The two-day event, held at the prestigious Transcorp Hilton in Abuja, carries the theme Ensuring Value Creation in State-Owned Enterprises (SOEs) through Better Corporate Governance. It represents a significant step toward improving Nigeria’s public sector performance. Moreover, it supports the country’s ambitious goal of achieving a $1 trillion economy.

In his opening address, Dr. Shamsuddeen Usman, Chairman of the Board of Directors of MOFI, emphasized the importance of effective corporate governance. According to him, it is a key driver of economic growth. He also highlighted that good governance ensures accountability and transparency.

Additionally, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the government’s commitment. He stated that President Tinubu’s administration is focused on addressing inefficiencies in the public sector. These inefficiencies, he noted, continue to challenge economic advancement.

Dr. Doris Uzoka-Anite, the Honourable Minister of State for Finance, conveyed a goodwill message. She reaffirmed the government’s commitment to strengthening corporate governance frameworks within SOEs. This, she noted, is essential for achieving optimal performance.

Dr. Ndiame Diop, the World Bank’s Country Director for Nigeria, also addressed participants. He stressed that improved governance is a critical element of sustainable development.

In his keynote address titled “Making SOEs Engines of Development Through Better Corporate Governance: An International Perspective,” Dr. Ishmael Yamson, Chairperson of the Board at Ishmael Yamson & Associates, explored global trends. He discussed how improved governance leads to enhanced performance in state-owned enterprises.

Indeed, Nigeria’s journey towards a $1 trillion economy is filled with challenges. However, initiatives like the MOFI Corporate Governance Forum show a strong commitment to reform. The event offered a platform for stakeholders to share strategies for better governance, improved performance, and the transformation of SOEs into engines of economic development.

As MOFI transitions from a passive asset custodian to an active asset manager, its new role is clear. The Ministry is positioning itself as a strategic enabler of economic growth. Ultimately, it aims to make Nigeria’s public enterprises key players in building a prosperous future.

Ubong Usoro

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This marks another milestone in the country’s ongoing efforts to bridge the housing deficit and make homeownership accessible to more Nigerians.

The journey to this funding boost began in December 2024, when MOFI announced that the N150 billion MREIF Series 1 bond was fully subscribed. Building on that success, a second offering in February 2025, targeting private investors, has also been fully subscribed. This brings the total funds raised under MREIF to an impressive N250 billion. The strong investor participation reflects a growing commitment from the private sector to support real estate development.

MOFI, in a statement, emphasized the high level of private sector participation in the N100 billion issuance. It noted that the fund attracted a diverse group of institutional investors. The overwhelming demand for the Series 2 offering signals strong investor confidence in the fund’s structure and long-term potential. Unlike previous housing initiatives, MREIF is structured to deliver competitive returns while ensuring affordable homeownership through long-term, low-cost mortgage financing.

Government Endorsement and Future Impact

Minister of Finance, Wale Edun, hailed the success of the Series 2 tranche, calling it the beginning of a long-overdue transformation in the housing sector. He stated that the full subscription of the Series 2 offering demonstrates the private sector’s trust in MREIF as a viable and sustainable investment vehicle. He further emphasized that the initiative is addressing one of the biggest challenges in the country—access to affordable housing finance.

Managing Director of MOFI, Armstrong Takang, reinforced the fund’s significance. He explained that MREIF is uniquely structured to tackle both supply and demand issues in the housing market. The financing structure provides affordable mortgage options with up to 20-year repayment tenors at interest rates as low as 12 percent. This is far below typical commercial rates, making homeownership more accessible for Nigerians.

Takang also noted that the MREIF’s N1 trillion multi-tranche programme is just getting started. Future rounds will focus on expanding investor participation and accelerating housing development. The initiative will also integrate seamlessly with commercial banks, mortgage providers, developers, and financial institutions.

A New Era for Nigeria’s Housing Sector

With the success of this latest offering, MREIF is laying the foundation for a new era in Nigeria’s real estate sector. If these investments continue to gain traction, the dream of widespread affordable homeownership in Nigeria may soon become a reality. The strong investor confidence and the government’s commitment to long-term housing solutions signal a brighter future for millions of Nigerians seeking secure and affordable housing.

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The Federal Government has introduced a ₦10 billion initiative aimed at providing financial access to Nigerians for converting vehicles to Compressed Natural Gas (CNG) and installing solar home systems.

The program, titled Credit Access for Light and Mobility (CALM), was unveiled in Abuja on Wednesday in collaboration with the Ministry of Finance Incorporated (MOFI), the Presidential Initiative on CNG (Pi-CNG Ltd), and the Nigerian Consumer Credit Corporation (CREDICORP).

The ₦10 billion CALM Fund was established in response to rising energy and transportation costs, providing a solution for Nigerians facing financial strain due to the removal of fuel subsidies. The fund offers credit for CNG vehicle conversions and solar energy installations, enabling individuals and businesses to reduce dependency on costly fuels and high electricity bills.

Speaking at the launch event, Dr. Armstrong Takang, Managing Director of MOFI, emphasized that the fund is designed to ease the financial burden caused by the increase in transportation costs, driven by the removal of fuel subsidies. “These reforms are necessary, but they come with unintended consequences,” he noted. “The high cost of transportation is one of these, and this initiative offers a practical solution to mitigate those costs.”

Michael Oluwagbemi, CEO of Pi-CNG, highlighted the potential impact on mobility and local manufacturing. He stated, “This initiative not only promotes competition in the transportation sector but also supports the domestic production of CNG conversion kits, driving job creation and lowering energy costs for Nigerians.”

Uzoma Nwagba, Managing Director of CREDICORP, explained that the CALM Fund will enable Nigerians to access credit for vehicle conversions and solar energy adoption without the upfront financial burden. The program will offer loans through Participating Financial Institutions (PFIs) with the goal of making sustainable energy solutions more accessible.

The partnership between MOFI, Pi-CNG, and CREDICORP aims to expand the initial ₦10 billion fund by attracting additional private and institutional investors. CREDICORP will manage loan disbursements and offer credit guarantees, while Pi-CNG will facilitate vehicle conversions through authorized centers, offering discounted conversion packages.

With flexible financing options, the CALM Fund provides a lifeline for households and businesses seeking to manage their high energy and transportation costs, promoting a transition to cleaner, more affordable energy sources.

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