INTERVIEW WITH DR. ARMSTRONG UME TAKANG: A MAN DRIVING NIGERIA’S INVESTMENT REPOSITIONING AGENDA
MOFI has been repositioned as Nigeria’s strategic investment vehicle. Can you share your journey so far in unlocking value from government-owned real-estate assets, and how this aligns with your long-term vision?
When we began the process of transforming MOFI, our priority was to build trust, transparency, and institutional discipline—not to rush into investment. To unlock value sustainably, we first strengthened our corporate governance framework and established clarity on what the Federal Government owns. This led to the creation of the National Assets Register (NAR), a comprehensive digital system that captures, classifies, and verifies government-owned assets nationwide. The NAR increases transparency, reduces opacity, and supports data-driven decision-making. At the same time, MOFI strengthened internal governance—professionalising the Board, installing audit and compliance systems, and embedding global best practices. Our long-term vision is to make MOFI a model of accountable state capitalism: managing public assets transparently, generating responsible returns, and setting a new benchmark for stewardship. Real estate is central to this vision through the MOFI Real Estate Investment Fund (MREIF), which expands access to affordable housing and long-term low-cost mortgages. However, governance and reliable data remain the foundation of every intervention.
Many government-owned properties remain underutilised. How is MOFI leveraging redevelopment, PPPs, and portfolio diversification to maximise returns?
The first step is asset tracking and valuation through the National Assets Register, allowing us to determine optimal utilisation strategies. Real estate value comes not only from ownership but from efficient and strategic use. Through MREIF, we are enabling a nationwide housing-finance ecosystem that connects developers, financial institutions, and homebuyers transparently. MREIF is structured as a blended-finance PPP model. Series 1 (₦150 billion) was fully subscribed by MOFI to demonstrate confidence, while Series 2 (₦100 billion) attracted private and institutional capital. The Fund provides developers with off-take guarantees to reduce market risk and offers homebuyers up to 20-year mortgages at single-digit interest rates. The goal is to reduce Nigeria’s housing deficit while enabling sustainable homeownership, including for Nigerians in the diaspora.
What are the biggest challenges MOFI faces—land titling, infrastructure, financing—and how are you addressing them?
Key challenges include incomplete documentation, infrastructure gaps, and financing limitations. The expansion of the National Assets Register is critical for transparency and proper valuation. On financing, MREIF addresses structural barriers by reducing equity requirements, lowering mortgage rates to around 9.75%, and offering long-term repayment. The Fund’s second issuance received AAA and AA credit ratings, proving that well-governed public investments can attract private capital while delivering social impact.
Sustainability and ESG principles are shaping global real estate. How does MOFI incorporate these?
Sustainability is embedded in all our activities. We prioritise energy-efficient designs, renewable energy usage, and responsible materials. Socially, we ensure projects create local jobs, empower women and youth, and enable inclusive homeownership. Governance is enforced through full regulatory compliance, transparent reporting, and professional oversight. These measures ensure enduring value for investors, communities, and the environment.
With such a diverse asset portfolio, what criteria guide which real-estate assets are prioritised?
Decisions are based on strategic importance, commercial potential, and socio-economic impact. The NAR provides intelligence for asset prioritisation, while MREIF targets developments that promote affordability, inclusivity, and local economic growth. Projects must demonstrate financial sustainability and measurable social value.
How is MOFI making government-related real-estate investments more attractive to local and foreign institutional investors?
MREIF provides a transparent, investable platform with strong credit ratings and regulatory oversight, increasing confidence among pension funds, insurers, and institutional investors. The combination of improved governance and asset transparency positions Nigeria’s public-asset ecosystem as a credible investment environment.
How will MOFI use its initiatives to support urban regeneration in Nigerian cities?
MREIF expands supply across regions, not only major cities. The off-take guarantee reduces risk, enabling development in emerging urban areas. Over time, this supports local economies, improves liveability, and drives sustainable urban renewal.
How is MOFI structuring partnerships to ensure win-win outcomes in real-estate development?
MOFI’s partnership model prioritises clarity, fairness, and accountability. Under the MREIF PPP structure, the government provides transparency and regulatory assurance, while private-sector partners bring innovation, execution capacity, and capital—ensuring aligned incentives and shared impact.
What long-term legacy do you want MOFI’s real-estate investments to leave?
Legacy is about systems, not structures. Through the NAR, we institutionalise transparency in public-wealth management. Through MREIF, we build a sustainable platform that expands housing access and deepens financial inclusion. If future generations inherit clear asset records and strong governance models that continue creating value, our mission will be fulfilled.
Looking ahead five years, what role will MOFI play in the Nigerian real-estate landscape?
In five years, MOFI will be a continental benchmark for public-asset governance and housing finance innovation. The National Assets Register will serve as Nigeria’s authoritative public-wealth record. MREIF will have scaled significantly within its ₦1 trillion programme, expanding homeownership, attracting institutional investment, and helping close the housing deficit. Our goal remains simple: to ensure every public asset and intervention delivers value transparently and inclusively for the Nigerian people.
