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FirstBank Launches Single-Digit Mortgage Scheme to Boost Housing

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FirstBank

FirstBank mortgage scheme offers single-digit interest loans to tackle Nigeria’s housing deficit and create jobs across the construction sector

The FirstBank of Nigeria Limited, in partnership with the Ministry of Finance Incorporated and ARM Investment Managers, has launched a single-digit mortgage scheme aimed at addressing Nigeria’s significant housing deficit and stimulating economic growth.

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Also read: FirstBank Backs Inaugural E1 Lagos GP Electric Race

Unveiled in Abuja, the initiative provides affordable 20-year mortgages at approximately 9.75 per cent interest, requiring only a 10 per cent deposit.

FirstBank’s Managing Director and CEO, Olusegun Alebiosu, described the programme as a “social and economic revolution” capable of enabling home ownership for Nigerians while generating widespread employment in the construction sector.

Alebiosu highlighted the long-term impact, noting that the difference between borrowing at current double-digit rates and single-digit mortgages would give beneficiaries significant financial leverage.

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He added that the scheme would employ carpenters, bricklayers, painters, and other artisans, creating a sustainable boost for the construction industry.

Sani Yakubu, National Coordinator of the MOFI Real Estate Investment Fund, said the initiative is private-sector driven, transparent, and structured for long-term sustainability.

The fund, recently launched on the Nigerian Exchange with an initial N250 billion tranche, is supervised by the Securities and Exchange Commission and rated as an A-grade tradable investment.

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Yakubu explained that FirstBank’s nationwide reach will ensure wide accessibility, with over 1,100 mortgage applicants already supported.

The fund offers off-take guarantees to developers and is refinanced by the Nigerian Mortgage Refinance Company, ensuring long-term security and policy protection.

Kai Orga, Managing Director of ARM Investment Managers Limited, added that the partnership would simplify mortgage approvals, reducing processing times to four to six weeks while expanding financial inclusion and home ownership across Nigeria.

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Also read: FirstBank Strengthens Sustainable Finance Partnership with UNGC

The FirstBank mortgage scheme represents a concerted effort to tackle Nigeria’s housing shortage estimated at 20 to 28 million units while fostering economic inclusion and creating jobs across the housing and construction value chain.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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