Firm advocates crowdfunding to meet nation’s housing needs
A Real estate development firm, Tobykemsworth Investment Limited, has called on Nigerians to embrace crowdfunding initiatives to meet their housing needs.
Managing Director of Tobykemsworth Investment Limited, Dr. Adekunle Raphael-Monehin, made the call in Lagos recently at the first anniversary of Rabanaire, a crowd funding initiative of the firm, aimed at making housing accessible for Nigerians.
According to him, Rabanaire was established because the alternative funding for real estate is crowd funding.
He said: “We are sure that affordability for housing is key right now. If you want to set control on the housing deficit, with the experience we have had over the years, since 2009, we have found out that even the government has not been able to make affordable housing. They say this house is affordable.
How can it be when it’s above N15 million and the premium mortgage bank can only give a loan of N15 million? So, what we are doing is to create a pool where affordable housing can be picked from, and this firm has been in the industry; we have had our experience and we know that if we go in this direction of crowdfunding, it will help the real estate industry where people can own their homes.”
Raphael-Monehin described the experience of the firm in the last one year as a success story. Stating that Rabanaire has achieved acceptability, he noted that Nigerians irrespective of class can invest a minimum of N55,000, to own a home.
Also, the Country Director of Rabanaire, Mrs. Pricilia Irabor, said the aim was to reach all parts of the country as they are currently in Abuja and Lagos.
She said: “Housing deficit is not only in Nigeria. We are presently in Benin Republic, we are going to be launching in Cameroon and Ghana. We are also going to be looking into how to launch in Ethiopia. So, we found out that housing deficit is a global issue.
“Since we launched Rabbanire on September 3, 2022, we have seen acceptance and a lot of people are coming on board.”
Earlier, Permanent Secretary, Lagos State Ministry of Housing, Kamar Olowoshago, applauded Tobykemsworth Investment Limited for the crowd funding initiative.
According to him, there was a need for private organisations to assist the government in bridging the housing gap estimated at about three million.
Represented by Saheed Omotosho, the Director of Lagos State Real Estate Regulatory Authority (LASRERA), an Agency under the Ministry of Housing, Olowoshago said: “Housing deficit is something that is predominantly mentioned in the present government’s THEMES agenda, and government cannot do it alone.
They need to go into partnership with the real estate practitioners to get people there to support them for the provision of housing. Government is doing its best, but they have to do more because they are closer to the people than even the government.
“Rabbanire is international not only in Lagos. I believe by the time other key players in the industry come, they will be able to compliment the effort of Rabanaire.”
Also, the Permanent Secretary, Ministry of Commerce, Industry and Cooperatives, Mrs. Adetutu Oluremi Ososanya, represented by the Director, Agribusiness Support Unit in the ministry, Mrs. Gbemisola Muninat Atitebi Osi-efa, described the crowd funding initiative of the firm as a laudable project that needs to be extended to an average person on the streets of Lagos.
She pledged to partner the company to ensure that many Lagosians enter into the housing net without much hassles.
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