The MOFI Real Estate Investment Fund has reported a robust financial performance for the first quarter of 2026, posting a profit after tax of N7.34bn.
In a regulatory filing submitted to the Nigerian Exchange on Tuesday, the Fund revealed that its total income reached N9.26bn for the period ended 31 March 2026. This growth was primarily driven by interest income on financial assets and mortgage loans, reflecting the fund’s increasing footprint in the Nigerian housing finance market.
The Q1 2026 Investor Report highlights a significant scale-up in operations, with total assets now standing at N261.81bn. According to the fund’s management, the strategic focus remains on bridging Nigeria’s housing deficit through high-impact financial interventions.
“The Fund aims to achieve its investment objectives by mobilising concessionary capital from the public sector alongside commercial funding from the private sector to address Nigeria’s housing deficit,” the firm stated in the official filing.
A key highlight of the quarter was the expansion of the fund’s partnership network. MREIF successfully onboarded two additional Eligible Financial Institutions, bringing the total to 20 participating institutions, comprising nine commercial banks and 11 mortgage banks.
This network expansion facilitated the disbursement of N32.79bn for 412 mortgage applications during the quarter alone. Consequently, total disbursements since inception have climbed to N104.66bn, covering 1,494 mortgages across 24 states and the Federal Capital Territory.
The report further noted that the Fund is leveraging technical mechanisms to support developers in bringing new units to market.
“The Fund provides conditional off-take guarantees to qualified developers, serving as a credit enhancement mechanism to support the raising of construction finance for residential housing projects,” it added.
Currently, total off-take guarantee transactions stand at N9bn, aimed at delivering 475 housing units in Lagos and Abuja.
Regional data from the filing shows that the South-West remains the most active hub for the fund, accounting for N82.06bn of the total mortgage value. Demographic insights also revealed that 90.3 per cent of beneficiaries are currently employed, while the average age of a homebuyer under the scheme is 42 years.
Managed by ARM Investment Managers, MREIF continues to track a benchmark of the 10-year FGN Bond plus 75 bps.
The filing noted, “Through MREIF, long-term, low-interest financing is provided to Eligible Financial Institutions, enabling them to offer single-digit interest rate mortgages to Eligible Homebuyers.”
With a Net Asset Value per unit of N103.95, the Fund’s leadership expressed confidence in the N1tn shelf programme’s ability to maintain its growth trajectory throughout the 2026 financial year.
