Shelter Afrique, CMB seal deal on N3.3b affordable housing scheme

FACED with the grim reality of a continent in which up to three out of five urban dwellers live without adequate shelter and basic services, Pan-African housing finance and development agency – Shelter Afrique (SA) has reached agreement with one of Nigeria’s leading real estate development companies, CMB Building Maintenance and Investment Company Limited for a total loan value of N3.3 billion, which is expected to ensure the speedy delivery of Pearl Nuga Court Estate in Lagos and provide mortgage facilities for the off-takers.

The strategic partnership between the parties was agreed by senior officials of Shelter Afrique and CMB led by the bank’s Managing Director, Mr. James Mugerwa and Managing Director of CMB, Mr Kelechukwu Mbagwu last week at the headquarters of the financial institution in Kenya.

Mbagwu stated the deal is a huge step in the right direction as it keys directly into the vision of providing affordable housing for the Nigerian populace.

CMB with over 12 years experience in the field of real estate development is receiving the support as part of the pan-African finance institution’s exclusive support in the development of the African real estate and housing sector. Through such strategic partnerships, it offers products and related services which support the efficient delivery of commercial real estate and affordable housing.

Shelter Afrique has been in operation for over 30 years and is in partnership with 44 African Governments, the African Development Bank (AFDB) and the Africa Reinsurance Company.

Mbagwu, believes that the private sector has the most strategic role to play in ensuring the housing deficit is reduced to its barest minimum.

He said the fundamentals of the real estate sector remains strong and healthy despite the economic troubles of last year and also seeks the Federal Government’s backing in creating and enforcing policies and laws that ensure the private sector development thrives through financial capitalizations and easily accessible construction finance.

Related to this, the Minister of Power, Works and Housing, Babatunde Raji Fashola in his inaugural ministerial press briefing stated that “the Federal Government will lead the aggressive intervention to increase housing supply, by undertaking construction of public housing and formulating policies that will invariably lead to private sector participation and ownership in order to reduce our housing deficit”.

He also revealed that there would be change in the policy direction of the Buhari’s administration in the real estate sector. Fashola mentioned that the 2016 budget will make provision for the Federal Government to spend N10 billion on low-income housing in each of the state of the federation and the Federal Capital Territory.