Affordable Financing Could Help More Nigerians Become Homeowners, Mixta Africa Says

Access to adequate and affordable financing remains critical to helping more Nigerians overcome the barriers to homeownership, real estate developer Mixta Africa has said.

The company made the observation as it handed over keys to 27 new homeowners at Ibudo Wura, an affordable housing estate located along the Lekki-Epe Expressway in Lagos.

The latest handover brings the total number of completed homes at the development across Phases 1 and 2 to 192, according to the company.

Mixta Africa said the development demonstrates how appropriate financing options can make homeownership more accessible to prospective buyers.

The company noted that the latest handover also builds on its more than two decades of housing delivery across Africa, with more than 30,000 homes delivered to date.

According to the developer, homeowners at Ibudo Wura were able to access financing with as little as 10 per cent equity, payable over six months.

The financing comes with an interest rate of 9.75 per cent per annum and repayment tenors ranging from five to 20 years. Indicative monthly repayments start from N534,785.

The financing is available through the Ministry of Finance Incorporated Real Estate Investment Fund.

Mixta Africa Group Chief Commercial Officer, Tola Akinsulire, described the latest handover as an important milestone for the company and the beneficiaries, marking the point at which buyers move from purchasing their homes to taking possession.

Akinsulire said handing over keys was an important part of the relationship between the developer and its customers because it turns the company’s promise of home delivery into something tangible.

She acknowledged that buying a home represents a major financial and emotional commitment and said customers needed confidence that the homes they had paid for would be delivered.

With the latest handover, 27 additional families have taken possession of homes at the development, she said.

Akinsulire added that the company’s responsibility was to continue earning the trust of its customers through consistent delivery across its housing communities.

One of the new homeowners, Mrs Soprinye Banjo, said Mixta Africa’s track record influenced her decision to purchase a home at the estate.

She also cited the availability of authentic property titles and the prospect of having a seamless transaction as factors behind her decision.

Another homeowner, Tunji Adeyemi, said the quality of construction at Ibudo Wura was one of the main reasons he decided to invest in the development.

Adeyemi said he understood the quality of construction carried out by Mixta Africa and considered it an important factor in his decision.

He also pointed to Lagos New Town, where the development is located, as another attraction.

According to him, the area offers a setting where residents could live and work, while also providing an environment suitable for people considering the location for retirement in the future.

Another homeowner, Mrs Yetunde Oyegunle, praised the estate’s appearance, the quality of the finishing and the surrounding environment.

She said the development provided a conducive environment and expressed confidence in recommending it to people interested in purchasing property.

The latest handover highlights the role that accessible housing finance can play in supporting homeownership, particularly as prospective buyers face the challenge of raising large upfront payments for residential property.

Mixta Africa said its financing structure at Ibudo Wura is intended to provide prospective homeowners with a pathway to purchase homes through manageable equity requirements and longer repayment periods.

The post Housing Finance: Mixta Africa Hands Over 27 Homes at Ibudo Wura appeared first on Housing TV Africa.

Pan-African real estate development company, Mixta Africa, has called for a balanced regulatory framework that protects homebuyers while ensuring that credible developers retain access to sustainable construction finance.

The company expressed support for the Federal Government’s proposed National Housing and Built Environment Regulation Policy and the planned establishment of a National Housing Industry Regulatory Commission.

Mixta Africa said the reforms could improve transparency, strengthen consumer protection and restore confidence in Nigeria’s housing market if they are supported by clear and enforceable implementation standards.

Speaking to journalists in Lagos, the company’s Chief Commercial Officer, Tola Akinsulire, described the proposed licensing and escrow requirements as important measures for reducing the risks faced by Nigerians purchasing homes, particularly through off-plan arrangements.

He, however, cautioned that keeping buyers’ payments in escrow accounts would not be sufficient unless the release of funds was tied to independently verified construction progress.

According to Akinsulire, qualified building professionals should certify that developers have completed agreed project milestones before money is released. The verification process, he added, should be governed by clear standards and supported by an auditable record.

“Independent verification creates a clear link between construction progress, fund release and accountability,” he said.

The company noted that off-plan payments have traditionally provided a significant portion of the working capital used by legitimate developers to execute housing projects. Consequently, restricting access to such payments without creating alternative financing arrangements could affect housing delivery.

Akinsulire explained that although escrow arrangements could safeguard subscribers’ money, they could not independently provide the capital required to undertake construction.

He urged the government and financial institutions to develop appropriately structured and competitively priced construction finance products for credible developers operating under the proposed regulatory framework.

“Escrow can protect the homebuyer, but escrow on its own does not finance construction,” he said.

Mixta Africa warned that reforms designed to protect consumers must be carefully implemented to avoid slowing down the development of new homes or worsening Nigeria’s housing supply challenges.

The firm called for sustained consultations involving the Federal Government, financial institutions, property developers, professional bodies and other housing industry stakeholders.

It said collaboration among these groups would help establish a framework that combines strong consumer protection, responsible project management, effective regulatory oversight and adequate construction financing.

Mixta Africa maintained that the success of the proposed reforms would ultimately depend on whether the government could translate them into practical and enforceable standards.

According to the company, a properly designed regulatory system could make Nigeria’s housing sector more transparent, sustainable and attractive to investors while protecting buyers and supporting the continued delivery of new homes.

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Real estate operators have welcomed the Federal Government’s proposed housing reforms. They say the measures could improve buyer protection, strengthen regulation and build confidence in Nigeria’s property market.

However, developers want the government to add clear systems for checking construction progress. They also want better access to long-term finance to support housing delivery.

Developers Seek Stronger Buyer Protection

Speaking at an industry forum in Abuja, Mixta Africa said licensing and escrow arrangements could help protect property buyers.

Tola Akinsulire, Chief Commercial Officer of Mixta Africa, said the measures could reduce the risks consumers face in the housing market.

He said stronger regulation could also improve trust between developers and buyers.

Akinsulire said the government must also create a clear process for releasing funds held in escrow. He argued that developers should receive funds only after they meet agreed construction milestones.

He called for independent checks by qualified built-environment professionals. These checks should confirm the progress of each project before funds move to the developer.

The process should also include clear certification rules and records that auditors can verify.

Construction Milestones Need Independent Checks

Akinsulire said the key issue goes beyond where a buyer’s money sits.

The system must also show that a developer has completed the required work before receiving the next payment.

Independent project checks could give buyers greater confidence in housing projects. They could also help regulators track progress and identify problems at an early stage.

This approach could become important as more buyers commit large sums to homes before developers complete construction.

A transparent escrow system could link payments to actual progress on a project. It could also improve accountability among developers and professionals involved in housing delivery.

Developers Need Better Access to Finance

Mixta Africa also said regulation should not prevent credible developers from accessing finance.

Developers need funding to buy land, pay contractors and complete construction. Long project timelines can also increase the amount of capital required to deliver housing.

Leadforte Homes and Properties also backed the proposed reforms.

Bamise David, Chief Executive Officer of Leadforte Homes and Properties, said the measures could address several challenges facing Nigeria’s housing sector.

He identified high construction costs, limited access to long-term finance and weak land administration as major concerns.

David also pointed to the country’s housing deficit as another challenge that requires stronger private-sector participation.

Reforms Could Improve Housing Delivery

According to David, the proposed measures could improve transparency across the housing value chain.

He said stronger regulatory oversight could also encourage more private investment in housing development.

The comments from both developers highlight the need for balance in housing regulation. Buyers need stronger protection when they invest in property. At the same time, developers need access to finance to complete projects.

The success of an escrow system will therefore depend on how regulators verify construction milestones. Clear standards could help ensure that developers receive funds when they achieve agreed stages of work.

Wider Impact on Nigeria’s Housing Market

Nigeria needs more housing supply, but the quality and reliability of delivery also matter. Better regulation could help create a market where buyers have more confidence in developers and projects.

At the same time, access to suitable construction finance remains important. Developers cannot expand housing supply without the capital needed to acquire land and fund construction.

Industry stakeholders said effective implementation will determine the impact of the proposed reforms.

They stressed the importance of independent project verification, suitable construction finance and strong regulatory oversight.

If these measures work together, they could improve confidence in Nigeria’s housing market and support the delivery of quality and affordable homes.

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