The federal government has appointed ARM Investment Managers (ARM) as Fund Manager for its N1 trillion Ministry of Finance Incorporated Real Estate Investment Fund (MREIF).
The MREIF is an initiative of President Bola Tinubu’s vision, championed by the minister of Finance and coordinating minister of the Economy, Wale Edun, to improve homeownership and spur inclusive economic development.
Earlier, the federal government, through the Ministry of Finance Incorporated (MOFI), has fully subscribed to the Series 1 issuance of N150 billion for the MREIF in a move to bridge housing deficits in the country.
To this end, ARM will oversee the deployment of funds to provide long-term, low-cost mortgage financing for homeowners and offtake guarantees for developers.
These measures, according to the federal government, through the Ministry of Finance Incorporated (MOFI) said, the funding will enhance improvement in homeownership and the timely delivery of quality, affordable housing across Nigeria while boosting economic growth.
Reacting to this development, the chief executive officer (CEO) of ARM, Jumoke Ogundare, while ensuring transparency in the disbursement of the fund, noted that, MREIF aims to transform Nigeria’s housing landscape by facilitating access to low-cost, long-term mortgages for aspiring homeowners.
This development, she added, will make investors to benefit from attractive returns on investment, diversification of their portfolios with a focus on impact-driven projects, contribution to Nigeria’s economic growth and housing solutions and alignment with the United Nations Sustainable Development Goals (SDGs).
According to the Fund Manager, ”ARM Investment Managers is proud to be the Fund Manager for the N1 trillion MOFI Real Estate Investment Fund (MREIF). This groundbreaking initiative tackles Nigeria’s housing deficit while boosting economic growth in the real estate and construction sectors. The N150 billion Series 1 earlier launched was to kickstart impactful investments. Let’s create jobs, empower Nigerians, and make homeownership a reality.”
With the successful subscription of the entire N150 billion in Series 1 issuance and the allotment of 100 per cent of the units to MOFI, the Series 2 issuance of N100 billion is expected to be opened for private and commercial investors soon, subject to the Securities and Exchange Commission’s(SEC) approval. The Funding scheme is structured in tranches even as the first tranche which amounted to N150 billion has been fully subscribed to by the federal government.
