Business News Editor
By Dave Munachi
First City Monument Bank (FCMB) has joined hands with the Ministry of Finance Real Estate Investment Fund (MREIF) to help more Nigerians realize the dream of owning a home. The collaboration centers on a groundbreaking N10 billion mortgage financing scheme designed to provide Nigerians access to home loans of up to N100 million, repayable over 20 years at a highly affordable single-digit interest rate.
This initiative is part of a broader government and private sector effort to make housing more affordable and accessible across the country. The MREIF, a N250 billion fund established by the Federal Government in 2025 and managed by ARM Investment Managers, brings together public and private stakeholders to address Nigeria’s significant housing deficit, improve living conditions, and stimulate employment and economic growth in the real estate and construction industries.
At the official signing ceremony held in Lagos, Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, underscored the importance of homeownership as a symbol of dignity and stability. He remarked, “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.”
Lamidi further emphasized that the programme aligns with FCMB’s purpose of fostering inclusive and sustainable development, aiming to create a financial ecosystem that connects people, capital, and markets across Nigeria’s economy.
He also praised the Federal Government’s foresight in establishing the MREIF and acknowledged the critical role of ARM Investment Managers in effectively deploying the fund. FCMB remains committed to delivering flexible, responsive, and customer-focused financial solutions tailored to the needs of Nigerian homebuyers.
Echoing this commitment, Mounir Bouba, Executive Director at ARM Investment Managers, said, “We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF. We recognize 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.”
Nigeria currently faces a housing deficit estimated at around 28 million units, according to the National Bureau of Statistics. Experts highlight the urgent need for approximately 700,000 new homes annually and funding exceeding N21 trillion to close this gap.
Launched in 2024, the Ministry of Finance Real Estate Investment Fund (MREIF) was created to bridge this gap by providing long-term, affordable financing options to aspiring homeowners nationwide. This partnership with FCMB marks a significant milestone toward tackling the housing crisis and making homeownership a reality for many Nigerians.
