Shelter Afrique Development Bank (ShafDB) said it is committed to improve upon its $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.
Managing Director and Chief Executive Officer ShafDB, Thierno-Habib Hann, revealed plans to explore more areas of entry into the Nigerian housing market, pledging its support to assist the country in her effort to bridge the housing deficit.
He said the institution is enthusiastic about the Pulaku Resettlement Scheme of the federal government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country.
Hann stated this during the Institutions one-week working mission to meet critical government leaders towards deepening its capacity and housing development plans in the country.
He said: “We are enthusiastic about the PULAAKU Resettlement Scheme of the Federal Government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country. I will like to express the bank’s interest in playing a part in such initiatives like PULAAKU and the National Social Housing Fund (NSHF), as we looks to improve upon our $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.
“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.
P“Since October 2023, the Bank has undergone major transformations thanks to the leadership of the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, who is the Chairperson of the institution’s 42nd AGM Bureau. We are better positioned to create wealth, increase GDP, and address security through our housing finance model.”
The Minister of Housing and Urban Development, Arc Ahmed Dangiwa explained that as of date, Nigeria’s total paid up capital subscription to SHAFDB is $30.7 million.
He said the Nigerian government committed to $29.3 million subscription in capital shares arrears four years ago, out of which it paid a first tranche of $9.4 million in 2020; another tranche of $7.1 million in June 2022; leaving a balance of $12.8 million.
Dangiwa said the amount was approved by former President Muhammadu Buhari for payment to strengthen Nigeria’s position in the Bank.
The minister added: “More shares were allotted to Nigeria between then and now to the tune of $8,860,104. This has now brought Nigeria’s arrears of share subscription to $21,634,013.
“Currently, Nigeria controls 15.22% of SHAFDB’s issued shares which amounts to 19,755 shares. Nigeria is the second-highest shareholder after Kenya which has 16.25% amounting to 21,061 shares.
“SHAFDB has approved 54 housing finance loans since 1988 totaling $220.5 million USD in Nigeria. Out of the 54, 26 projects totaling $117.6 million USD have been disbursed and fully completed.
“As of date, SHAFDB’s current debt exposure to Nigeria stands at $32.7 million USD. Current transactions under consideration in Nigeria total N42.3billion, while transactions under consideration in the medium term stands at N37.8billion.”
The working visit also involved a meeting 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.
The governor 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.
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