Shelter Afrique to Enhance $220 Million Housing Loans in Nigeria

Taiwo Ajayi
3 Min Read

Shelter Afrique Development Bank (ShafDB) has expressed its commitment to enhancing the impact of its $220 million housing loans already approved in Nigeria, with $117.6 million disbursed.

The Managing Director and Chief Executive Officer of ShafDB, Thierno-Habib Hann, disclosed plans to expand its involvement in the Nigerian housing market, pledging support to help bridge the housing deficit in the country.

Hann highlighted the institution’s interest in the Pulaku Resettlement Scheme initiated by the federal government to provide shelter for displaced Nigerians affected by banditry in selected states across the country.


During the institution’s one-week working mission to Nigeria to meet with key government leaders, Hann stated: “We are enthusiastic about the PULAAKU Resettlement Scheme of the Federal Government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country. I will like to express the bank’s interest in playing a part in such initiatives like PULAAKU and the National Social Housing Fund (NSHF), as we look to improve upon our $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.”

READ ALSO: FMBN Teams Up with Shelter Afrique to Resurrect Abandoned Housing Projects in States

“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,” he added.

The Minister of Housing and Urban Development, Arc Ahmed Dangiwa, explained that as of the date, Nigeria’s total paid-up capital subscription to SHAFDB is $30.7 million.

He said: “The Nigerian government committed to $29.3 million subscription in capital shares arrears four years ago, out of which it paid a first tranche of $9.4 million in 2020; another tranche of $7.1 million in June 2022; leaving a balance of $12.8 million.”

READ ALSO: We will do more to support housing development in Nigeria – Shelter Afrique

Dangiwa further disclosed that the amount was approved by former President Muhammadu Buhari for payment to strengthen Nigeria’s position in the Bank.

The working visit also included 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.

Governor Cardoso praised the bank’s contribution to continental development and its range of products that cut across the entire housing value chain. He also acknowledged the role the housing sector plays in the development agenda of the current administration.

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