Capital Market
MOFI Real Estate Fund Secures N100 Billion to Boost Affordable Housing in Nigeria
The MOFI Real Estate Investment Fund (MREIF) has raised N100 billion from private investors in its fully subscribed Series 2 issuance, marking a significant milestone in attracting private sector capital to Nigeria’s housing sector. This issuance is part of MREIF’s N250 billion pilot fundraising aimed at closing the housing finance gap in the country.
A statement signed by Sani Yakubu, Executive Director (Coordinator) of MREIF, highlighted the strong institutional investor participation, signaling market confidence in the fund’s structure and long-term potential. The fund holds an Aaa rating from Agusto & Co. and an AA rating from Global Credit Rating (GCR), positioning it as a credible and market-driven investment platform.
Unlike the N150 billion Series 1 issuance, which was solely backed by MOFI, the Series 2 offer attracted private sector investors, reinforcing MREIF’s role in mobilizing long-term capital for affordable housing. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, described the successful subscription of the Series 2 offer as a reflection of strong demand for structured housing finance solutions and investor confidence in MREIF’s model.
The completion of this pilot phase marks the beginning of a much-needed transformation in Nigeria’s housing sector. This initiative unlocks private capital and positions MREIF as a sustainable, market-driven investment vehicle. The full subscription of the Series 2 offer shows Nigeria’s private sector is ready to invest in long-term housing finance solutions that provide affordable homeownership opportunities to Nigerians.
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The MREIF structure addresses key housing finance constraints by offering affordable mortgage financing with repayment terms of up to 20 years at interest rates as low as 12%, significantly below commercial lending rates. It also provides off-take guarantees for developers, reducing risk exposure and unlocking capital for large-scale housing projects.
Dr. Armstrong Ume Takang, MD/CEO of MOFI, highlighted the long-term outlook, noting that the fully subscribed issuance signals robust investor confidence in MREIF as a platform for mobilizing housing finance at scale. MREIF is pioneering new investment opportunities in Nigeria’s housing sector. The successful Series 2 issuance reflects investor trust in the Fund’s structure and long-term potential, which MOFI fully supports.
With MREIF’s NGN1 trillion multi-tranche programme now underway, the next phase will focus on expanding private sector participation and accelerating large-scale housing development. The fund integrates with commercial banks, mortgage providers, developers, and financial institutions to strengthen long-term housing finance. MREIF is expected to play a pivotal role in closing Nigeria’s housing deficit by providing structured capital for affordable housing initiatives. MREIF is a Securities and Exchange Commission (SEC)-approved investment fund aimed at expanding homeownership and strengthening Nigeria’s housing finance sector.