House Committee to Investigate MOFI Real Estate Investment Fund Overperformance Concerns

The House of Representatives Committee on Housing and Habitat has announced the start of a comprehensive investigation into the MOFI Real Estate Investment Fund, a federal government housing financing initiative designed to expand access to affordable home ownership for Nigerians. The investigative hearing is scheduled to begin tomorrow, with the Managing Director and entire management team of the fund required to appear before the committee. 

The Chairman of the Committee, Honourable Abdulmumin Jibrin, stated that the exercise is part of the National Assembly’s oversight responsibilities and aims to ensure that the fund’s implementation and performance align with the objectives of the government’s housing agenda. He said the committee will examine the fund’s operations, governance structure, financing model, and overall performance, as well as address multiple petitions received from stakeholders.

Jibrin said the committee is undertaking this exercise to ensure that the administration and performance of the fund meet the expectations of the president and the aspirations of Nigerians seeking affordable housing opportunities. The MOFI Real Estate Investment Fund was established under the Ministry of Finance Incorporated as part of the federal government’s strategy to address Nigeria’s multi-million unit housing deficit and deepen long-term financing for the real estate sector.

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Initial reports indicate that the fund’s first major issuance was approximately N250 billion, with broader programme projections suggesting potential scaling to about N500 billion and possibly up to one trillion naira as additional investor participation is secured. The initiative is widely regarded as a central pillar of the federal government’s housing reform agenda under the Renewed Hope framework. The House Committee’s investigation is expected to assess whether the fund’s structure, deployment mechanisms, and project delivery are consistent with its stated objectives.