Access Bank, one of Nigeria’s largest financial institutions, reported N289.3 billion in mortgage loans for the first quarter of 2025, making up just 2.3% of its total loan portfolio, according to its latest financial statement. The bank’s total loan portfolio stood at about N12.2 trillion as of March 2025. While mortgage lending is a crucial part of the housing sector, it remains a small fraction of overall banking activity. Personal mortgage loans led the category with N218 billion, while the total mortgage loan book was N318 billion at the end of 2024. The bank also reported an expected credit loss of N9.1 billion from these loans last year. Other major banks have also seen shifts in their mortgage portfolios. Stanbic IBTC’s mortgage loans under personal and private banking grew from N941 million in 2023 to N1.073 billion in 2024. Its retail mortgage loans jumped from N15.2 billion to N26.8 billion over the same period. First Holdco’s retail mortgage loans more than doubled, reaching N264.2 billion in 2024. Despite these increases, experts say Nigeria’s mortgage sector remains underdeveloped. High interest rates-often between 15% and 25%-and short loan tenures make monthly repayments unaffordable for many. “The mortgage industry has grappled with outdated and disconnected systems, often requiring mortgage professionals to juggle multiple tools to manage a single loan,” said Noah Ibrahim, Chief Strategy Officer and co-founder of Green Mortgage. Primary Mortgage Banks (PMBs) have also faced significant challenges. Their total assets dropped sharply from N454.7 billion in the third quarter of 2023 to just N1.4 billion in the same period of 2024. Liabilities rose to match assets, and PMB loans increased from N192.3 million to N269.6 million year-on-year. The Federal Mortgage Bank of Nigeria (FMBN) is working to address the housing gap. In August, the bank announced a target to deliver 5,000 new homes annually and disburse 20,000 mortgage loans each year, mainly through the Renewed Hope Cities and Estates Programme. However, the process for securing a mortgage remains slow, with 70% of PMBs reporting that it takes more than 12 months to process a loan from the National Housing Fund. Experts argue that simplifying the mortgage process and leveraging technology could help more Nigerians become homeowners. Mrs. Imelda Olaoye, a business strategist, said, “Technology has evolved, and it is crucial to leverage the most needed tools to enhance mortgage processes.” Despite government efforts, Nigeria’s housing deficit persists. For many, the high cost and cumbersome process of obtaining a mortgage remain significant barriers.
Tantalizers Plc expands into entertainment with acquisition of grand media projects limited
Tantalizers Plc, a leading quick-service restaurant company in Nigeria, has announced a strategic acquisition of Grand Media Projects Limited, a respected entertainment company founded by acclaimed filmmaker Tade Ogidan. This move signals Tantalizers’ bold entry into the entertainment and digital content industry, diversifying beyond its traditional food business. The acquisition aligns with Tantalizers’ long-term vision to grow in high-impact, youth-driven sectors such as media, entertainment, and digital content development. With Nigeria’s entertainment industry rapidly gaining global recognition, this expansion positions the company to tap into new revenue streams and broaden its brand appeal. Chairman of Tantalizers Plc, Alhaji Adam Nuru, described the acquisition as a “quantum leap” into content creation, branded experiences, and event activations. He emphasized the growing convergence of food, lifestyle, and entertainment as a key opportunity to deliver enhanced value to stakeholders. Tade Ogidan, Chairman of Grand Media, expressed enthusiasm about the partnership, highlighting the creative possibilities and the potential to create lasting value for Nigerians and the global audience. He praised Tantalizers’ tech-driven entertainment platform as a forward-thinking initiative that will reshape the industry. The acquisition is part of a broader diversification strategy by Tantalizers, which recently secured fresh capital and expanded into Nigeria’s blue economy through investments in fisheries and marine ventures. The company plans to launch an entertainment platform in the coming months that will integrate music, storytelling, and live events, transforming Tantalizers into a multi-sector lifestyle brand.
Lagos to launch Nigeria’s first AI guidelines to foster innovation
Lagos State to release Nigeria’s first-ever guidelines for artificial intelligence (AI) deployment and management in the coming weeks, marking a significant milestone in the country’s tech landscape. The announcement was made by Olatunbosun Alake, Lagos State Commissioner for Science, Innovation and Technology, during the official launch of Dyna.Ai’s operations in Nigeria. Alake explained that the guidelines are designed not as rigid policies but as frameworks to ensure that AI products developed today will be safe, ethical, and beneficial for future generations. “They are just guidelines to make sure that you and I are building the kinds of products that, in the future, we will be proud to let our children use and not try to protect them from,” he said. Alake called for collective responsibility in managing the technology, noting that unmanaged AI could be “reputationally radioactive.” He emphasized that the greatest value from AI will come when it aligns with the public good, reaffirming Lagos State’s commitment to becoming a hub for responsible AI innovation. Tokoni Peter Igoin, Special Assistant to the President on ICT Development and Digital Innovation, underscored the Federal Government’s dedication to fostering a secure and forward-thinking digital ecosystem. “Our approach to AI and financial technology encourages creativity while ensuring transparency, data protection, and digital security,” Igoin said. Dyna.Ai, a global AI solutions provider, chose Nigeria as its strategic entry point into Africa, citing the country’s size and rapid digital growth. Tomas Skoumal, Chairman and Co-President of Dyna.Ai, highlighted the company’s plans to invest in local talent and infrastructure, aiming to scale innovation from Nigeria across the continent.
FG launches new digital platform to simplify business permits and citizenship services in Nigeria
The Federal Government of Nigeria has unveiled an innovative Online Citizenship and Business Management Platform aimed at making it easier for individuals and companies to apply for business permits, manage expatriate work permits, and process citizenship applications. Announced by Dr. Magdalene Ajani, Permanent Secretary of the Ministry of Interior, the platform is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda to enhance transparency, efficiency, and service delivery across government operations. The new system offers a streamlined, user-friendly online process that reduces delays and bureaucracy. It enables local and foreign businesses to apply for and manage permits digitally, ensuring legal compliance. Additionally, the platform features an Expatriate Quota System to help companies hire skilled foreign workers while adhering to immigration laws. For Nigerian citizens, the Citizenship Administration and Management System simplifies the application and tracking of citizenship services. The Ministry has also introduced a contactless passport renewal service for Nigerians living abroad in countries such as the USA, Canada, and Europe, allowing eligible citizens to renew passports online without visiting offices. The platform is accessible through the Ministry of Interior’s website and a dedicated portal, with email support available for users. This digital initiative aligns with wider government efforts to harness technology for improved public service, including the introduction of AI tools like “Service-Wise GPT” for federal civil service automation and plans by the National Information Technology Development Agency (NITDA) to digitize 75% of government services by 2027.
EFCC raises alarm over rising youth involvement in cybercrime
The Economic and Financial Crimes Commission (EFCC) has issued a warning about the growing number of Nigerian youths turning to fraudulent online activities in pursuit of fast wealth. The agency sounded the alarm during a seminar in Lagos, highlighting the risks and urging young people to choose integrity over illegal gains. Ahmed Ghali, Acting Zonal Director of the EFCC’s Lagos Directorate 2, addressed stakeholders at a Police Community Relations Committee (PCRC) event themed “The Role of the Boy Child in Community Development and Safety.” Ghali expressed concern that many young Nigerians are jeopardizing their futures by engaging in internet fraud and other cybercrimes. “Many youths are not only amoral but have also become lost in the rat race for unearned riches through fraudulent online activities,” Ghali said. He stressed that while the internet can be a tool for financial empowerment and community development, using it for criminal purposes harms both victims and the perpetrators themselves. Ghali urged young people to redirect their energy and creativity toward legitimate online income streams. “If you use the internet wisely, it can elevate you financially and enable you to contribute to your community’s development. However, if you choose to use the internet for criminal purposes, you won’t just harm your unsuspecting victims, but you’ll also jeopardize your own personal goals,” he added. Prince Samuel Olaoluwa Akintoye, Chairman of the PCRC’s Bode Thomas Division, said the initiative aims to nurture a generation of responsible, ethical, and patriotic young Nigerians. He emphasized the importance of guiding youths to navigate the complex path to achieving their dreams while contributing positively to society. The EFCC’s warning comes amid rising concerns about the dangers associated with internet fraud. The agency recently reported that some cybercriminals have escalated their activities to include armed robbery, kidnapping, and ritual killings. These developments, the EFCC says, pose increasing threats to public safety. Earlier this year, the commission mourned the loss of Assistant Superintendent Aminu Sahabi Harisu, who was killed while tracking a suspected internet fraudster. The EFCC reiterated its commitment to combating cybercrime and called on the public to reject the notion that so-called “Yahoo boys and girls” are harmless.
Federal medical centre Abuja makes history with first living-donor kidney transplant
The Federal Medical Centre (FMC), Abuja, has marked a major milestone in Nigerian healthcare by successfully performing its first-ever living-donor kidney transplant. The groundbreaking procedure was carried out on May 6, 2025, offering new hope to patients with advanced kidney disease in the region. The recipient, a 69-year-old man suffering from end-stage renal disease, received a healthy kidney from his 39-year-old relative. The surgery was led by Dr. Ernest Aniede and a dedicated team of in-house surgeons, nephrologists, and healthcare professionals. According to the hospital, both donor and recipient have made full recoveries and are expected to be discharged soon. During a visit to the ward, FMC Abuja’s Medical Director, Prof. Saad Ahmed, expressed gratitude to the patient and donor for their trust in the hospital’s services. He commended the medical team for their professionalism and skill, emphasizing that the successful transplant is a “major milestone for FMC Abuja and a positive sign for the healthcare landscape in Nigeria.” Prof. Ahmed highlighted the hospital’s commitment to becoming a world-class institution, leveraging teamwork and advanced technology to deliver quality care and drive innovation in healthcare. Prof. Ahmed also acknowledged President Bola Tinubu’s commitment to strengthening Nigeria’s healthcare system. He credited recent health reforms for expanding access to dialysis, increasing funding for kidney disease research, and enhancing training for healthcare professionals. FMC Abuja plans to begin subsidizing dialysis treatment for kidney patients, aiming to make life-saving care more accessible to those in need. Both the donor and recipient expressed heartfelt appreciation for the hospital’s care and professionalism throughout the process. The successful transplant not only marks a new chapter for FMC Abuja but also signals progress in Nigeria’s ability to provide advanced medical treatments locally.