Fashola: Nigeria Now Owns 15.8% Stake In Shelter Afrique – Worth Over $30m

Minister of Works and Housing, Babatunde Fashola, has said Nigeria now owns 15.8 percent of Shelter Afrique which currently worth over $30 million.

Gatekeepers News reports that Fashola disclosed this in his opening remarks during the 42nd Annual General Meeting/ Symposium of Shelter Afrique, in Abuja.

Shelter Afrique is a company set up with the aim of financing affordable housing for Africa.

The minister explained that from a contribution of $5.9 million in 2016, $9.3million in 2020 and another $7.1 million in 2022, Nigeria’s total contributions totalled $22.5 million.

Fashola said, “This brings Nigeria’s shareholding in the company to 15.80 percent (now) valued at $30,724,961.00

“For a company that was struggling for funding in 2016, this was a much-needed injection of life-restoring capital and I must say that other member states have responded in kind.

“Beyond financial capital, Nigeria has also contributed the most important capital, the human capital, by offering Mr. Femi Adewole, to provide interim leadership for the company at perhaps its most turbulent period.

“With this background as we convene today, I can say with a measure of confidence that for Shelter Afrique, the dark clouds are gone, and a bright new future of renewed hope lies ahead, especially with the leadership provided by our company’s board and management led respectively by Dr. Chii Akporji and Mr. Thierno-Habib Hann.

“On the domestic front, I am also pleased to report an increasing private sector participation in the delivery of an assortment of housing types for low- and high-income demand.”

He added, “With their control over land, within our federal constitutional arrangement, state governments are playing their roles in the supply of housing from Abia to Zamfara.

“These contributions to increasing housing supply are complemented by the Federal Government with initiatives such as the National Housing Programme that has delivered houses across 35 states and the Federal Capital Territory, Abuja, complemented by the Federal Housing Estates across our six geo-political zones, and the Federal Mortgage Bank, ministerial housing scheme and co-operative housing initiatives across the 36 states of our country.”