Finance Ministry To Launch Mortgage Finance Fund For Affordable Housing

The Ministry of Finance is set to launch a real estate investment fund to provide low-cost mortgage financing options for Nigerians who wish to own a decent house.

Conceived as the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), the scheme is said to help in the realisation of the One Million Homes Presidential Initiative.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened a meeting of stakeholders in the financial sector in Abuja on Tuesday, to discuss the launch of the MREIF.

According to a statement by Mohammed Manga, Director, Information and Public Relations in the ministry, Mr Edun highlighted “the potential of the fund to provide cost-effective mortgage options for a large segment of pension account holders.”

“He underscored the significance of the meeting as an opportunity for open dialogue, enabling key stakeholders to exchange ideas and contribute to the initiative’s success,” Manga added.

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The statement also quoted Dr. Armstrong UME Takang, CEO of the Ministry of Finance Incorporated (MOFI), who further elaborated on the MREIF initiative, noting that it is designed to be market-driven while adhering to all regulatory standards.

According to the statement, the meeting brought together prominent leaders from the pension and financial sectors, including: Dr. Oluwatoyin Maiden, Accountant General of the Federation; Wale Odutola, ARM Pensions; Funmi Ekundayo, CEO, STC Trustees; Sani Yakubu, Co-Coordinator, MREIF; Temitayo Ajayi, Vetiva Advisory;  and Saadu Jijji, MD, PAL Pensions.

Others are Tony Odutola, DCIO, FCMB Pensions Ltd; Nuhu Modibbo, Executive Director, Access Pensions; Victor Bisong, MD/CEO, Trustfund; Emmanuel Thomas, Executive Director, NUPEMCO; Oluwakemi Ugwu, MD/CEO, NUPEMCO and Christopher Bajowa, MD/CEO, Access Pensions.

The statement added that “as the Mortgage Finance Fund takes shape, the Minister’s leadership and commitment to ensuring the realisation of the Presidential initiatives on affordable housing for eligible Nigerians.”