Business
Gateway Mortgage Bank Secures ₦2.2B from Real Estate Fund
Gateway Mortgage Bank MREIF secures ₦2.2B for mortgage loans, improving access to affordable housing and long-term finance for Nigerians
Gateway Mortgage Bank Limited, wholly owned by the Ogun State Government, has been approved as a partner bank under the Real Estate Investment Fund of the Ministry of Finance Incorporated (MREIF).
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The initiative aims to address Nigeria’s housing deficit and expand mortgage access for homebuyers.
The Acting Managing Director of Gateway Mortgage Bank, Ronke Akinleye, disclosed that the bank has secured ₦2.2 billion under the scheme and has commenced disbursement to qualified beneficiaries.
The fund targets individuals seeking structured mortgage financing, making homeownership more accessible for Nigerians, including those in the diaspora.
Under the programme, eligible applicants can access mortgage loans of up to ₦100 million at an interest rate of 9.75 percent per annum, with repayment periods of up to 20 years, depending on retirement age and income profile.
Applications remain open, with several beneficiaries already benefiting from the facility.
Prospective borrowers are required to make a minimum 10 percent equity contribution, open an account with Gateway Mortgage Bank, and present properties with valid titles such as Certificates of Occupancy or Deeds of Assignment.
Applicants must also demonstrate regular and verifiable income to support loan repayment.
Officials described the initiative as a critical step toward reducing Nigeria’s housing gap, enhancing long-term housing finance, and stimulating the real estate sector.
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They encouraged eligible Nigerians to take advantage of the opportunity, noting that the programme aligns with broader national efforts to promote affordable housing and economic growth.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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