Mortgage Firm Secures N2.2bn Federal Fund To Boost Homeownership

Gateway Mortgage Bank Limited has announced the successful acquisition of N2.2bn from the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).

The fund, specifically designed to provide long-term, low-interest financing, marks a significant milestone for the Ogun State Government-owned institution as it scales up efforts to make affordable housing a reality for both residents and Nigerians in the diaspora.

Speaking on the development, the Acting Managing Director of Gateway Mortgage Bank, Mrs Ronke Akinleye, confirmed that the bank has moved beyond the approval stage and is already actively injecting the capital into the housing market.

“We have secured ₦2.2 billion under this initiative and have already commenced disbursement to qualified beneficiaries. This fund is targeted at individuals seeking to finance their homes through structured mortgage arrangements, making homeownership more accessible and affordable for Nigerians, including those in the diaspora,” Akinleye stated.

With Nigeria’s housing deficit estimated at over 15 million units as of early 2026, the MREIF initiative offers rare relief from the high interest rates typical of the commercial banking sector.

Under this scheme, eligible homebuyers can access loans of up to ₦100 million at a fixed interest rate of 9.75% per annum. The repayment structure is equally borrower-friendly, offering tenures of up to 20 years, depending on the applicant’s income profile and retirement age.

“This initiative is a significant step toward reducing Nigeria’s housing gap, improving access to long-term housing finance, and stimulating the real estate sector,” bank officials noted in the statement.

The bank has streamlined the application process to encourage rapid uptake, requiring prospective homeowners to provide a minimum of 10% equity contribution, open an account with Gateway Mortgage Bank, and present a property with a valid title, such as a Certificate of Occupancy or a Deed of Assignment.

‎As the real estate sector continues to grapple with high construction costs and inflationary pressures, the bank views this federal partnership as a vital lifeline for the middle class.

‎The statement continued, “The programme aligns with broader efforts to promote affordable housing and economic growth. We urge eligible Nigerians to take advantage of this opportunity to secure their future through stable homeownership.”

‎Akinleye concluded by noting that the application window remains open, and the bank is prepared to guide applicants to ensure a seamless transition from tenants to homeowners.