First City Monument Bank (FCMB) has partnered the Ministry of Finance Real Estate Investment Fund (MREIF) on a N10 billion mortgage financing scheme that gives Nigerians access to home loans of up to N100 million, with up to 20 years to repay at a single-digit interest rate.
This initiative is meant to make the dream of homeownership a reality for more Nigerians, a move that is part of a broader effort to make housing more affordable and accessible.
MREIF, a N250 billion fund set up by the Federal Government in 2025, is managed by ARM Investment Managers. The fund brings public and private sector players together to tackle Nigeria’s housing gap, improve living standards, and boost jobs and economic activity in real estate and construction.
Speaking at the signing ceremony in Lagos, Divisional head of Personal Banking at FCMB, Adetunji Lamidi said: “Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive.
That is what this partnership between FCMB and MREIF represents. Finance should meet people where they are and be a stepping stone, not a hurdle. This mortgage solution reflects that belief.
“It is a practical way of helping people achieve their dreams while staying true to our purpose of fostering inclusive, sustainable development and our mission to build a system that connects people, capital, and markets across all sectors of the Nigerian economy.”
Lamidi commended the federal government’s foresight in establishing MREIF and acknowledged ARM Investment Managers’ support in deploying the fund. He reaffirmed First City Monument Bank’s commitment to delivering flexible, responsive, and human-centred financial solutions.
Executive director at ARM Investment Managers, Mounir Bouba, added that:
“We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF. We recognise FCMB’s strengths and ability to support both the demand and supply sides of the housing sector in Nigeria, making them an ideal partner for the MREIF scheme. We look forward to a fruitful collaboration.”
According to the National Bureau of Statistics, Nigeria has a housing deficit of around 28 million units whereas, experts say, the country needs 700,000 new homes each year and over N21 trillion in funding to close the gap.
The Ministry of Finance Real Estate Investment Fund (MREIF) was launched in 2024 to bridge this gap by providing long-term, affordable financing for aspiring homeowners nationwide.
