All posts tagged in House of Representatives

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), a flagship federal government housing finance initiative aimed at expanding access to affordable home ownership across Nigeria. The investigative hearing is scheduled to begin on Tuesday, with the Managing Director and the entire management team of the fund expected to appear before the committee as part of the National Assembly's oversight process. Committee Summons Fund Management Chairman of the Committee, Abdulmumin Jibrin, said the exercise is intended to evaluate whether the implementation and performance of the fund align with the objectives of the Federal Government's housing agenda. According to Jibrin, the committee will scrutinise the operations of the fund, its governance framework, financing model, project implementation mechanisms, and overall performance since its establishment. He added that lawmakers would also examine several petitions submitted by stakeholders concerning the administration and execution of the initiative. The committee chairman stressed that the investigation forms part of the House of Representatives' constitutional responsibility to ensure transparency, accountability, and effective utilisation of public resources. Lawmakers Seek Accountability on Housing Goals Jibrin said the committee's primary objective is to determine whether the fund is delivering on its mandate of expanding affordable housing opportunities for Nigerians. He noted that lawmakers are particularly interested in assessing whether the administration and performance of the fund meet the expectations of President Bola Tinubu's government and address the housing needs of ordinary citizens. "The committee is undertaking this exercise to ensure that the administration and performance of the fund meet the expectations of the President and the aspirations of Nigerians seeking affordable housing opportunities," he said. The probe is expected to provide lawmakers with detailed information on how funds have been deployed, the progress of housing projects, and the effectiveness of the fund's financing structure. Also Read: Morocco overtakes South Africa as Africa’s Most Industrialised economy Understanding the MOFI Real Estate Fund The MOFI Real Estate Investment Fund was established under Ministry of Finance Incorporated as part of the Federal Government's broader strategy to address Nigeria's housing deficit and strengthen long-term financing for the real estate sector. The initiative was designed to mobilise private and institutional capital into housing development while making mortgage financing more accessible and affordable for Nigerians. Government officials have repeatedly described the fund as a key vehicle for attracting investment into the housing sector and accelerating residential development nationwide. The programme also seeks to support broader economic growth through increased construction activity, job creation, and infrastructure development. Fund Positioned for Major Expansion Initial reports indicate that the fund's first major issuance was valued at approximately N250 billion, representing one of the largest housing-focused financing initiatives in recent years. Industry projections suggest that the programme could expand significantly over time, with estimates indicating a potential scale-up to about N500 billion and eventually as much as N1 trillion if additional investor participation is secured. The growth strategy is expected to rely on continued support from institutional investors, pension funds, development finance institutions, and private-sector stakeholders. Officials have argued that such expansion would substantially increase the availability of affordable housing finance and help reduce Nigeria's housing shortage. Housing Reform Programme Faces Fresh Scrutiny The investigation comes at a time when housing affordability remains a major challenge for millions of Nigerians, with experts estimating the country's housing deficit in the millions of units. As one of the central pillars of the Federal Government's Renewed Hope housing agenda, the MOFI Real Estate Investment Fund has attracted considerable attention from policymakers, investors, and housing sector stakeholders. Lawmakers are expected to use the probe to assess whether the fund's structure, deployment mechanisms, governance arrangements, and project delivery processes are consistent with its stated objectives. The outcome of the investigation could shape future reforms and policy decisions aimed at improving housing finance and expanding home ownership opportunities across the country.

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All posts tagged in House of Representatives

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