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Pan-African finance institution, Shelter Afrique, has signed a Memorandum of Understanding with Afro-Asia Shelters International, a subsidiary of the Chicason Group, to provide funding of up to N44bn for housing development.

The group stated that the MoU was signed in furtherance of its resolve to provide decent residential accommodation to the Nigerian public, particularly workers in the public and private sectors.

 

Under the agreement signed during the 35th Annual General Meeting and symposium of Shelter Afrique, the financial institution will provide funds for the phase one of a 3,000-unit housing estate in Abuja.

“This phase will cost about N5.2bn with Shelter Afrique contributing 59 per cent, while the Chicason Group will contribute 41 per cent of the development cost. The Rock City 2 development is coming after the over N110bn Rock City 1 in Lugbe currently under construction by Rock of Ages Properties Limited, also a subsidiary of Chicason Group,” the firm noted in a statement.

The group said it was committed to the development of decent residential estates across the country in partnership with the Trade Union Congress of Nigeria.

The Managing Director, Shelter Afrique, James Mugerwa, was quoted as saying that the institution remain committed to the shared vision of its founding fathers, which was to tackle the ever growing housing deficit in Africa.

“The objective of providing affordable and quality housing to all is at the very heart of our mandate. It is the core of our operations. I am happy to inform you that as we continue in our quest to deliver on that objective, we have created new systems and drafted and put into operation a new strategy,” he said.

The Chief Operating Officer, Rock of Ages Properties Limited, Mr. Francis Onwuemele, was also quoted as saying that Shelter Afrique, as a credible financial institution on the continent, had recognised the contributions of his organisation to the development of the housing sector and had agreed to partner it by providing the required funds at a friendly rate.

Onwuemele said his organisation had acquired 443 hectares of land at Lugbe, Abuja from the Federal Government for the expansion of its mass housing scheme.

He said that the funds coming from Shelter Afrique would go a long way in helping the company to fast-track its partnership with the TUC to provide affordable housing to Nigerian workers.

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