In a major push to expand housing access for public sector workers, the Ministry of Finance Incorporated (MOFI) signed a landmark agreement with Family Homes Funds Limited (FHFL) and ARM Investment Managers to roll out single-digit mortgage loans for federal civil servants under its Real Estate Investment Fund (MREIF).
The tripartite deal, inked in Abuja, seeks to break long-standing affordability barriers in Nigeria’s housing market. Under the new framework, civil servants will now access home loans with just a 10% equity contribution and enjoy single-digit interest rates—far below the prevailing double-digit rates.
MOFI CEO Armstrong Takang described the initiative as a critical milestone in delivering President Bola Tinubu’s housing agenda. “This is a strategic cost-management intervention that aligns with our commitment to unlocking access to affordable homeownership,” Takang said, noting the journey began with a 12% rate and has now achieved a sub-10% benchmark.
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The scheme will be implemented nationwide through accredited mortgage lenders and adhere to Nigeria Mortgage Refinance Company (NMRC) standards. FHFL will co-finance the mortgage pool using funding from the African Development Bank, while ARM, MREIF’s designated fund manager, will execute the financing structure.
FHFL Managing Director Abdul Mutallab Mukhtar said the program fulfills civil servants’ long-held aspirations for dignified homeownership. ARM Deputy MD Wale Odutola hailed the fund as a transformative vehicle, citing the power of blended finance.
With NGN250 billion in capital raised, MREIF is approved by the Securities and Exchange Commission (SEC) and has top-tier ratings—AAA from Agusto and AA from GCR. Led by private sector managers, the fund has already started disbursing in three geopolitical zones and is piloting in key regions through over ten CBN-licensed institutions.
National Coordinator Sani Mustapha confirmed that the initiative directly supports the federal government’s one million homes target under the Renewed Hope Agenda, aiming to bridge Nigeria’s housing gap and drive inclusive economic growth.
