🇳🇬NigeriaWest Africa
President Tinubu commends MOFI's N128bn mortgage delivery to 1,859 families
via Punch Nigeria2 min read
President Bola Tinubu praised the Ministry of Finance Incorporated Real Estate Investment Fund MREIF for providing N128bn in affordable mortgages to 1,859 families across 25 states. He highlighted this achievement as evidence that effective policy frameworks can enable home ownership for many Nigerians previously excluded from the market. The beneficiaries, from all six geopolitical zones, received mortgages for up to 20 years at a fixed interest rate of 9.75 percent annually, with a minimum 10 percent equity contribution, terms largely unavailable in Nigeria for nearly six decades. Tinubu noted that this progress by MREIF demonstrates that with appropriate policies, strong institutions, and partnerships, access to home ownership can be expanded, allowing more Nigerians to build wealth through asset ownership. Beyond the disbursed mortgages, MREIF has generated N221bn in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements. The average mortgage beneficiary is 42 years old, reflecting demand among working-age Nigerians who have historically lacked long-term housing finance. MREIF is a N1tn housing finance platform, with a pilot phase of N250bn in concessionary and commercial funding, sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers. Its Series 2 commercial issuance holds AAA and AA ratings from Agusto & Co. and GCR Ratings. Tinubu stated that MREIF complements the Renewed Hope Citie
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadMembers of the Nigeria Union of Teachers NUT in Anambra State joined a nationwide protest on Tuesday, demanding the immediate and unconditional release of their colleagues and students abducted by bandits and terrorists in Oyo and Borno States. The protest, which saw teachers march from the state NUT building in Awka to the Government House, followed directives from the national NUT leadership. The NUT also ordered the withdrawal of services from all primary and secondary school teachers in Oyo State starting June 1, 2026, until further notice. State Chairman of NUT, Chika Chukwudozie, highlighted that seven teachers and 39 pupils/students were kidnapped in Oriire Local Government Area of Oyo State on May 15, 2026, and over 40 pupils/students were abducted from Mussa Primary and Secondary Schools in Askira Uba Local Government Area of Borno State on the same day. Chukwudozie stated that two colleagues had been murdered in Oyo State and emphasized that classrooms must not become battlefields. The protesters called on both Federal and State Governments to take decisive action, asserting that an attack on teachers is an attack on education and the future of Nigeria. Okechukwu Egbuna, Deputy Chief of Staff to the Anambra State Governor, received the protesters and assured them their message would be delivered to the governor.
The Federal Government has inaugurated an Inter-Ministerial Committee to coordinate activities for the 27th Democracy Day celebration, while paying tribute to the late Chief Moshood Abiola and other heroes of the June 12 struggle. Secretary to the Government of the Federation, George Akume, noted that Democracy Day provides an opportunity to reflect on the sacrifices made by Nigerians who fought for democratic governance. Akume described the June 12 anniversary as a significant moment to honor those who contributed to Nigeria’s democratic journey, emphasizing that the democratic values and institutions being strengthened today are founded on their struggles. He paid particular tribute to MKO Abiola, whose sacrifice and commitment led to the recognition of June 12 as Democracy Day. The celebration will also showcase the Federal Government's achievements and reaffirm its commitment to democratic ideals, institutional strengthening, and national development, demonstrating progress made in consolidating democracy and implementing reforms despite socio-economic challenges. The celebration will be "modest but purposeful" in line with fiscal responsibility. Activities include a World Press Conference, Special Juma’at Prayers, an Inter-denominational Church Service, a Democracy Day Public Lecture, Youth and Women-Oriented Programmes, a Presidential Broadcast, a Joint National Assembly Address by President Tinubu, and a Democracy Day Gala Night. The committee, chaired by the SGF, comp
Must ReadKingsley Chinda, the Minority Leader of the House of Representatives, has resigned from his position, concluding nearly three years of leading opposition lawmakers in the 10th House. Chinda, who represents the Obio/Akpor Federal Constituency of Rivers State under the Peoples Democratic Party, announced his resignation in a letter dated April 23, 2026, which was read in the House on Tuesday by Speaker Tajudeen Abbas. His resignation occurs amidst political realignments in Rivers State and weeks after he participated in the All Progressives Congress screening committee alongside other loyalists of the Minister of the Federal Capital Territory, Nyesom Wike, in preparation for the 2027 general elections. Although Chinda has not formally announced his resignation from the PDP, his involvement in the APC screening process has led to speculation about his political future and a possible defection to the ruling party. In his letter, Chinda thanked his colleagues for their support and affirmed his commitment to his legislative duties as a member of the House. Chinda became Minority Leader in June 2023 and played a key role in articulating the opposition's stance on national issues. His resignation is the latest development in the political reshaping of Rivers State, where alliances have significantly shifted. Chinda has been a prominent political associate of Wike, whose influence continues to shape the state's political landscape. The resignation is expected to prompt consultations a
The Norwegian Football Federation NFF announced on Tuesday that it has requested FIFA's ethics committee to investigate the world football governing body's decision to award a peace prize to US President Donald Trump. FIFA President Gianni Infantino presented Trump with the inaugural peace prize during the December 6 draw for the 2026 World Cup. Later that month, human rights organization FairSquare filed a complaint with FIFA's ethics committee, alleging that Infantino violated his duty of neutrality by supporting Trump. FIFA has not disclosed the criteria for the peace award, which was given while Trump and his administration were actively seeking the Nobel Peace Prize. NFF President Lise Klaveness stated that the federation acted independently in approaching FIFA's ethics committee, noting that other federations were aware they could sign on if they wished, but the NFF concluded that pressuring others would be unproductive. Infantino has openly pursued close ties with Trump in anticipation of the June 11-July 19 World Cup, which will be hosted in the United States, Canada, and Mexico.