By Abiodun JIMOH
First City Monument Bank (FCMB) has partnered with the Ministry of Finance Real Estate Investment Fund (MREIF) in a bold initiative to bridge Nigeria’s housing deficit by providing easier access to homeownership for citizens.
The collaboration, sealed in Lagos, involves a ₦10 billion mortgage financing scheme offering Nigerians up to ₦100 million in home loans, with a generous repayment window of up to 20 years at single-digit interest rates.
The scheme is part of the Federal Government’s wider strategy to reduce Nigeria’s housing shortfall, improve living conditions, and stimulate real estate-led job creation. MREIF, established in 2025 as a ₦250 billion public-private fund, is managed by ARM Investment Managers.
Speaking at the official signing, Adetunji Lamidi, FCMB’s Divisional Head of Personal Banking, said the mortgage scheme is a practical step toward inclusive development and economic empowerment.
“Homeownership gives dignity and stability. It is one of the clearest ways a country shows it is making room for its people to thrive,” Lamidi stated. “This mortgage solution reflects our belief that finance should be a stepping stone, not a hurdle.”
He praised the Federal Government’s vision in setting up MREIF and commended ARM Investment Managers for their role in the partnership. Lamidi reaffirmed FCMB’s commitment to providing flexible, human-centred financial services that meet Nigerians where they are.
ARM Investment Managers’ Executive Director, Mr. Mounir Bouba, described the partnership as strategic, highlighting FCMB’s capacity to serve both housing demand and supply sides.
“We at ARM are delighted to partner with FCMB to drive the goals of MREIF. Their strong positioning makes them an ideal collaborator for expanding access to affordable housing,” Bouba said.
According to data from the National Bureau of Statistics, Nigeria faces a housing deficit of approximately 28 million units. Closing the gap would require over ₦21 trillion and the construction of at least 700,000 new homes annually.
MREIF was launched in 2024 to tackle this challenge by unlocking long-term financing for affordable housing. Through this partnership, FCMB is enabling more Nigerians to realise their dream of owning homes, with mortgage plans tailored to individual incomes and lifestyles.
With this step, both institutions signal a strong commitment to sustainable development, financial inclusion, and the transformation of Nigeria’s housing sector.
