FCMB Partners MREIF on ₦10 Billion Mortgage Scheme to Boost Affordable Homeownership in Nigeria

First City Monument Bank (FCMB) has partnered with the Ministry of Finance Real Estate Investment Fund (MREIF) to launch a ₦10 billion mortgage financing scheme aimed at expanding homeownership opportunities for Nigerians.

The initiative will enable eligible individuals to access home loans of up to ₦100 million, repayable over 20 years at single-digit interest rates—a game-changing move in making housing more affordable and accessible across the country.

The partnership is anchored by MREIF, a ₦250 billion government-backed fund launched in 2025 and managed by ARM Investment Managers. The fund unites public and private stakeholders to tackle Nigeria’s massive housing deficit, enhance living conditions, and create jobs through increased activity in the real estate and construction sectors.

At the signing ceremony in Lagos, Adetunji Lamidi, FCMB’s Divisional Head of Personal Banking, highlighted the importance of inclusive housing finance.

“Homeownership gives dignity and stability. It’s how a nation shows it’s creating space for its people to thrive. This partnership reflects our belief that finance should be a stepping stone, not a barrier. We’re committed to building a system that connects people, capital, and markets across Nigeria.”

Lamidi praised the Federal Government for establishing MREIF and commended ARM Investment Managers for their role in deploying the fund. He reaffirmed FCMB’s commitment to providing flexible, human-centred financial solutions that address real needs.

Mounir Bouba, Executive Director at ARM Investment Managers, also expressed optimism about the collaboration.

“We are excited to partner with FCMB to drive the goals of MREIF. FCMB’s strengths on both the demand and supply sides of housing finance make them an ideal partner. Together, we aim to deliver meaningful solutions that close Nigeria’s housing gap.”

Nigeria currently faces a housing deficit of 28 million units, according to the National Bureau of Statistics. Experts estimate that 700,000 new homes are needed annually, with over ₦21 trillion required to meet demand.

The FCMB-MREIF scheme is a strategic step toward narrowing this gap by offering long-term, affordable mortgages to aspiring homeowners—unlocking economic opportunities and fostering social stability nationwide.