Shelter Afrique Devt Bank to Expand Footprints in Nigeria’s Housing Delivery Efforts

Gets FG’s reassurance on payment of outstanding shareholding

Managing Director and Chief Executive Officer of Shelter Afrique Development Bank (ShafDB), Mr. Thierno-Habib Hann, has revealed plans by the institution to explore more areas of entry into the Nigerian housing market.

He therefore pledged the bank’s support to assist the country in her effort to bridge the housing deficit.

He gave the assurance when a delegation of the bank’s leadership led by its Board Chairperson, Dr. Chii Akporji, embarked on a working visit to Nigeria.

Speaking with Nigeria’s Vice President, Kashim Shettima, Hann expressed enthusiasm about the PULAAKU Resettlement Scheme of the Federal Government.

The project aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country.

He spoke of the bank’s interest in playing a part in such initiatives like PULAAKU and the National Social Housing Fund (NSHF), as it looks to improve upon its $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.

“Since October 2023, the bank has undergone major transformations thanks to the leadership of the Minister of Housing and Urban Development, 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,” he said.

He added that ShafDB is a tool for member countries to drive their housing programmes, urging governments to strengthen the bank by keeping their shareholding commitments.

The vice president therefore applauded the housing development bank’s efforts in moving Africa forward.

“I am aware that ShafDB has already deployed more than what Nigeria has in paid-up capital towards the financing of housing projects in the country.

“ShafDB is in a position to drive change in Africa, and I align myself with the aspiration of the Honourable Minister of Housing and Urban Development that the capital subscription arrears be paid,” he added.

In his remarks, the minister expressed Nigeria’s readiness to support ShafDB’s growth. He applauded the bank for its visionary approach to housing delivery, noting that the bank will reach heights with the current institutional framework and experienced leadership.

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 CBN 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.

Shelter Afrique Development Bank was in Nigeria on a oneweek visit to urge the Nigerian government to clear its outstanding capital subscription, as well as express the bank’s commitment to improve on its $220 million worth of housing loans already approved in Nigeria with $117.6 million approved and disbursed, among other things.

Nigeria’s 15.22 per cent of the company’s issued shares makes it the second-largest shareholder after Kenya with 16.25 per cent.