If plans by promoters of the unregistered construction Development Bank to renew their bid for the license of the bank, which would alleviate the problem of financing construction sector in Nigeria is anything to go by, then construction engineers would find their business a lot easier to do. This is as result of huge debt being owed to contractors and consultants by the three tiers of government in the country.
The bank, which is being promoted by the built environment professionals and Federation of Construction Industry ( FOCI), among other stakeholders ,witnessed setback when the stakeholders could not meet the mandatory N25 billion capital base required by the Central Bank of Nigeria (CBN) for registration of new banks or renewal of the operating license of existing banks.
Affected stakeholders are poised to renew their bid to get the bank registered as soon as possible. The arrow head behind the floating of the specialized bank, Mr Segun Ajanlekoko, noted that the issue of housing would have been considerably reduced and infrastructure development tackled more holistically, if the Construction Development Bank was allowed to kick start.
Ajanlekoko, who is also President of the Commonwealth Association of Surveying and Land Economy (CASLE), said “every time I have the opportunity to talk about funding, I see the opportunity that we had through Construction Development Bank to help this country grow so big and achieve rapid development in terms of infrastructure, which includes housing.