Nigerian Minister of Works and Housing, Babatunde Fashola has explained that with an investment of $22.5 million and a shareholding capacity of 15.8 per cent, the country has helped Shelter Afrique to be much stronger company with better version.
Fashola, who doubles as the outgoing Chairman disclosed this on Monday during his opening remarks during the 42nd Annual General Meeting and Symposium of the company with the theme “Political economy in the built environment” held at Transcorps Abuja.
“From a contribution of $5.9 million in 2016, $9.3 million in 2020 and another 7.1 million in 2022, Nigeria’s contributions totaled at $22.5 million. Today, I feel very proud to say that the Shelter Afrique that hosts you, is a much stronger and a better version of that which I inherited in 2016.
“By the collective action of our member states and our development partners, we have surmounted very difficult challenges, some of which threatened the continued existence of our company.
“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.
“Between the 2016 AGM which was the 35th and this year’s AGM which is 42nd, Nigeria made contributions of $5.95m in 2017, $9.39m in 2020 and $7.15m in 2022 making a total of $22.5m, bringing the shareholding in the company to 15.80 per cent (now) valued at $30,724,961.00″, he said.
Speaking also at the event, the Zimbabwean Minister of National Housing and Social Amenities, Hon. Daniel Garwe commended Nigerian Goverment effort for creating the enabling environment for the Shelter Afrique Annual General Meeting.
According to him, “Fellow Africans we are now seated here in the Transcorps Hilton Hotel reflecting on our successes and failures since the last AGM hosted in Victoria Falls in Zimbabwe, our Parliament is expected to compliment the efforts exerted.”
The Chairperson of the Board of Directors of the company, Chii Akporji, earlier said that despite numerous global challenges, the company has continued to deliver multiple housing projects for Africans.
She said, “Despite the global economic slowdown, Shelter Afrique has continued to show its resilience through multiple housing projects funded and commissioned across the continent.”
In the same vein, Shelter Afrique Managing Director, Thierno-Habib Hann restated the company’s objectives to scale up affordable housing across the continent.
He said, “Our objective is to scale up affordable housing across Africa. We’re really engaged in Nigeria, last year we issued these bonds and this is a programme that will be done in a few years with over $500m (N200bn) to be invested. We have done the first tranche and we are going to do more and more of it.
“The idea is really to work with financial institutions, large scale developers, government through public-private partnerships and set up funds targeting $1bn for African continent sharing across, being climate resilient, gender friendly and most importantly generate jobs for the populace”.
The Shelter Afrique which is a pan-African finance institution, created exclusively to support the development of the African real estate and housing sector through strategic partnerships with private developers and Government Agencies.