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Nigeria Invests $ 29.3 Million in Shelter Afrique

Nigeria Invests $ 29.3 Million in Shelter Afrique

Nigeria has committed US$29.3 Million to Shelter Afrique, lifting it to be the second-largest shareholder in the institution, with 14.77% of the shareholding, behind Kenya’s 14.87% stake and ahead of the AfDB at 14.28%. Shelter Afrique is owned by 44 African governments, the African Development Bank and Africa Reinsurance.

The company has confirmed receipt of the first tranche amounting to $9.4 million as part of Nigeria’s capital subscription.

“We are grateful to Nigerian government for its continued support and the importance they have placed on affordable housing,” said Shelter Afrique’s Group Managing Director, Mr Andrew Chimphondah.

Shelter Afrique has confirmed receipt of capital contributions so far totalling $ 16 Million from nine African countries- Lesotho, Mali, Namibia, Nigeria, Rwanda Uganda, Togo, Zimbabwe and Swaziland.

In Nigeria, Shelter Afrique is considering a US$3 Million equity participation in the newly created Nigeria Mortgage Guarantee Company (NMGC).

Other housing projects it has interests in include a Public-Private-Partnership with the Kaduna State to construct 60,000 homes.

Shelter Afrique is also proceeding with plans to provide lines of credits totalling $16 Million to two Nigerian banks, to enable them to provide mortgage facilities to over 4,700 Nigerians.

The mortgage financier is set to explore how construction and infrastructure development can boost the economy during their first-ever virtual Annual Symposium and AGM, schedule.

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