FCMB, MREIF Join Forces on ₦10 Billion Mortgage Plan to Expand Homeownership

First City Monument Bank (FCMB) has partnered with the Ministry of Finance’s Real Estate Investment Fund (MREIF) to roll out a ₦10 billion mortgage financing scheme designed to help more Nigerians own homes.

Under the arrangement, qualified borrowers can access up to ₦100 million with repayment periods extending to 20 years at single-digit interest rates. The facility is part of the broader ₦250 billion MREIF programme, managed by ARM Investment Managers, which was set up in 2025 to tackle Nigeria’s housing deficit, raise living standards, and create jobs across the real estate and construction sectors.

At the launch in Lagos, FCMB’s Divisional Head of Personal Banking, Adetunji Lamidi, said homeownership is central to national stability and dignity, and that the bank aims to remove finance as a barrier. ARM’s Executive Director, Mounir Bouba, called the collaboration a strategic fit, given FCMB’s strengths in delivering both demand-side and supply-side housing finance.

Nigeria faces a staggering housing shortage, with the National Bureau of Statistics estimating a gap of 28 million units and an annual requirement of 700,000 new homes. Meeting that need would require over ₦21 trillion in investment. By offering long-term, affordable mortgages, the FCMB-MREIF partnership aims to chip away at the shortfall and make ownership viable for middle-income households.