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) which is a Federal Government housing financing initiative designed to expand access to 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.
Chairman of the Committee, Hon. Abdulmumin Jibrin, said the exercise forms part of the National Assembly’s oversight function and is aimed at ensuring that the implementation and performance of the fund align with the objectives of the Federal Government’s housing agenda.
He said the committee would take a detailed look at the operations, governance structure, financing model and overall performance of the fund, as well as address multiple petitions received from stakeholders concerning its activities.
According to him, the appearance of the management is mandatory, stressing that 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,” Jibrin said.
The MOFI Real Estate Investment Fund (MREIF) 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 deepen long-term financing for the real estate sector.
The fund was structured as a real estate investment platform intended to mobilise long-term capital from both public and private sources, including institutional investors such as pension fund administrators, banks, and development finance institutions.
It is designed to provide sustainable funding for large-scale housing development while also expanding access to affordable mortgage products, particularly for low and middle-income earners. A key objective of the initiative is to reduce Nigeria’s housing affordability gap by offering longer-tenure and lower-interest financing options compared to conventional mortgage structures.
Although the fund operates on a phased capitalisation model, initial reports indicate that its first major issuance was in the region of approximately ₦250 billion, with broader programme projections suggesting 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.
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.
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