Nigeria’s Investment In Shelter Afrique Hits $30.7m— Fashola

The Minister of Works and Housing, Babatunde Fashola, has said that Nigeria now owns 15.8 per cent shares in Shelter Afrique.

This translates to $30.7m between 2016 to date, the Minister said at the 42nd Annual General Meeting and Symposium of Shelter Afrique with the theme, “Political economy in the built environment.”

Shelter-Afrique the pan-African housing finance and development finance institution was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa.

About 44 African countries as well as the African Development Bank, and the African Re-Insurance Corporation have shares in Shelter Afrique.

Fashola said, “Between the 2016 AGM which was the 35th and this year’s AGM which is the 42nd, Nigeria has made contributions of $5.95m in 2017, $9.39m in 2020 and $7.15m in 2022 making a total of $22.5m.

“This brings Nigeria’s shareholding in the company to 15.80 percent (now) valued at $30,724,961.00. For a company that was struggling for funding in 2016, this was a much-needed injection of life-restoring capital and I must say that other member states have responded in kind.

“Beyond financial capital, Nigeria has also contributed the most important capital – The human capital, by offering Mr. Femi Adewole, to provide interim leadership for the company at perhaps its most turbulent period.

“With this background as we convene today, I can say with a measure of confidence that for Shelter Afrique, the dark clouds are gone, and a bright new future of renewed hope lies ahead, especially with the leadership provided by our company’s Board and management led respectively by Dr Chii Akporji and Mr Thierno-Habib Hann.

“These contributions to increasing housing supply are complemented by the Federal Government with initiatives such as the National Housing Programme that has delivered houses across 35 states and the Federal Capital Territory Abuja, complemented by the Federal Housing Estates across our six geo-political zones, and the Federal Mortgage Bank, Ministerial housing scheme and Co-Operative Housing initiatives across the 36 states of our country.”

Fashola said by the collective action of member states and development partners, the country has surmounted very difficult challenges, some of which threatened the continued existence of our company.

He said, “With every sense of modesty I am happy to announce that my country, the Federal Republic of Nigeria, has played a commendable role in that collective action. Let me report some policy and process reforms that have been initiated or implemented since 2016.

“One of them is the removal of the condition for a 10 per cent equity contribution by a mortgage applicant from the Federal Mortgage Bank for a Mortgage of N5 Million and below; and the reduction of the 15 per cent equity contribution to 10 per cent for mortgage applicants over N5 Million.”