Bank secures N2.2bn MOFI boost for housing

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

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 on Wednesday, 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 N2.2 bn 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 a rare relief from the high interest rates typical of the commercial banking sector.

Under this scheme, eligible homebuyers can access loans of up to N100m 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.