mechanics combine interest spread on originated mortgages with capital market management and distribution fees, though as a policy-priced instrument the fund prioritises social impact over commercial spread maximisation.

Name

MOFI Real Estate Investment Fund

Legal name

Ministry of Finance Incorporated

Website

https://mofi.com.ng

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

101–250 employees

Short description

MOFI Real Estate Investment Fund (MREIF) is a Nigerian government-backed housing finance platform under the Ministry of Finance Incorporated that originates affordable naira mortgages at 9.75% fixed for up to 20 years, serving federal civil servants, working Nigerians, diaspora investors, and property developers via Partner Mortgage Lenders and an NGX-listed N1 trillion programme.

Ownership category

akta.pro rank

Product category

Mortgage Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro industry

PRIMARYFSALAKAG

Mortgage Revenue Bond (MRB) & Public Housing Bond Programs

Financial & Insurance/Mortgage & Housing Finance/Housing Finance Agencies & Government-Sponsored Housing Programs

SECONDARYBPADACAO

Impact Investment & Development Investment Funds

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYFSANADAH

Infrastructure & Project Finance Private Debt

Financial & Insurance/Private Equity & Venture Capital/Private Credit / Direct Lending Funds

Keywords

• Mortgage financing
• Affordable housing
• Real estate investment
• Sovereign investment fund
• Housing finance

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Mortgage Financing Revenue: MREIF generates returns through interest income on mortgages issued to Nigerian families. The fund provides long-term, low-cost mortgage financing at competitive interest rates (9.75% fixed) with repayment periods up to 20 years. Revenue is generated from the spread between cost of capital (blended rates from public subsidy and private investment) and mortgage interest rates.
2. Capital Market Issuances: Series 1 raised N150 billion (fully subscribed by MOFI), Series 2 mobilized N100 billion from institutional investors via NGX listing. The N1 trillion target program is raised in phases through capital market instruments, generating management fees and attracting investor capital.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

MREIF is a government-backed housing finance fund operated by Ministry of Finance Incorporated (MOFI) that provides long-term, low-cost mortgage financing to Nigerian families at a fixed 9.75% interest rate with repayment tenors up to 20 years and loans up to N100 million. The fund operates a blended finance model combining concessionary public funding with private institutional capital raised through capital market issuances (Series 1: N150 billion; Series 2: N100 billion) and listed on the Nigerian Exchange Group. It also issues off-take guarantees to property developers to unlock construction finance from financial institutions.

Product overview

MOFI (Ministry of Finance Incorporated) is Nigeria's sovereign investment vehicle established in 1959 under the MOFI Act, serving as the sole manager of federal government investment interests, estates, and rights. The organization operates through a portfolio management model overseeing Government-Owned Entities (GOEs) and Government-Linked Companies (GLCs) across sectors including Power, Financial Services, Manufacturing, Health, Real Estate, Infrastructure Finance, ICT, Oil and Gas, Communications, Transportation, Aviation, Hospitality, and Agriculture. The flagship product is the MOFI Real Estate Investment Fund (MREIF), a N1 trillion housing finance platform (currently at N250 billion) providing affordable mortgages at 9.75% interest rates. Additional products include the National Assets Register (NAR) for transparency, the Corporate Governance Scorecard for SOE performance assessment, and management of the Presidential Fertiliser Initiative and Presidential Infrastructure Development Fund. The organization aims to grow AUM to N100 trillion over 10 years.

Differentiator

Problem solved

Functional benefit

Brands

• NAR (National Assets Register): A centralized database system to catalog all assets owned by the Federal Government of Nigeria for transparency and optimized management.

Products and services

• MREIF Standard Mortgage Loan Long-term mortgage financing product for Nigerian families seeking homeownership, offering loans up to N100 million at a fixed 9.75% annual interest rate, repayment tenor up to 20 years, and minimum 10% equity contribution. Distributed via Partner Mortgage Lenders.
• Civil Servant Mortgage Window

Quantifiable outcome

• N128 billion in mortgages delivered to 1,859 families across 25 states
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered major and core.

• Sterling BankmajorChannel Partner/ Reseller/ Distributor · 10 March 2026Sterling Bank partnered with MREIF to launch mortgage initiative offering loans up to ₦100 million at fixed 9.75% annual interest rate with repayment periods up to 20 years. Initial fund commitment stands at ₦10 billion, targeting salary earners, business owners, and Nigerians in diaspora.
• Nigerian Exchange Group (NGX)coreChannel Partner/ Reseller/ Distributor · 11 November 2025MREIF commercial tranche listed on NGX, enhancing fund visibility, liquidity, and investor diversification. The listing creates opportunities for institutional and retail investors including Nigerian diaspora to participate in the housing finance asset class while reinforcing transparency through NGX's governance framework.
• Zenith Bank PlcmajorStrategic or Co-development Partner · 6 November 2025Zenith Bank leadership (Founder/Chairman Jim Ovia and GMD/CEO Dame Adaora Umeoji) visited MOFI headquarters to explore collaboration avenues for strategic investments accelerating inclusive economic growth. Discussions centered on partnership opportunities between MOFI and private sector financial institutions.
• Family Homes Funds Limited (FHFL)coreStrategic or Co-development Partner · 3 June 2025Partnership between MREIF and FHFL to provide funds allowing single-digit mortgage rates (below 10%) for federal civil servants. Both MREIF and FHFL jointly provide significant portions of mortgage funding, reducing equity contribution requirements for homebuyers to 10%. FHFL's access to AfDB funding lines plays a vital cost-lowering role.
• World BankcoreStrategic or Co-development Partner · 8 April 2025World Bank collaboration with MOFI on the Corporate Governance Scorecard initiative to assess, monitor, and enhance performance of State-Owned Enterprises. World Bank Country Director Ndiame Diop noted SOEs' potential to boost economic growth and contribute meaningfully to government revenue through proper governance frameworks.
• ARM Investment Managers LimitedcoreImplementation/ SI/ Consulting PartnerMREIF is sponsored by MOFI and managed by ARM Investment Managers Limited. ARM serves as SEC-registered fund managers handling fund operations, mortgage issuance, and management following industry guidelines and governance standards. They facilitate the blended finance approach enabling up to 75% of mortgages at scale with long tenors.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bank of Industry (BOI): Nigeria's oldest and largest development finance institution and a MOFI subsidiary. Provides long-term financing to Nigerian SMEs and developers — directly comparable to MREIF's developer-side construction finance support via off-take guarantees.
• Nigeria Mortgage Refinance Company (NMRC): Provides mortgage refinancing to primary lenders in Nigeria. Highly comparable as a sister institution under MOFI's broader housing finance ecosystem, addressing liquidity for mortgage banks — directly adjacent to MREIF's role of providing end-borrower mortgage capital.
• Family Homes Funds Limited (FHFL): Nigeria's social housing financing fund providing long-term, low-cost mortgage finance. Directly comparable as a co-funding partner under MREIF (jointly funding civil servant mortgages below 10% interest) and operates the same target segment of affordable homeownership.
• ARM Investment Managers: SEC-registered fund manager serving as MREIF's registered fund manager handling issuance, distribution, and operations. A leading Nigerian asset manager with comparable fund management capabilities and a deep mortgage-securities origination track record.

Broad incumbents

• Nigeria Sovereign Investment Authority (NSIA): Nigeria's sovereign wealth fund managing three funds (Future Generations, Stabilization, Infrastructure). Highly comparable as a sovereign investment vehicle alongside MOFI/MREIF, with overlapping portfolio in infrastructure and fertiliser (PFI recently transferred to MOFI).
• African Development Bank (AfDB): Multilateral development bank financing African infrastructure and housing. Comparable as a key funding source for FHFL/MREIF and as a broader development financier active in Nigeria's housing sector through partner institutions.
• International Finance Corporation (IFC): World Bank Group's private-sector arm investing in emerging market housing finance. Comparable as a multilateral institution funding African housing finance initiatives and setting governance benchmarks that MREIF aligns with via its Corporate Governance Scorecard (with World Bank).
• Federal Mortgage Bank of Nigeria (FMBN): Nigeria's federal mortgage bank, a primary provider of housing finance to civil servants through the National Housing Fund. Operates in the same segment as MREIF's civil servant window but with a broader, longer-established mandate across NHF contributors.
• Shelter Afrique Development Bank: Pan-African housing finance and development institution. Direct counterparty on MREIF's N100bn MoU providing off-take-backed construction finance to Nigerian developers; comparable as a multilateral housing financier in the same operating geography.

Regional players

• Kenya National Housing Corporation: Kenya's state-backed housing development and finance agency. Comparable as a regional state-sponsored housing finance entity addressing a similar African affordable housing gap, but operating in a different East African market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/mofinigeria
• Facebookfacebook.com/mreifng
• LinkedInlinkedin.com/company/mofinigeria
• Instagraminstagram.com/mofinigeria

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MOFI Real Estate Investment Fund