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The Ministry of Finance has announced plans to launch a market-driven mortgage fund aimed at increasing access to affordable homeownership in Nigeria. 

This initiative is led by Finance Minister Wale Edun and is part of the One Million Homes Presidential Initiative.

The fund, called the Ministry of Finance Incorporated Real Estate Investment Fund, will provide low-cost mortgage options, particularly for pension account holders, enabling a broader segment of the population to own homes.

Minister Edun emphasized the fund’s potential to offer cost-effective mortgage options for a large segment of pension account holders. 

He also highlighted the importance of the meeting as a platform for open dialogue, allowing key stakeholders to exchange ideas and contribute to the initiative’s success.

Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, elaborated on the fund’s design, stating that it will be market-driven while adhering to all regulatory standards.

A high-level meeting was held at the Ministry’s headquarters, bringing together key stakeholders from the pension and financial sectors, including representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO.

Discussions during the meeting focused on shaping the future of the fund and promoting economic growth through a robust real estate sector. 

Prominent leaders in attendance included Accountant General of the Federation Dr. Oluwatoyin Maiden, Wale Odutola of ARM Pensions, and others from institutions like PAL Pensions, Vetiva Advisory, and Access Pensions.

President Bola Tinubu has instructed Vice President Kashim Shettima to embark on an urgent visit to Maiduguri, Borno State, following the severe flooding that has ravaged the city. This directive is aimed at evaluating the situation, offering assistance, and overseeing relief efforts for those impacted by the disaster.

The visit was made known by the Vice President while speaking on Tuesday at the 17th Annual Banking and Finance Conference (CIBN), which was centred around the theme “Accelerated Economic Growth and Development: Current Status and Future Directions.”

Shettima said, based on the consent of the President, he would travel to Maiduguri immediately after leaving the meeting as the whole city has been overtaken by flood.

After this meeting with the consent of the President, I will rush to Maiduguri. The whole city has been overtaken by flood.

“It is not peculiar to one part of the country. We are facing this challenges right from Bayelsa to Sokoto.

“Be rest assured that the President has the nation at heart and will do whatever it takes to salvage the state of affairs,”

“I want to use this forum to commiserate with the people of our great nation over the flood disasters we are recording all across the length and breath of this nation,” Shettima said.

Recall that several parts of Maiduguri have witnessed massive flooding, which has been linked to the overflowing of Alau Dam.

Many residents have been sacked from their residences due to the catastrophic impact of the flood, affecting various areas of Maiduguri, the capital of Borno State.

Several video clips on social media show how residents were moving away from their different locations, seeking where to stay until the flooding event subsides.

In response to the situation, the Borno State government previously mandated the closure of schools amid concerns that the flooding could intensify within the next 48 hours.

Reports revealed that the flooding, which commenced a week ago, reached its most critical point during the early hours of Tuesday.

Prof. Mahmood Yakubu, the Chairman of the Independent National Electoral Commission (INEC), on Tuesday, visited the four Local Government Areas in Edo State to inspect non-sensitive materials ahead of the off-cycle governorship election billed for Saturday, September 21, 2024.

Yakubu’s first port of call was at the INEC office at Ikpoba-Okha LGA where he was taken on a tour of the store by the Commission’s State Electoral Officer (EO) Mr James Gamble who also answered questions posed by the Chairman on the preparedness of the local branch.

Satisfied with what he met on ground, Yakubu and his entourage including some INEC National Commissioners and top management staff visited Egor LGA where the EO Mr. Boma Bamson conducted them around the office complex to inspect the non-sensitive materials.

The INEC boss is expected to visit the INEC LGA offices at Ikpoba-Okha, Egor, Oredo and Ovia North East.

He will also ⁠inspect the mock accreditation at Western Boys High School 1 and India College II.

Excess water from the failed Alau Dam in Borno State has overflowed into parts of Maiduguri, the state capital in North-East Nigeria, causing widespread flooding.

According to eyewitnesses, the worst-hit areas include Bulabulin Ward, Monday Market, and the University of Maiduguri Teaching Hospital gate on Bama Road, where floodwaters have inundated homes and businesses.

Residents of Maiduguri and Jere are on high alert as the flood continues to spread, submerging many properties and displacing families. The flooding is attributed to the alleged partial breakdown of Alau Dam, which has been filled to capacity for the past week.

In response to the crisis, Borno State Commissioner for Information and Internal Security, Professor Usman Ta, has issued a statement urging immediate evacuation of affected areas to prevent further loss of life and property.

The commissioner’s call for evacuation comes as the floodwaters continue to rise, threatening to engulf more parts of the city and surrounding areas, leaving residents in a state of panic and uncertainty..

He said, “Due to the unusually high volume of water this year, the Borno State Government is urging the residents living along the river bank to take immediate action to protect themselves and their properties”.

Tar also urged the residents to follow evacuation routes to ensure safe passage.

The last time the dam had a similar challenge was in 1994, when almost half of the town was flooded, killing many people.

Three Nigeria Police Force officers have been arrested in connection with the fatal shooting of a student at Kwara State Polytechnic in Ilorin, Kwara State.

The student, Qoyum Abdulyekeen Ishola, was killed on September 4, 2024.

In response to the incident, Inspector-General of Police (IGP) Kayode Egbetokun has directed the Homicide section of the Force Criminal Investigation Department (FCID) in Abuja to conduct a thorough investigation.

According to a statement released by Force Public Relations Officer ACP Olumiyiwa Adejobi, the implicated officers are Inspector Abiodun Kayode, Inspector James Emmanuel, and Sergeant Oni Philip, all assigned to the Department of Operations at the Kwara State Command. They have been detained for further investigation.

IGP Egbetokun expressed deep sadness over the incident, offering condolences to the family, friends, and colleagues of the deceased. He acknowledged the profound grief and loss caused by the unfortunate act and reassured the family and public that justice will be served.

The deceased, Qoyum Abdulyekeen Ishola, was a National Diploma II student in Electrical/Electronics Engineering at the institution. He was reportedly killed by police under mysterious circumstances in the Fate Area of Ilorin, the state capital.

According to reports gathered by Eyes Of Lagos, over 30 kids was found in a compound in ozuoba Port-Harcourt after people alerted the security agencies after suspecting some illegal activities in the compound.

This is coming admist increase in the rate of kidnapping across the country. Missing Children of various ages could be seen rescued by individuals who lamented about the conditions the children were exposed to.

Details in video