By Uche Usim
First City Monument Bank (FCMB) has partnered with the Ministry of Finance Real Estate Investment Fund (MREIF) to launch a N10 billion mortgage financing scheme that will make it easier for Nigerians to own homes. The initiative allows eligible customers to access home loans of up to N100 million with a repayment period of up to 20 years at a single-digit interest rate.
The partnership is a bold step towards bridging Nigeria’s massive housing deficit and improving access to affordable housing. Established in 2025 as a N250 billion fund managed by ARM Investment Managers, MREIF was designed by the Federal Government to close the housing gap, enhance living standards, and stimulate economic activity across the real estate and construction sectors.
Speaking at the signing ceremony in Lagos, Adetunji Lamidi, Divisional Head of Personal Banking at FCMB, highlighted the significance of the initiative: “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 commended the Federal Government’s foresight in establishing MREIF and acknowledged ARM Investment Managers’ support in deploying the fund:
“It is a practical way of helping people achieve their dreams while staying true to our purpose of fostering inclusive, sustainable development and our mission to build a system that connects people, capital, and markets across all sectors of the Nigerian economy.”
Mounir Bouba, Executive Director at ARM Investment Managers, described the collaboration as strategic:
“We at ARM are delighted to enter this partnership with FCMB to advance the objectives of MREIF.
We recognise 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.”
With a current housing deficit of about 28 million units and an annual need for 700,000 new homes requiring over N21 trillion in funding, the scheme is expected to have a meaningful impact.
First City Monument Bank, a member of the FCMB Group, continues to drive innovative and customer-focused mortgage solutions designed around people’s realities, offering flexible repayment options that align with income and lifestyle.
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