Nigeria: Dangote, Rabiu to Partner FMBN On Affordable Housing

(file photo).
24 July 2018

Abuja — President of the Dangote Group, Alhaji Aliko Dangote, and Chairman of BUA Group of Companies, Alhaji Abdul Samad Isyaku Rabiu have expressed strong willingness to partner the Federal Mortgage Bank of Nigeria (FMBN) in the drive to boost affordable social housing delivery for Nigerians.

Dangote, who ranks as Africa's richest business magnate and investor and Isyaku Rabiu, a leading Nigerian businessman with vast investments in manufacturing, infrastructure and agriculture are Africa's two largest producers of cement, a critical input in the housing construction industry.

They extended the hand of partnership to FMBN during a joint courtesy call on the bank's board of directors.

Dangote, according to a statement by the Head of FMBN's Public Affairs, Ahmed Kaoje, commended the bank for the renewed aggressive drive to provide affordable housing for Nigerians. He lent his support to the proposed N500 billion recapitalisation of the bank, stating that it was a much needed development that would help power FMBN's efforts to effectively discharge its mandate.

He also expressed his Group's readiness to collaborate with FMBN towards lowering the housing deficit by increasing the tempo and scale of social housing provision across the country.

In his words: "Count me as a friend of FMBN. We are open to collaborating and supporting the good work that your bank is doing towards ensuring the provision of affordable housing to medium and low income earners in Nigeria."

Considering the urgent need to close the massive housing deficit currently put at over 17million units, Dangote advised FMBN to consider adopting mass housing models that have worked in other countries such as Ethiopia.

In the same vein, Rabiu expressed his commitment to a close partnership with FMBN.

In his words: "I am committed to forging a partnership that will add value to FMBN's work and I look forward to further engagements in this regard."

In his response, the FMBN Board Chairman, Dr. Adewale Adeeyo on behalf of the Board and Management thanked and applauded the two distinguished business moguls for their visit and good intentions to partner with FMBN. He said that FMBN would work closely with them towards the consolidation and implementation of the partnerships.

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