The House of Representatives Committee on Housing and Habitat has commenced moves to investigate the operations of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a flagship federal government housing finance initiative aimed at expanding access to affordable home ownership for Nigerians.
The investigative hearing is scheduled to begin tomorrow, with the managing director and the entire management team of the Fund expected to appear before the committee to provide explanations on the administration, performance and implementation of the scheme.
Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, said the exercise forms part of the National Assembly’s constitutional oversight responsibility and is intended to ensure that the fund is operating in line with the objectives for which it was established.
According to him, lawmakers will undertake a comprehensive review of the fund’s activities, including its governance structure, financing framework, project implementation strategy and overall impact on housing delivery in the country.
Jibrin disclosed that the committee would also examine a number of petitions submitted by stakeholders concerning the operations of the fund, stressing that transparency, accountability and effective service delivery remain critical to the success of government-backed housing programmes.
“The committee is embarking on this exercise to ensure that the administration and performance of MREIF meet the expectations of the President and the aspirations of Nigerians seeking affordable housing opportunities,” Jibrin said.
He added that the appearance of the management team before the committee is mandatory, noting that the lawmakers are determined to ascertain whether the fund is delivering on its mandate of addressing housing challenges facing millions of Nigerians.
The MOFI Real Estate Investment Fund was established under the Ministry of Finance Incorporated as part of the federal government’s broader strategy to tackle Nigeria’s huge housing deficit and strengthen long-term financing within the real estate sector.
The Fund was conceived as an investment vehicle designed to mobilise long-term capital from both public and private sector sources, including pension fund administrators, commercial banks, insurance companies and development finance institutions.
Through the initiative, government hopes to create a sustainable financing platform capable of supporting large-scale housing development projects across the country while simultaneously expanding access to affordable mortgage facilities for low- and middle-income Nigerians.
The MREIF is also considered a key component of the federal government’s Renewed Hope housing programme, which seeks to increase housing supply, stimulate economic activity in the construction industry, create jobs and improve home ownership opportunities nationwide.
As part of its investigation, the House Committee is expected to assess whether the structure and implementation of the fund are consistent with its stated objectives, particularly regarding transparency in fund management, deployment of resources, mortgage accessibility and delivery of affordable housing projects.
The outcome of the probe is expected to provide lawmakers with a clearer understanding of the Fund’s performance and determine whether additional legislative or policy interventions are required to strengthen the government’s housing finance framework.
