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NEWS

FG launches affordable homeownership mortgage fund

September 12, 2024 • 2 min read

September 12, 2024

By Samuel Ogunsona

The Ministry of Finance has unveiled a market-driven mortgage fund.

The initiative, spearheaded by Minister of Finance, Mr. Wale Edun, is part of the One Million Homes Presidential Initiative.

The fund, known as the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), aims to provide low-cost mortgage options, particularly for pension account holders. This will enable a broader segment of the population to own homes.

At a high-level meeting held at the Ministry’s headquarters, Edun emphasized the fund’s potential to provide cost-effective mortgage options for a large segment of pension account holders.

He also highlighted the significance of the meeting as a platform for open dialogue among key stakeholders.

Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, elaborated on the fund’s design, noting that it will be market-driven while adhering to all regulatory standards.

The meeting brought together prominent leaders from the pension and financial sectors, including representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO. Other attendees included the Accountant General of the Federation, Dr. Oluwatoyin Maiden, and CEOs from various institutions.

The meeting brough together a formidable gathering of prominent leaders from the pension and financial sectors which includes representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO, Accountant General of the Federation, Dr. Oluwatoyin Maiden and CEOs from various institutions, including STC Trustees, PAL Pensions, Vetiva Advisory, and Access Pensions

However, the fund is poised to transform the lives of millions of Nigerians, making homeownership a tangible reality.