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FG-backed mortgage reforms help over 700 Nigerians become homeowners in 6 months

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More than 700 Nigerians have successfully transitioned from renters to homeowners within six months, following the implementation of landmark mortgage reforms spearheaded by the Federal Government through the Ministry of Finance Incorporated (MOFI).

The milestone, announced on Tuesday, marks a significant shift in Nigeria’s housing sector, which has long faced challenges including high interest rates, limited financing options, slow mortgage processing, and a housing deficit exceeding 28 million units.

Central to this transformation is the MOFI Real Estate Investment Fund (MREIF), a Securities and Exchange Commission (SEC)-registered ₦1 trillion fund designed to provide long-term, affordable mortgages to ordinary Nigerians.

The fund offers interest rates as low as 9.75 percent per annum and repayment periods of up to 20 years, making homeownership more accessible than ever.

At full utilization, MREIF aims to enable at least 12,000 Nigerians to own homes, with additional refinancing support planned through the Nigerian Mortgage Refinancing Company.

For decades, many Nigerians have been trapped in a cycle of rent payments, often described as “funding their landlord’s retirement.” Now, with MREIF, homebuyers can secure loans and move into their own homes within weeks.

Since its launch, MREIF has disbursed funds to over 700 homebuyers through 11 Eligible Financial Institutions across five regions of the country.

These institutions, licensed by the Central Bank of Nigeria and preapproved by MREIF, include Abbey Mortgage Bank, Access Bank, AG Mortgage Bank, FCMB, FHA Mortgage Bank, Gateway Mortgage Bank, Globus Bank, Homebase Mortgage Bank, Imperial Homes Mortgage Bank, Infinity Trust Mortgage Bank, Living Trust Mortgage Bank, Nigeria Police Mortgage Bank, Providus Bank, Stanbic IBTC, and Union Bank. Each mortgage represents a family moving from rent into ownership, building equity, stability, and generational wealth.

The Federal Government committed ₦150 billion under Series 1 funding, fully subscribed in December 2024, while private sector investors added another ₦100 billion under Series 2. Additional tranches could scale the fund to ₦1 trillion, ensuring long-term sustainability.

The fund is professionally managed by ARM Investment Managers, with a structure anchored in public–private collaboration to ensure affordability, transparency, and efficiency.

Wale Odutola, CEO of ARM HoldCo, said MREIF embodies the kind of partnership Nigeria has long needed—government resolve combined with private sector rigour.

He added that together with MOFI, they are laying the structural foundation for a housing sector that rewards citizens, unlocks investor confidence, and drives inclusive growth.

Beyond individual mortgages, MREIF also offers offtake guarantees to developers, encouraging new construction projects, creating jobs, and strengthening the housing supply chain. Nigerians in the diaspora now have a transparent, government-backed platform to invest in secure homeownership.

Despite challenges such as inflation, forex volatility, and high construction costs, MREIF’s long-term financing model is designed to withstand economic shocks. As more financial institutions, pension funds, and developers join the initiative, thousands more Nigerians—both at home and abroad—are expected to benefit.

The message is clear: the era of affordable homeownership has arrived in Nigeria. With Federal Government backing and private sector management, MREIF is not just a housing scheme—it is a national economic reform poised to reshape lives and communities across the country.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Fela Makes History as First African to be Inducted into Rock and Roll Hall of Fame

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Fela Anikulapo-Kuti, simply known as Fela, legendary Nigerian musician, has made history as the first African artist to be inducted into the Rock & Roll Hall of Fame.

Fela Makes History as First African to be Inducted into Rock and Roll Hall of Fame

Fela

This is coming after he was  posthumously honored with the 2026 Grammy Lifetime Achievement Award, becoming the first African artist to receive this prestigious special merit recognition.

Fela will be honoured in the early influence category this year, along with Queen Latifah, rapper MC Lyte, country rocker Gram Parsons, and Cuban singer Celia Cruz at this year’s Rock and Roll Hall of Fame event.

The honorees were revealed on Monday night in the US, during an airing of American Idol.

Sade Adu, Nigerian-born British singer, will be honoured in the performance category.

However, Shakira, Mariah Carey, Lauryn Hill, New Edition, and Pink, missed out on the final cut despite being nominated.

Over 1,200 artists, historians and music industry professionals voted to decide the honorees.

The induction ceremony will be held on 14 November at the Peacock Theatre in Los Angeles.

 

 

 


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FG to Gift Nigerians over 100 Free TV Channels from May 15

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National Broadcasting Commission (NBC) is set to launch so-called  FreeTV, with over 100 channels for news, sports, education, entertainment and children’s programming in multiple Nigerian languages.

FG to Gift Nigerians over 100 Free TV Channels from May 15

The launch is scheduled for  May 15.

Charles Ebuebu, director-general, NBC, who disclosed this, said the new platform will offer free-to-air access with no carriage fees, leveraging hybrid satellite and internet delivery via NigComSat-1R.

The new plan is not an upgrade, the NBC stressed. This is a rebuild, according to Ebuebu .

FreeTV will be true free-to-air – no encryption, no set-top box barrier.

Any DVB-T2/S2 television will work. A mobile app will extend reach to phones and tablets.

The platform will launch with over 100 national, regional and state channels across sports, news, children’s programming, education, entertainment and cultural content in Hausa, Yoruba, Igbo, Tiv, Ijaw, Edo, Fulfulde, Ibibio, Efik and Nupe – all in HD.

Crucially, the NBC has partnered with a Bulgarian firm, GARB (operating since 2006 and recognised by the European Broadcast Union), to deliver a 94 per cent-accurate audience measurement system using return-path data, app analytics, demographic panels, and Artificial Intelligence (AI).

To qualify broadcasters, must commit their channels, produce a minimum of 60 per cent local content, and promote FreeTV until January 2029.

After that, a regulated tiered rate card takes effect.

According to NBC, the strategic rationale is simple: build viewers first, monetise later.

The document further revealed that six regional production hubs in Lagos, Abuja, Port Harcourt, Enugu, Kano and Benin would function as local content factories, expected to generate 500 to 1,000 jobs per zone within two years.

 


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What Adekunle Gold’s Support Means for ‘The Gathering on 100

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Popular Nigerian artist Adekunle Gold has lent his support to the growing youth-driven movement behind The Gathering on 100, further amplifying conversations around what is fast becoming one of the most talked-about upcoming experiences among young Nigerians.

What Adekunle Gold’s Support Means for ‘The Gathering on 100

Adekunle Gold

Known for his music and his strong connection with youth culture and evolving creative expression, Adekunle Gold’s involvement signals a deeper alignment between the event and the kind of audience it is attracting, a generation that is bold, expressive, and constantly redefining what community looks like.

While details of his involvement remain understated, his visible support adds a new layer of support and cultural relevance to the movement. In a landscape where attention is currency, endorsements from artists of his stature often act as a signal, drawing more eyes, more curiosity, and ultimately, more participation, but beyond visibility, the significance lies in what it represents.

The new father has, over the years, built a reputation for embracing creativity in its many forms, from music to visual storytelling, fashion, and digital engagement. His brand has consistently resonated with young Nigerians navigating similar spaces of self-expression and identity.

From interactive experiences like live music sessions and open performance moments to fashion runways and content creation spaces, the event is designed to blur the lines between audience and participant. It invites attendees to move beyond observation and become part of the moment.

This is a concept that closely mirrors the kind of cultural shift Adekunle Gold has been part of, one where boundaries between creator and consumer continue to dissolve.

His support also reflects a broader trend within Nigeria’s entertainment industry, where artists are increasingly engaging with youth-led initiatives that go beyond traditional performances. Rather than simply appearing on stage, they are aligning with movements that foster community, creativity, and shared experience.

For fans and attendees, this adds another dimension to what The Gathering on 100 represents.

As registrations increase and conversations expand across social platforms, the movement is gradually taking shape through the collective interest of those drawn to it.

Head to gathering.com to register.


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