CMB, Shell co­op­er­a­tive in N8bn Ba­nana hous­ing deal

The Punch - - CAPITAL MARKET - Olufemi Atoyebi

CO­OP­ER­A­TIVE Mort­gage Bank has en­tered into an agree­ment with the Shell Staff Co­op­er­a­tive In­vest­ment and Thrift So­ci­ety Ltd on the de­liv­ery of an up­scale hous­ing es­tate at Ba­nana Is­land, La­gos.

A state­ment signed by the head, Com­mu­ni­ca­tions and Pub­lic Re­la­tions Depart­ment of CMB, Mrs Afo­labi Olu­fun­mi­layo, in­di­cated this.

Speak­ing at the foun­da­tion lay­ing of the project, Man­ag­ing Di­rec­tor of the bank, Mr Kabir Ayinde-tukur, stated that the job had been con­tracted to Coop Prop­erty De­vel­op­ment Com­pany Ltd and that work would com­mence on the project soon.

he added that it would be com­pleted in two years.

The state­ment added that the Di­rec­tor, Fed­eral Depart­ment of Co­op­er­a­tives, Idris Sani, said Nige­ri­ans should be en­ti­tled to live de­cent lives away from un­der the bridges and pay­ing ex­or­bi­tant rent in view of the abun­dant op­por­tu­ni­ties in the hous­ing sec­tor.

Sani said, “For sev­eral decades, the coun­try had been fac­ing nu­mer­ous chal­lenges posed by the lack of ad­e­quate hous­ing for the peo­ple. The only way out of the present hous­ing deficit in the coun­try is for Nige­ri­ans to be more fo­cused and de­ter­mined to tap into the na­tion’s abun­dant re­sources for an im­proved liveli­hood.”

The Pres­i­dent of Shell Staff

Co­op­er­a­tive, Mr Ak­in­to­mide Ak­in­ro­timi, said that the co­op­er­a­tive be­gan op­er­a­tion in 1989 and had part­nered CMB on a hous­ing deal be­fore now, which was the de­liv­ery of a hous­ing es­tate in Porthar­court.

Ak­in­ro­timi said the La­gos project val­ued at N8bn, com­prised 32 units of fourbed­room flats and four pent houses.

Speak­ing on the project, the Chair­man on the oc­ca­sion, Mr Bayo Oju­lari, who is the Man­ag­ing Di­rec­tor of Shell Nige­ria Ex­plo­ration and Pro­duc­tion Com­pany, called for a free hand for the de­vel­oper to ex­e­cute the project.

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