Nigeria: Firm Partners Govt to Bridge Housing Deficit

27 January 2020

Abuja — Managing Director/Chief Executive, Fedanith Real Estate, Mr. Ikechukwu Akwarandu has said the company is determined to complement the present administration's effort to providing quality and affordable housing to Nigerians.

He said the company is currently focused on providing housing solution to Abuja residents in partnership with the satellite town development department of the Federal Capital Development Administration (FCDA), in making housing easy and affordable for all.

Speaking during the launch and ground-breaking ceremony City Hub residential housing project at Apo-Wasa, he stressed that the company's overall objective was to deliver quality housing at affordable offers.

The MD said: "Our core objective is not just delivering shelter. It is delivering shelter at the lowest cost possible and also delivering shelter with strategic entry options and opportunities. At City Hub, you will be able to own a house with little or no money. When we say little or no money, it might sound like magic but it is the truth."

He added that the purpose of the estate was to complement the laudable projects of President Muhammadu Buhari's housing reform.

He said the firm had decided to provide home acquisition strategy by leveraging on the National Housing Fund in which Nigerians who are contributors to the scheme can access housing or access house financing at a single-digit interest rate - six per cent.

He said: "At six per cent rate, you will be able to access up to a maximum of N15 million to own your own house. The basic requirement is an initial 10 per cent deposit and with this 10 per cent deposit of the various house type you want to buy, we will be able to access 90 per cent up to N15 million for you to be able to become a landlord within 12 months. "

Akwarandu, said the aim was to make the beneficiaries leverage on the housing mechanism of the present administration and be able to own houses of their choice.

He said: "We decided not to do too much of luxury and we decided to do what we call a mix of luxury and affordability. It's that mixture that creates that balance for a quality lifestyle and that's what we are delivering at City Hub Apo Wasa."

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