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.

By Terry Kunle

Nigeria’s first-ever podcast festival is almost here, and it promises to be a cultural moment you won’t want to miss. From powerful voices to vibrant experiences, 40 storytellers, six stages, one innovation session, two live podcasts, one masterclass, the unveiling of the next big podcaster, cultural showcases, and brand activations.

Here are five reasons this first-of-its-kind festival deserves a spot on your calendar:

1. 40+ Storytellers Taking the Stage

Get ready for an incredible lineup of Nigeria’s most influential voices. From Chude Jideonwo and Seun Okinbaloye to Tunde Onakoya, Adaora Mbelu, Morayo Afolabi-Brown, Rufai Oseni, and many more, the festival brings together podcasters, creators, and cultural icons who are shaping conversations across the nation. Expect powerful storytelling, fresh perspectives, and voices that inspire.

2. Live Podcast Shows You Can Experience in Person

PodFest Naija brings your favorite shows to life. Watch live podcast recordings happen in real-time, engage with hosts and guests, and be part of the audience that shapes these conversations. It’s podcasting like you’ve never experienced before.

3. Brand Activations and Interactive Experiences

Major brands including Coca-Cola, Sterling Bank, UAC Foods, Bet9ja, Crown Flour Mills, and others are creating immersive activations throughout the venue. Explore interactive booths, participate in brand experiences, and discover how storytelling intersects with innovation and business.

4. Gifts, Freebies, and Exclusive Surprises

Who doesn’t love free stuff? PodFest Naija is packed with giveaways, freebies, and surprise gifts for attendees throughout the day. From branded merchandise to special goodies from sponsors, there’s something for everyone who shows up ready to celebrate stories.

5. A Thriving Community of Creators and Podcast Lovers

PodFest Naija isn’t just an event—it’s a movement. Connect with 1,500+ storytellers, creators, brands, and podcast enthusiasts who share your passion. Network, collaborate, and be part of a community that’s shaping the future of podcasting and storytelling in Nigeria.

Important: Free Entry, But First Come, First Served!

PodFest Naija 2025 is completely FREE to attend, but space is limited. With expected attendance of 1,500 people, you’ll need to arrive early to secure your spot at Harbour Point. If the venue reaches capacity, don’t worry—you can still join the action virtually and experience the festival from wherever you are.

PodFest Naija 2025 takes place on Friday, October 10, at Harbour Point, Victoria Island, Lagos. Don’t just hear about it, be part of the story.

Terry Kunle is the media manager, AT3 Resources

The Nigerian media industry is mourning the loss of one of its finest voices, Mr. Tayo Adewusi, a veteran broadcaster and Chief Executive Officer of ICT Watch Magazine and TV, who passed away on Friday, October 3, 2025, after a brief illness.

His death was confirmed by the Board of Trustees of the Cloud Network Foundation (CNF), where he served as a founding member. He died at a public hospital in Alimosho, Lagos State.

Adewusi, who spent over 25 years in broadcasting, was widely respected for his contributions to the growth of Nigeria’s telecommunications and ICT sectors.

He was known for his passion for emerging technologies, knowledge sharing, and capacity building, earning numerous awards and honours throughout his career.

In a statement signed by CNF Chairman, Mr. Abimbola Tooki, the Foundation described Adewusi as “a man who gave his all to the development of the broadcast industry and the digital ecosystem in Nigeria and the world at large.”

The Foundation appealed to industry stakeholders for prayers and support for Adewusi’s aged mother and children, noting that emotional and financial assistance would help stabilize the family left behind.

Details of his burial arrangements will be announced by the family in due course.