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MOFI Unveils N100bn Series 2 Offering to Boost Real Estate Sector

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By Adedapo Adesanya

The Ministry of Finance Incorporated (MOFI) launched a N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF) as part of the federal government’s efforts to expand the housing sector with private sector support.

According to a statement, Monday’s launch of the N100 billion Series 2 offering raised subscriptions so far to N250 billion, a build-up from the successful N150 billion Series 1 subscription earlier launched in 2024.

MREIF is a major initiative to address Nigeria’s critical housing deficit by providing long-term, affordable financing for housing developments and homeownership.

The fund tallies with President Bola Tinubu’s Renewed Hope Agenda and seeks to bridge Nigeria’s estimated 20 million housing deficit through innovative and sustainable financial solutions.

Speaking at the official launch of the project in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, highlighted the imperative of private sector involvement in the housing sector.

Mr Edun stated, “The successful completion of Series 1 has demonstrated the government’s commitment to making homeownership more accessible. Now, with Series 2, we are opening the doors for private investors to join this transformative journey, creating jobs, enhancing infrastructure, and strengthening the economy.”

On his part, the Managing Director/CEO of MOFI, Mr Armstrong Takang, reaffirmed the fund’s long-term vision, emphasising, “Series 2 marks a critical step toward unlocking private capital at scale for Nigeria’s housing market.

“By leveraging blended finance, we are creating a sustainable framework for affordable homeownership that benefits all Nigerians.”

The Chairman of MOFI Board, Mr Shamsudeen Usman, applauded the initiative, describing it as “a landmark achievement in Nigeria’s housing sector”.

“The Renewed Hope Agenda is focused on delivering sustainable homeownership opportunities for Nigerians, and MREIF is a major driver of this vision,” he said.

While Series 1 was fully subscribed by MOFI as Sponsor and Anchor Investor, Series 2 is strategically positioned to attract private sector participation, mobilising N100 billion from institutional investors.

MOFI said that underscored its commitment to fostering a collaborative public-private partnership to scale up housing finance and drive inclusive economic growth.

MREIF’s ultimate goal is to raise N1 trillion to transform Nigeria’s housing sector, enabling millions of Nigerians to access affordable homeownership.

The fund prioritises affordable mortgage financing with repayment tenors of up to 25 years and interest rates targeted at 11-12 percent, significantly lower than prevailing commercial rates. This is made possible through a blended finance structure that combines subsidised public funding with market-rate private sector investments.

With Series 2, MOFI is paving the way for deeper private sector collaboration to accelerate housing development across the nation.

“As the fund progresses toward its N1 trillion goal, it will continue to catalyse investments that reshape Nigeria’s housing landscape and improve the lives of millions,” the MOFI statement added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Gbajabiamila Remains President Tinubu’s Chief of Staff—Presidency

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By Modupe Gbadeyanka

The presidency has reacted to speculations that Mr Femi Gbajabiamila has been removed as the Chief of Staff to President Bola Tinubu.

It was alleged that Mr Gbajabiamila has been replaced with the President’s Principal Private Secretary, Mr Hakeem Muri-Okunola.

Mr Muri-Okunola went to Abuja to take up this role after leaving as the Head of Service of the Lagos State Civil Service.

Reacting to the reports on social media on the purported removal of Mr Gbajabiamila, a former Speaker of the House of Representatives, the presidency said no such change has been made.

In a statement signed on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, members of the public were advised to disregard the report as “there is absolutely no truth to this story.”

“The Chief of Staff remains in his position. The Principal Private Secretary likewise remains in his role. Hakeem Muri-Okunola has not replaced Femi Gbajabiamila as Chief of Staff.

“The viral claim is a fabrication by mischievous purveyors of fake news whose sole aim is to create disharmony within the government.

“We reiterate that news media should always verify their information before publishing or sharing on social media,” the statement said.

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Eyesan Promises Bold Reset in Nigeria’s Upstream Sector as New NUPRC Head

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By Adedapo Adesanya

The new chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has assumed office with a clear message to advance the country’s upstream oil and gas sector in line with the mandate of the commission as enshrined in the Petroleum Industry Act (PIA) 2021.

According to a statement signed by Mr Eniola Akinkuotu, the Head of Media & Strategic Communications at the upstream regulator, the NUPRC boss made this assertation during her first town hall meeting with management and staff on Tuesday December 23, 2025.

She further disclosed plans to make the commission a business enabler and re-ignite investments in the upstream sector.

Recall that President Tinubu nominated Mrs Eyesan to take over the NUPRC after the abrupt resignation of her predecessor, Mr Gbenga Komolafe as well as his counterpart in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed.

In her new capacity, Mrs Eyesan also set a firm production ambition of growing Nigeria’s output and increasing gas production.

“The goal is that we must enable the industry, we are regulators. We must enable the industry from our interactions with the stakeholders, from our interactions with everybody.

“My main objective is to ensure that we make a difference. I believe the NUPRC is at the Center of the industry,” she said.

The commission boss who has served for over three decades in the oil and gas sector, promised to entrench digitisation, transparency and efficiency in operations.

The NUPRC head said with the support of staff and management, the NUPRC will become the gold-standard regulator in Africa. She also promised capacity development, stronger technical depth and sustained engagement with stakeholders, unions and professional teams.

On leadership style, Mrs Eyesan promised an open-door policy and frequent staff engagement, while also soliciting for support and cooperation as the industry embarks on the next phase of transformation.

“If we work together we can unleash opportunities, I don’t see impediments only opportunities,” she added.

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Christmas: Tinubu Calls for Religious Tolerance Amid Rising Insecurity

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By Adedapo Adesanya

President Bola Tinubu has called on Nigerians to embrace religious tolerance, peace, and unity, urging citizens of all faiths to reject violence and intolerance amid ongoing security challenges across the country.

In his 2025 Christmas goodwill message issued on Wednesday by his Special Adviser on Information and Strategy, Mr Mr Bayo Onanuga, the President emphasised that no Nigerian should suffer discrimination or violence because of their religious beliefs, reaffirming his administration’s commitment to safeguarding freedom of worship and national cohesion.

“As your President, I remain committed to doing everything within my power to enshrine religious freedom in Nigeria and to protect all people of different faiths from violence,” Mr Tinubu said, noting that all Nigerians have the constitutional right to live, worship, and pursue their aspirations in safety and dignity.

The President acknowledged growing concerns around religious intolerance and insecurity, revealing that he had engaged extensively throughout the year with leaders of Nigeria’s two major faiths.

In the last few months, the country faced a spate of attacks including kidnapping of school children and armed terror, involving the death of a high ranking army personnel.

He also said the government would continue to build on these engagements to strengthen collaboration with religious institutions, prevent conflict, and promote peaceful coexistence.

President Tinubu described Christmas as a period for reflection on the message of Jesus Christ as the Prince of Peace, urging Nigerians to draw inspiration from values of love, compassion, and goodwill that cut across all major religions.

He commended Christians in Nigeria for their contributions to national development, particularly their role in caring for the vulnerable and promoting harmony within communities.

“The love for God and love for humanity is at the heart of all the great faiths. These shared values must continue to bind us together as one indivisible and resilient people,” he said.

Reiterating his administration’s stance on security, the President said the government’s commitment to protecting Nigeria’s unity and stability has remained unwavering since he assumed office in 2023. He stressed that the state would not tolerate violence targeted at any group on the basis of ethnicity or belief.

President Tinubu also appealed to Nigerians travelling during the festive season to exercise patience and discipline on the roads, wishing them safe journeys and returns.

Expressing optimism about the country’s future, the President said that with faith in God and collective resolve, Nigeria would overcome its challenges and build a nation that future generations would be proud of.

He concluded by wishing Christians in Nigeria and around the world a Merry Christmas and Nigerians a happy New Year in advance.

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