The Millard Fuller Foundation MFF is pleased to announce that off-take financing for 51 units from our IFC – International Finance Corporation EDGE Buildings certified development, GrandLuvu 3B Estate form part of the very first set of mortgages packaged by our partners AG Mortgage Bank Plc. under The MOFI Real Estate Investment Fund (MREIF), launched by Nigeria’s Federal Government in September 2024.
This follows fast on the heels of a recent visit to the Millard Fuller Foundation by MOFI’s Managing Director Armstrong Takang Ph.D. and the National Coordinator MREIF, Mr. Sani Yakubu.
During the visit, the team stopped by various projects developed by MFF, including MFF’s $2,500 incremental home & the 248-unit GrandLuvu 3B Estate, funded by the Swedish International Development Agency (Sida) through Reall UK and commissioned by Nigeria’s former Vice President, Prof. Yemi Osinbajo in February 2022.
Under the dynamic leadership of Dr. Armstrong Takang Ph.D., MREIF aims to significantly reduce Nigeria’s housing shortage by facilitating the availability of long-term and low-cost mortgages at scale to Nigerians, facilitating the delivery of housing units to the market and providing a platform that enables the ease of consummating the purchase of available units.
The financing of MFF-developed housing units underscores MREIF’s commitment to lower-income Nigerians. A total of 80 of the 248 housing units on the estate were recently picked up by officers and men of the Nigeria Security And Civil Defence Corps NSCDC.
Armstrong Takang (MD, MOFI) and Sam Odia(CEO, MFF)
For the past 19 years, MFF has been at the forefront of providing inclusive, energy-efficient, and climate-smart housing for low-income Nigerians. Our housing projects have consistently been rated the most affordable in Nigeria and have benefited many thousands.
In 2019, the highly respected Johannesburg-based CAHF | Centre for Affordable Housing Finance in Africa recognised homes built by MFF as the lowest-priced by a private developer across the entire African continent!
Through collaborative partnerships with individuals and organisations, MFF will continue to provide truly affordable homes to Nigerians.
