NEWS
MOFI Real Estate Investment Fund Secures N250bn Capital
By Tony Obiechina Abuja
The MOFI Real Estate Investment Fund (MREIF) has successfully closed a N250 billion pilot fundraising, attracting strong private sector participation under a NGN100 billion issuance tranche.
This was disclosed in a statement by MREIF Executive Director/Coordinator Sam Jacob in Abuja on Thursday.
He explained that with an Aaa rating from Agusto and an AA rating from GCR, MREIF has established itself as a highly credible, market-driven investment platform to address Nigeria’s housing finance gap.
The N100 billion Series 2 issuance was fully subscribed, with strong demand across a broad base of institutional investors, thereby depicting high investor confidence in the Fund’s structure and long-term potential.
According to him, following MOFI’s sole investment in the N150 billion Series 1 offer, private sector participation in Series 2 was resounding, positioning MREIF as a leading platform for mobilising capital into Nigeria’s real estate sector, adding that the fund is structured to deliver competitive returns while enabling affordable homeownership through long-term, low-cost mortgage financing at scale.
The statement further reads, “The successful close of this pilot phase marks the beginning of a long-overdue transformation of Nigeria’s housing sector,” said Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy.
“The full subscription of Series 2 offer demonstrates the pent-up demand for a structured, long-term housing finance solution, and affirms the private sector’s confidence in MREIF as a sustainable investment vehicle.”
The Coordinator highlighted that MREIF is designed to address both housing supply and demand constraints, offering: Affordable mortgage financing with up to 20-year repayment tenors at interest rates as low as 12%, significantly below commercial rates.
Commenting on the deal, Dr Armstrong Ume Takang, MD/CEO of MOFI said, “MREIF is unlocking new investment frontiers in Nigeria’s housing sector. This fully subscribed series demonstrates investor confidence in the Fund structure and long-term potential, which MOFI fully supports”.
According to the statement, with MREIF’s N1 trillion multi-tranche programme now underway, future rounds will focus on broadening investor participation and accelerating housing development. The fund is structured to integrate seamlessly with commercial and mortgage banks, developers and financial institutions to scale long-term housing finance.
Investor engagement opportunities are now open, and institutional partners are encouraged to explore participation in upcoming rounds.
The MOFI Real Estate Investment Fund is a Securities and Exchange Commission (SEC)-approved and regulated fund designed to expand homeownership and strengthen Nigeria’s housing sector.
By bringing together public and private sector capital, MREIF aims to make affordable housing more accessible to Nigerians while supporting economic growth. With NGN250 billion already raised, MREIF is a key driver of investment in long-term housing finance.
NEWS
Former Delta Governor Uduaghan Dies at 70
From Francis Sadhere, Delta
Former Governor of Delta State, Dr. Emmanuel Eweta Uduaghan, has died.
Uduaghan, who governed the state from 2007 to 2015, reportedly passed away in the morning of Monday, October 19, 2026.
His death was announced in a statement signed by Toju Anire Uduaghan on behalf of the family, which described his passing as a devastating loss to the family, Delta State and Nigeria.
The family said the former governor was a beloved father, brother, uncle and patriarch whose life and service touched many people across the state and the country.
“His passing has left us devastated. Words can hardly express the depth of our sorrow at the loss of a man who meant so much to our family and whose life and service touched countless others across Delta State and Nigeria,” the statement said.
Uduaghan held several key positions in the Delta State Government before becoming governor. He served as Commissioner for Health from 1999 to 2003 and Secretary to the State Government from 2003 to 2007.
He subsequently emerged as governor in 2007 and remained in office until 2015, during which the family said he demonstrated commitment to the human and infrastructural development of the state.
The family described his death as a profound loss, noting that he was a source of strength, a father figure and a respected elder whose memories and legacy would remain cherished.
“We are grateful to Almighty God for his life, his service, and the legacy he leaves behind,” the statement added.
The family prayed for the repose of his soul and divine comfort for relatives, friends, associates, former colleagues and others mourning his death.
“Your memory will forever remain in our hearts, and your legacy will endure in the lives of those you touched,” the family said in its farewell message.
Uduaghan’s death marks the loss of a former leader who occupied prominent positions in Delta State’s political and administrative history.
The family concluded its announcement with a prayer for his peaceful repose, saying, “May your gentle soul rest in perfect peace. Amen.”
The statement was signed by Toju Anire Uduaghan on behalf of the family.
NEWS
Customs Opens Review for Disqualified Recruits, Flags 397 Applicants
By Tambaya Julius, Abuja
The Nigeria Customs Service (NCS) has opened a review process for applicants disqualified during its recent recruitment screening, following complaints from candidates who made the shortlist but were denied entry into the training college.
The Comptroller-General of Customs, Bashir Adewale Adeniyi, ordered a case-by-case review after meeting with some of the affected applicants, according to a statement by the Service.
The NCS disclosed that 397 applicants were flagged during the screening over issues relating to substance abuse, physical fitness, medical records, age and submitted documents.
It clarified that the substance-abuse category excluded cigarette and alcohol use. Some other applicants were disqualified over irregularities discovered in their selection process.
The Service explained that making the final shortlist did not guarantee enlistment, as candidates were required to pass several stages of screening, including document verification, physical fitness and endurance tests, medical examinations, age checks and drug screening.
Affected applicants have been asked to submit their details and complaints to helpdesk@customs.gov.ng for assessment. Those seeking a review will undergo fresh screening, the Service said.
It added that the review would not automatically qualify any applicant for admission into the training college, stressing that all candidates must meet the prescribed recruitment requirements.
The NCS also warned that applicants found to have engaged in criminal conduct, including certificate fraud, could be referred to the appropriate authorities for investigation and prosecution.
The Service urged aggrieved candidates to use the designated email address to submit their complaints, saying the review was intended to address genuine concerns while preserving the credibility of the recruitment exercise.
It maintained that recruitment standards would not be compromised, given the Customs Service’s responsibilities for border protection, revenue collection, national security and public safety.
NEWS
World Bank Tasks FG, States on Sustainable Cash Transfers
By Tambaya Julius, Abuja
The World Bank has urged the Federal Government and state governments to establish a sustainable social protection system, warning that Nigeria’s N658.9bn cash transfer programme needs wider coverage, adequate payments and regular disbursements to provide meaningful relief to vulnerable households.
As of September 2026, the Federal Government had disbursed N658.
9bn to 10.46 million poor and vulnerable households through direct cash transfers, using biometric and digital verification to identify beneficiaries and deliver payments.The bank, however, said the programme must move beyond emergency interventions to a reliable system backed by regular government funding.
The recommendation was contained in its latest Nigeria Development Update, titled ‘Beyond the Federal Purse: How Higher Revenues Shaped State Priorities’.
According to the report, the effectiveness of cash transfers depends on the number of households reached, the value of payments and how consistently beneficiaries receive them.
The bank called for dedicated budget allocations at both federal and state levels, with increased funding from domestic resources to ensure continuity and reduce dependence on temporary interventions.
It also stressed the need for stronger coordination between the two tiers of government to improve the delivery and monitoring of social assistance programmes.
The report said a predictable, adequately funded social protection system would help vulnerable Nigerians cope with economic pressures and improve household welfare.
Mean while, President Bola Tinubu has received the United Nations’ proposed 2027 budget, valued at about $14 billion, from Nigeria’s Permanent Representative to the global body, Jimoh Ibrahim, who described the presentation as a historic milestone for the country, which is chairing the UN General Assembly’s Fifth Committee on Administrative and Budgetary Matters for the first time in 66 years.


