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Reps Throw Weight Behind Proposed Green and Climate Finance Bank

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…say Nigeria holds US$104bn climate-smart investment potential by 2030

By Gloria Ikibah

The House of Representatives has endorsed plans to establish a Green and Climate Finance Bank in Nigeria, describing the proposal as both forward-looking and essential to the country’s energy and economic future.

Chairman House Committee on Renewable Energy, Rep. Afam Ogene, stated this during a joint media briefing in Abuja with Quantum Partners, promoters of the proposed bank.

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He said the initiative can play a pivotal role in unlocking private capital for renewable energy and other climate-focused sectors.

“The proposal to establish a Green and Climate Finance Bank is both timely and strategic. The bank is designed to serve as an important financial institution that mobilises private capital, uses innovative risk-sharing tools, and provides long term financing tailored specifically to renewable energy and other climate aligned sectors.

“It will support MSMEs, women-led businesses, green innovators, and infrastructure developers who are building the foundation of a sustainable economy.

“This initiative comes at a critical time in our nation’s history, essentially coming at the heels of the Federal government’s policy of Renewable Energy as a viable option to boost energy security in the nation.

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“The proposed Green and Climate Finance Bank represents such innovation. Essentially, this is not a government owned bank. It is a private sector initiative with a strong governance framework aligned to global environmental, social, and transparency standards. It aims to attract both domestic and international investors while ensuring measurable climate and development impact.

“The promoters have already developed a detailed business plan, governance blueprint, and stakeholder engagement roadmap. However, it’s their responsibility to give further details about the proposal and what their efforts so far in actualizing the object.

“As legislators, our role is to create an enabling environment. We will continue to support policies that encourage renewable energy deployment, improve investor confidence, and promote sustainable finance frameworks. We stand ready to engage constructively with regulators, development finance institutions, and private investors to ensure that this initiative aligns with national priorities and global best practice”.

The proposed bank, according to its promoters, is designed to serve as a bridge between climate-focused projects and much-needed capital.

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Speaking at the briefing, founder of Quantum Partners and one of the promoters, Dr Oluwafemi Adedipe, formally unveiled the concept.

“Today, we formally introduce the Green and Climate Finance Bank for Nigeria, an innovative financial institution designed to mobilise capital for Nigeria’s transition to a low carbon, green economy.

“Nigeria is simultaneously one of the most climate-vulnerable countries in the world and one of the most promising green investment frontiers. Floods, drought, desertification, and energy insecurity threaten livelihoods and economic stability. At the same time, renewable energy, climate-smart agriculture, green infrastructure, and circular economy ventures represent transformative growth sectors”, he said.

He noted that Nigeria’s green investment potential is substantial but requires deliberate financial structuring to unlock it.

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“According to objective estimates, Nigeria’s climate investment opportunity could reach approximately US$104 billion by 2030. However, opportunity alone does not translate into progress. The capital that will operationalise the opportunity must be mobilised. Risks must be structured and projects must be financed.

“That is the gap this Bank is designed to fill. The Green and Climate Finance Bank will serve as a platform that bridges the space between green projects and capital markets. It will provide flexible financing tailored specifically to renewable energy developers, sustainable agriculture enterprises, green infrastructure projects, and other climate aligned MSMEs.

“Our objective in proposing this Bank is simple but ambitious. We intend to attract private capital at scale while delivering measurable environmental and social impact.

“To do this right, we’ve spent months building a world-class foundation, including a comprehensive business plan and operating model. We have also engaged with regulators, development partners, and institutional stakeholders. We have designed an independent governance blueprint consistent with global sustainability standards. We are also assembling a high-calibre advisory structure that brings together expertise in banking, climate finance, and investment management”, he added.

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Also speaking, co-founder of Quantum Partners, Dr Samuel Ndubuisi-Brown, outlined the promoters’ immediate plans, revealing that they aim to raise US$100 million in founding capital.

“This will enable us to complete regulatory approvals, establish core systems and digital infrastructure, and begin lending and project financing, with a target operational timeline in 2026.

“To potential investors, this represents a dual opportunity. First, this is a chance to be a ‘first mover’ in a market that is about to grow exponentially. Second, you will not only be getting a financial return; you will also be helping to build the resilience of Africa’s largest economy, while catalysing renewable energy expansion, supporting green entrepreneurship, creating jobs, and strengthening Nigeria’s resilience in the face of climate risk”, he noted.

He stressed that the vision goes beyond establishing another financial institution.

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“It is about building institutional capacity for the future. It is about ensuring that Nigeria does not depend solely on external mechanisms to finance its climate transition. It is about creating a home-grown platform that speaks the language of both international investors and local entrepreneurs,” he stated.

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Reps Gives MREIF Boss Final One-Week Reprieve Over Housing Fund Probe

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By Gloria Ikibah

The House of Representatives Committee on Housing and Habitat has granted the management of the MOFI Real Estate Investment Fund (MREIF) a one-week extension to appear before lawmakers as part of an ongoing investigation into the fund’s operations, performance and administration.

The committee had initially summoned MREIF Managing Director and Chief Executive Officer, Dr Armstrong Ume Takang, alongside members of the fund’s management team, to appear on Tuesday, 2 June 2026, for a comprehensive review of the initiative and several petitions submitted against it.

The Committee Chairman, Rep. Abdulmumin Jibrin, said the investigation was aimed at ensuring the fund was operating in line with the objectives set by President Bola Tinubu and delivering on its mandate.

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According to him, the exercise seeks to determine whether the administration and performance of MREIF are meeting public expectations while also addressing concerns raised in petitions before the committee.

However, in a letter addressed to lawmakers, Dr Takang acknowledged receipt of the summons and expressed the fund’s willingness to cooperate fully with the National Assembly’s oversight responsibilities.

He explained that he was outside Abuja on an official engagement that had been scheduled before the committee’s invitation was received and requested a new date for the hearing.

The MREIF chief also assured lawmakers of the organisation’s readiness to engage constructively with the committee.

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Responding to the request, Jibrin said the committee had agreed to postpone the hearing by one week in the interest of fairness and cooperation.

He stated that the session had now been rescheduled for Tuesday, 9 June 2026, stressing that the extension was granted specifically to allow the managing director to appear in person.

The committee maintained that Dr Takang’s personal appearance was crucial to its inquiry and could not be delegated.

Jibrin reiterated the committee’s determination to conduct a thorough and impartial investigation into the management of the fund, which was established to expand access to affordable home ownership for Nigerians.

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He said the committee remained committed to addressing all issues raised in the petitions before it while ensuring transparency, accountability and effective implementation of the housing initiative in line with the vision of the Tinubu administration.

The lawmaker further stated that the committee expects Dr Takang and the entire MREIF management team to appear before it on the new date without fail.

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FG stops three-month Pre-retirement leave for civil servants

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The Federal Government abolished the three-month preretirement leave for civil servants.

This was contained in a circular titled “Correct Interpretation of Public Service Rule 120243 on Pre-Retirement Activities,” issued by the Head of the Civil Service of the Federation, Didi Walson-Jack, and addressed to top government officials, including ministers, permanent secretaries, service chiefs, heads of agencies, and other senior public sector administrators.

According to the circular, FG directed Ministries, Departments, and Agencies to immediately discontinue the practice of placing civil servants on what is commonly referred to as a mandatory three-month preretirement leave.

Walson-Jack argued that such a provision does not exist in the Public Service Rules, adding that several MDAs had wrongly interpreted the retirement notice period as an automatic leave period, leading to the premature withdrawal of officers from active service.

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The Public Service Rule, according to her, only requires officers due for retirement to give three months’ notice before their exit date, attend a one-month pre-retirement workshop or seminar, and use the remaining period to regularise service records and pension documentation.

Nigeria’s federal civil service retirement framework is governed by the Public Service Rules and the Pension Reform Act.

Under the rules, civil servants retire upon attaining 60 years of age or after 35 years in service, whichever comes first.

The Head of Service’s directive seeks to standardise the implementation of the Public Service Rules across government institutions and to prevent manpower losses resulting from the early disengagement of experienced officers

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“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” Walson-Jack stated.
She explained that Rule 120243 establishes three distinct requirements: a notice obligation, attendance at a pre-retirement seminar during the first month, and completion of retirement-related documentation during the remaining two months.
“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the circular stated.

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She stressed that retiring officers remain public servants throughout the notice period and are expected to continue performing their official duties unless they are attending approved retirement workshops or have been granted leave under existing regulations.

“PSR 120243 does not exempt retiring officers from official duties during the notice period, except where they are attending an approved pre-retirement workshop or seminar, or are otherwise authorised to be absent under extant leave rules,” the circular added.

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In view of the above, all MDAs have been directed to stop compelling retiring officers to vacate their posts before their official retirement dates.

Under the new directive, ministries and agencies must ensure that retiring officers continue to discharge their responsibilities, participate in approved pre-retirement programmes, and complete all pension and service record reconciliations before leaving service.
The latest circular seeks to end that ambiguity by affirming that the three-month period is primarily a notice and administrative preparation window, rather than an automatic absence from duty.
The circular further instructed permanent secretaries, directors-general, executive secretaries, chairpersons of statutory agencies, and chief executives of government organisations to bring the directive to the attention of all staff and ensure strict compliance.

The government said it believes the measure could improve service delivery by ensuring that retiring officers continue contributing their expertise until their official exit dates while simultaneously completing documentation required for pension processing.

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Six members of same family shot dead during domestic dispute in US

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Six people were killed in the US state of Iowa after a series of shootings that appeared to stem from a domestic dispute, police said.

The suspected shooter also was found dead with a self-inflicted gunshot wound, according to the Muscatine Police Department.

The victims are believed to be family members of the suspect, identified as Ryan Willis McFarland, 52, of Muscatine, the department said.

Muscatine Police Chief Anthony Kies called the shooting an “act of evil”.

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The shootings took place on Monday at multiple locations within the city of Muscatine.

Police received a report of a shooting just after noon on Monday. When officers responded to a home, they found four people with gunshot wounds, police said.

All four victims were pronounced dead at the scene.

McFarland had left the residence before officers arrived, but officials found him shortly after on a riverfront trail near a pedestrian bridge.

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He had a self‑inflicted gunshot wound, police said, and received medical aid, but was pronounced dead at the scene.

Detectives later found another man dead from an apparent gunshot wound in a different residence. A further search led officers to a business, where they found another victim, also dead of an apparent gunshot wound.

Online maps show a metal workshop at the address provided by police.

“Preliminary findings indicate the shootings stemmed from a domestic‑related dispute,” McFarland police said in a statement. “All victims are believed to be family members of the deceased suspect.”

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Kies did not give the names or ages of the victims and noted that the investigation is ongoing.

He confirmed the suspect had an existing criminal record but did not share any further details.

Muscatine, in the southwest of Iowa, sits on the Mississippi River and has a population of approximately 23,500 people, according to US government data published last year.

Mayor Brad Bark wrote in a post on Facebook: “Our hearts are heavy tonight after the tragic shootings that claimed innocent lives.”

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Source: BBC

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