•As FG pledges to offset capital subscription
Pan-African finance institution – Shelter Afrique Development Bank (ShafDB) has urged the Nigerian government to clear its outstanding capital subscription, while pledging the bank’s commitment to improve on its $220 million worth of housing loans for the country.
The bank has already approved and disbursed $117.6 million loans to Nigeria. The country owns 15.22 per cent of the company’s issued shares, making it the second-largest shareholder after Kenya with 16.25 per cent.
Managing Director and Chief Executive Officer, Shelter Afrique Development Bank (ShafDB), Mr Thierno-Habib Hann, gave the assurance when a delegation of the bank’s leadership led by its Board Chairperson, Dr Chii Akporji, embarked on a working visit to Nigeria last week to explore more areas of entry into the Nigerian housing market, and pledged its support to bridge the nation’s housing deficit.
Speaking with Nigeria’s Vice President, Kashim Shettima, Hann expressed the bank’s interest in playing a part in such initiatives such as the National Social Housing Fund (NSHF) and Pulaaku Resettlement Scheme of the Federal Government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country.
“We are looking for more ways to collaborate with Nigeria on housing delivery. We believe the Pulaaku Initiative, and the National Social Housing Fund provide us an opportunity to further drive our mandate, which is to eradicate slums in Africa. We have done a lot of work already with several financial institutions, reputable developers, and some state governments, and we intend to do more.
“Since October 2023, the bank has undergone major transformations thanks to the leadership of the Minister of Housing and Urban Development, Ahmed Dangiwa, who is the Chairperson of the institution’s 42nd yearly general meeting Bureau. We are better positioned to create wealth, increase Gross domestic product (GDP), and address security through our housing finance model.
He added that ShafDB is a tool for member countries to drive their housing programmes, urging governments to strengthen the bank by keeping their shareholding commitments.
The Vice President applauded ShafDB’s efforts in moving the African housing industry forward. “I am aware that ShafDB has already deployed more than what Nigeria has in paid-up capital towards the financing of housing projects in the country. ShafDB is in a position to drive change in Africa, and I align myself with the aspiration of the Minister of Housing and Urban Development, Ahmed Dangiwa, that the capital subscription arrears be paid.
Dangiwa expressed Nigeria’s readiness to support ShafDB’s growth. He applauded the bank for its visionary approach to housing delivery, noting that the bank will reach heights with the current institutional framework and experienced leadership.
ShafDB management also met with the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who promised to support Nigeria’s efforts to clear the outstanding share capital subscription.
Cardoso was pleased with the bank’s contribution to continental development and its range of products that cut across the entire housing value chain. He acknowledged the role the housing sector plays in the development agenda of the current administration.
Among the delegation is SHAfDB Board Director representing Nigeria, Eucharia Alozie; Regional Representative – Anglophone West Africa/ShafDB Abuja Officer, Elizabeth Ogonegbu; Head Strategy and Policy, Dr Muhammad Gambo; Director, Urban and Regional Department at the Ministry of Housing and Urban Development, Dr Olakunle Akinola, and Deputy Director, Urban Sector Multilateral Programmes and Alternate Board Director representing Nigeria, Omotayo Adeoya.