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Nigerian Government Launches N250 Billion Fund for Affordable Housing and Economic Growth

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The Nigerian government has officially launched the N250 billion Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF).

The announcement was made on Thursday via a statement from the Federal Ministry of Finance’s official X account.

According to the government, the fund’s primary goal is to provide low-cost, long-term mortgage financing, particularly focusing on the housing and construction industries, which are vital sectors for job creation and economic development.

At the signing ceremony, the Honourable Minister of Finance, Mr. Wale Edun, stated the importance of the initiative in bridging the country’s significant housing finance gap.

He explained that the new fund would offer mortgages with terms of up to 25 years, a stark contrast to the short-term, high-interest loans typically provided by commercial banks.

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This longer repayment period is expected to make homeownership more accessible and affordable for Nigerians.

Edun also shared details about the fund’s structure, revealing that the first series, worth N150 billion, aims to attract substantial private-sector investment.

A second series, which will raise an additional N100 billion, will follow.

The initiative is closely aligned with President Bola Ahmed Tinubu’s vision to promote widespread homeownership, create jobs, and drive economic growth, particularly in the construction and real estate sectors.

Armstrong Takang, the Managing Director of MOFI, also spoke on the impact of the initiative, emphasizing that the MREIF will allow Nigerians to build generational wealth through sustainable homeownership.

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Portable Sent to Prison in Ilorin After Failing to Meet Bail in Saheed Osupa Case

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Controversial singer Portable, whose real name is Okikiola Badmus, has been sent to the Oke Kura Correctional Centre in Ilorin, Kwara State.

This followed his failure to meet the strict bail conditions set by an Upper Area Court, where he appeared on Monday over a defamation case filed by Fuji music legend Saheed Osupa.

The court granted him bail at N1 million with tough conditions. He is required to provide two sureties—one must be either the Chairman or Secretary of the Performing Musicians Association of Nigeria (PMAN), while the other must own a property within a Government Reserved Area in Ilorin and present a valid Certificate of Occupancy.

Until those conditions are met, Portable will remain in custody.


 

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Yoon Suk Yeol’s Trial Begins Over Martial Law And Causing Political Chaos

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The criminal trial of South Korea’s former president, Yoon Suk Yeol, began on Monday as he faces charges of insurrection for declaring martial law late last year, which led to months of political unrest.

The martial law declaration lasted just six hours after parliamentary staffers blocked special forces from entering the parliament building, where lawmakers voted against it.

Yoon, who left his home in a motorcade to attend the court session at the Seoul Central District Court, denied all charges. Prosecutors argued that he had no legal right to declare martial law and accused him of attempting to paralyze state institutions like parliament.

Yoon defended his actions, claiming that martial law was necessary to highlight the opposition party’s control over the legislature, which repeatedly blocked his government’s agenda. He maintained that he never intended to disrupt the country.

The charge of insurrection could result in life imprisonment or even the death penalty, though South Korea has not carried out executions in decades.

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Earlier this month, Yoon was removed from office by the Constitutional Court for violating constitutional powers, with his martial law declaration on December 3 which is a serious blow to democracy. The court notes that his actions caused chaos across society, the economy, and foreign policy.


 

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Portable Arrested in Abeokuta Over Defamation and Threat Allegations

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The Kwara State Police Command has arrested popular singer Habeb Okikiola Badmus, widely known as Portable, over allegations of criminal defamation and other related offences.

According to the police, the arrest followed a petition filed by Okunola Saheed, also known as Osupa, who accused the singer of threatening his life, character assassination, incitement, and using offensive language.

In a statement released by the command’s spokesperson, SP Adetoun Ejire-Adeyemi, it was confirmed that a valid arrest warrant was obtained from a Magistrate Court in Ilorin. Acting on that warrant, officers tracked Portable down in Abeokuta, Ogun State, on Saturday, April 13, 2025, around 7:25 pm.

He was taken into custody and transported to Ilorin for further questioning. The police said his statement was recorded in the presence of legal representatives from both sides.

Portable is still in custody, and authorities say preparations are underway to charge him in court soon.

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The police have called on the public to stay calm and avoid spreading false or unverified claims, adding that they remain committed to due process and ensuring justice is served fairly.


 

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