The Ministry of Finance Incorporated (MOFI) real estate investment fund (MREIF) series 2 has been listed on the Nigerian Exchange Limited (NGX).
The listing was commemorated with a closing gong ceremony at the NGX and in attendance was Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
In a statement on Tuesday, November 11, the NGX said the MREIF Series 2 listing comprises 1,000,000,000 units issued at N100 per unit.
It is structured to provide long-term, low-cost mortgage financing for homebuyers while offering developers off-take guarantees to accelerate housing construction.
The fund, introduced by Vetiva Securities Limited and Citi Investment Capital Limited, seeks to bridge Nigeria’s housing deficit by improving access to mortgages and stimulating supply across the housing value chain.
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“The listing took place against the backdrop of cautious trading in the equities market, as investors recalibrate portfolios in response to geopolitical tensions arising from the US–Nigeria diplomatic standoff, the proposed capital gains tax (CGT), year-end portfolio rebalancing, and expectations of window-dressing by institutional players,” NGX stated.
Pinnacle Daily has been documenting activity in the stock market in recent times and how investors are reacting negatively to government policy on the capital gains tax (CGT).
On Tuesday the stock market lost N4.65 trillion in single day trading and has lost about N10 trillion since the beginning of this month.
Raising concern on the CGT, the NGX group Managing Director and Chief Executive Officer, urged the federal government to ensure balance in the implementation of the CGT.
“The capital market is not only a platform for attracting investment but also a tool for creating wealth for Nigerians.
“Policies such as the capital gains tax must be carefully designed to balance government revenue objectives with investor confidence and market growth,” Popoola said.
He assured of the NGX Group committment to supporting the renewed hope agenda by channeling private capital into initiatives that deliver sustainable, long-term impact.
Responding, the minister assured stakeholders that the federal government has noted the concerns around CGT and remains committed to consultation with the market.
“We have noted the concerns around capital gains tax and will continue to engage with the capital market to ensure any decisions deliver optimal outcomes for both Nigerians and the market.
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“At N100 per unit, MREIF allows ordinary Nigerians to participate in savings and investment, leveraging local resources to grow our economy, especially in the housing sector,” Edun said.
Commenting on the listing, the Chairman of NGX, Ahonsi Unuigbe, described it as a defining step toward transforming Nigeria into a leading economy that ensures shared prosperity.
In his remarks, the Chief Executive Officer (CEO) of NGX, Jude Chiemeka, said MREIF demonstrates how the capital market can deliver practical solutions to national challenges.
“By channeling private capital into housing, we are creating opportunities for long-term investment and wealth creation while addressing Nigeria’s housing deficit,” Chiemeka said.
Also, the Managing Director/ CEO of MOFI, Armstrong Ume Takang, commented that the fund provides long-term, low-cost mortgage financing aimed at making homeownership a reality for millions of Nigerians, stimulating local economies across the housing value chain.
The NGX added that with over 1,000 mortgages already disbursed, the initiative continues to expand middle-class wealth and deepen Nigeria’s capital market.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
