The Commercial Division of the Accra High Court has ordered pan-African housing financier Shelter Afrique to pay more than US$1.1 million in damages to Ghanaian developer Blue Rose Limited, after finding the institution in breach of a multi-million-dollar housing finance agreement.

In a judgment delivered by Justice Samuel Djanie Kotey, the court ruled that Shelter Afrique’s refusal to release funds under a 2016 loan deal despite Blue Rose’s full compliance with all contractual conditions constituted a clear breach of contract.

The disputed agreement, signed on 15 December 2016 in Accra, aimed to deliver 170 housing units comprising two-, three- and four-bedroom homes along with related infrastructure, for direct sale to the public. Shelter Afrique committed US$5.2 million (64% of the project cost), while Blue Rose pledged US$2.9 million (36%). A 2017 amendment adjusted the funding ratio slightly, with the developer’s equity rising to 36.83% and Shelter Afrique’s share falling to 63.17%.

Under both contracts, Blue Rose was required to fully inject its equity contribution into the project, with the funds verified on-site by Shelter Afrique before any loan disbursement. Court records show the developer met every pre-disbursement condition and commenced construction without delay.

Despite this, Shelter Afrique withheld the agreed financing for 17 months nearly half of the project’s 36-month moratorium period causing severe delays, cost overruns, and missed sales targets. In July 2018, Blue Rose formally repudiated the agreement and sought a Deed of Discharge over the project’s mortgage.

Justice Kotey rejected Shelter Afrique’s position, stating there was “no lawful justification” for its refusal to disburse the loan.

Blue Rose had sought US$1,144,669.16 in special damages. The court awarded a portion of this sum, representing verified expenses, alongside GH¢500,000 in general damages to address the impact on sales, marketing, and financial obligations. The judge emphasised that compensation should be “sufficient to erode the effect of the breach.”

The court also awarded costs of GH¢100,000 to the plaintiff.

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The event themed “Re-imagining Housing Through Innovation, Collaboration, and Policy,” marked the beginning of four days of global exhibitions and high-level conversations aimed at transforming Africa’s housing landscape.

The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, declared the event open and outlined the Federal Government’s Renewed Hope Housing Agenda, which he described as a three-tier initiative designed to provide large-scale urban housing, mid-density estates, and deeply affordable social housing across the country.

“We are determined to change the narrative of housing in Nigeria. Through our Renewed Hope Cities, Estates and Social Housing programmes, we will deliver affordable homes and unlock access to long-term mortgages through the new MOFI Real Estate Investment Fund,” Dangiwa said.

Adding prestige to the occasion, the Special Guest of Honour and former Head of State, General Yakubu Gowon, who was represented by Prof. Suleiman Bogoro, described the Africa International Housing Show as “a wonderful showcase for innovation and partnership,” and called for housing to be prioritized as a pillar of economic growth, health, and education.

Governor Bala Mohammed of Bauchi State was represented by his Commissioner for Housing and Urban Development, TPL Mohammed Inuwa, while Sokoto State Governor Dr. Aliyu Sokoto was represented by his Deputy, Mohammed Kabiru, who said that “the housing sector is a business where gold and diamonds are mined, if you want to get rich, join housing development, not politics. If you want peace of mind, join housing, not politics.”

Delivering the keynote address at the opening ceremony of AIHS 2025, Mr. Fola Adeola, who was represented by Mohammed Garuba, co-founder of CardinalStone Partners Limited, highlighted Africa’s staggering 50 million housing deficit, noting that more than half of this shortfall is in Nigeria. He emphasized that solving Nigeria’s housing challenges requires viewing real estate as a viable investment option rather than merely a social responsibility. He warned that, given the global housing trends exacerbated by the 2020 COVID-19 pandemic, many young people aged 30 to 35 may be forced to rent homes for much longer than usual due to their inability to afford the high down payments required to purchase available houses, a situation worsened by prolonged periods of low housing production.

Earlier, in his welcome address, the Chair of the AIHS Advisory Board, Surv. Suleiman Hassan Zarma who is also a former minister of environment, reaffirmed the show’s commitment to reimagining housing solutions and thanked participants for their support.

Surv. Suleiman described AIHS, co-hosted by the Federal Ministry of Works and Housing, as a vital platform for the built industry and stressed the urgency of collaboration, scalable solutions, and innovations such as 3D housing development while calling for legislative reforms, stronger partnerships, and relationship-building among stakeholders to address the housing crisis and unlock new opportunities.

Parliamentary delegations from Ghana, Kenya and South Africa joined the ceremony, underlining the pan-African stature of AIHS, while international agencies including UN-Habitat also attended. UN representatives reminded participants that 2.8 billion people globally lack access to safe and affordable housing, with Africa disproportionately affected. “The housing crisis is not just about shelter, it is about human rights, economic inclusion and climate resilience,” they stressed, urging African governments to rethink land use laws, housing finance structures and urban planning.

Honourable Vincent Oppong Asamoah, Chairman of Ghana’s Parliamentary Committee on Works and Housing commended the Coordinator of AIHS, Festus Adebayo for his consistency and described the show as key to driving investment into Africa’s housing and construction sector.

Also speaking was Former Minister of Information, Professor Jerry Gana, stressed the urgent need for Nigeria to tackle the root causes of unaffordable housing by strengthening local production of building materials. He added that the housing sector must be adequately funded to drive down construction costs and make homes accessible to more citizens.

Prince Adeyemi Adeniran, the Statistician-General of the National Bureau of Statistics, highlighted the economic potential of housing, revealing that real estate and construction now contribute 15.9 percent of Nigeria’s GDP, surpassing crude oil. “Housing is not just about shelter, it is an engine for jobs, industrial growth and urban productivity,” he said.

The Federal Mortgage Bank of Nigeria (FMBN) Managing Director, Shehu Usman Osidi, announced new financing products including a Non-Interest Mortgage Loan, Diaspora NHF Mortgage Loan, Rent Assistance Product and Rent-to-Own Scheme, which he said would “bridge the affordability gap and cater to diverse income levels and ethical banking preferences.”

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy & Tax Reforms Committee, spoke on tax reforms needed to unlock housing sector growth. “The housing sector is the new gold,” he said, announcing incentives such as VAT and stamp duty exemptions on rent, tax holidays for building material manufacturers and reduced withholding tax on construction.

He called for urgent land reforms, describing Nigeria’s land titling process as “a nightmare full of fraud, bureaucracy and delays,” and urged simplification and transparency to attract investment.

International experts from Egypt, Rwanda and Hong Kong shared best practices on public-private partnerships, affordable housing delivery and climate-resilient construction. Mrs. May Abdel Hamid of Egypt’s Social Housing and Mortgage Finance Fund explained how her country had delivered over 650,000 homes since 2014, resettling three million people.

“Housing for all requires government commitment, private sector participation, data-driven targeting and access to jobs and services,” she said.

As goodwill messages poured in, stakeholders agreed that Africa must invest in housing-specific data, institutional reforms and infrastructure to unlock affordable housing at scale.

“We cannot build sustainable cities without tackling land reform and improving access to finance,” one delegate noted.

Former Head of State Yakubu Gowon, through his representative, also urged participants to see housing as a catalyst for Africa’s future. “Our collective efforts have the power to create lasting change,” he said.

In attendance were the crème de la crème of the built industry, including the Chairman of the AIHS Board of Trustees, the Oba of Lagos, Oba Rilwan Akiolu, represented by an entourage led by High Chiefs; past and present ministers; parliamentarians, commissioners from various states; representatives of the Secretary to the Government of the Federation; and the Head of the Civil Service of the Federation; Prof Ada Fung, Former Deputy Director of Housing, Hong Kong Housing Authority; Alassane Ba, Former Managing Director/CEO, Shelter Afrique; presidents of REDAN and other leading professional associations.

Their presence, alongside other industry leaders, underscored AIHS 2025 as a truly national and international gathering of housing and construction heavyweights.

The four-day event will feature exhibitions from over 400 leading brands, panel sessions on innovation, financing and sustainability, and opportunities for delegates to forge strategic partnerships.

The event was declared open with a call for unity of purpose: “AIHS is more than a conference, it is a movement that will shape the future of housing in Africa for generations to come.”

By Prince Folorunsho Adegoke
News Editor at Housing TV Africa.

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Speaking during a recent meeting with President Denis Sassou N’Guesso, the bank’s Director General, Thierno Habib Hann, said the institution is prepared to launch a support and advisory program aimed at building an investment-friendly housing ecosystem.

“Our objective is to begin a support and advisory program to help create an ecosystem that attracts investment in housing and urban development,” Hann stated.

Shelter Afrique Bank is offering to share a diagnostic model to guide the Republic of Congo in its urban planning and housing delivery strategies. The institution previously financed housing projects in Brazzaville in the 1990s and is seeking to revive and expand that partnership.

Discussions at the meeting also addressed the impact of flooding on vulnerable communities, with both parties agreeing on the need for resilient infrastructure and better planning.

Hann emphasized that Shelter Afrique is actively supporting urban renewal programs and informal settlement upgrades across Africa. “Housing is not just about buildings. It’s about improving lives and building sustainable communities,” he said.

The collaboration, if implemented, is expected to improve access to affordable housing and strengthen urban resilience in the Republic of Congo.

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The agreement was signed in Nouakchott. It aims to improve housing for low- and middle-income families across the country.

The loan will fund two key projects. First, 1,000 homes will be built in Zouérat, a town in northern Mauritania. Second, 1,000 fully serviced plots will be developed in Tevragh Zeina, a district in Nouakchott.

These plots will benefit both local residents and members of the Mauritanian diaspora.

According to Thierno-Habib Hann, Managing Director of Shelter Afrique, the project addresses urgent housing needs. He said Mauritania’s urban areas are growing fast, with a 4% annual increase. He added that the country has a housing deficit of about 50,000 units.

“Our partnership with BMI will help many families own safe and affordable homes,” he said.

Mohamed Yahya Sidi, Managing Director of BMI, shared his views on the agreement. He said the deal confirms BMI’s strong support for housing development.

“This project will support our economy and help more people access proper housing,” he said.

The project is expected to create around 5,000 jobs. It will benefit over 12,000 people and support 2,000 families. These families will either buy homes directly or build them themselves.

Shelter Afrique Development Bank was established in 1981. It is owned by 44 African nations, the African Development Bank, and the Africa Reinsurance Corporation.

The bank supports housing and infrastructure across Africa. It focuses on lending, partnerships, and sustainable urban development.

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The Ministers of Housing and Urban Development, Arc. Ahmed Dangiwa and his State counterpart, Alh. Abdullahi Gwarzo, on Thursday advanced reasons for firming up partnership deal with Shelter Afrique Development (ShafDB) on the construction of affordable housing for Nigerians.

According to Dangiwa, under the partnership, the pan-African housing institution will support the Federal Government’s Renewed Hope Programme with advisory services and financing of competent developers in the country.

Speaking on their achievements and challenges in the last year on housing delivery in Abuja, he said the deal will start with 5,000 housing units in the pilot.

Dangiwa, said: “This will be the first time that the Ministry is entering into such a practical and direct partnership with a multi-lateral institution for the construction of homes for Nigerians.

Recall that Nigeria is the second largest shareholder in ShafDB after Kenya with over $29 million share subscription.

He thanked the Managing Director of the Bank, Mr. Thierno Habib Hann, for coming from Kenya to grace his first anniversary in office.

He said over the past year the Ministry has recorded substantial progress towards achieving set goals with the laying of a solid foundation for sustainable housing sector reforms that will touch on all critical value points and problem areas in Nigeria’s housing eco-system.

He said: “As you may recall, in January, we inaugurated 4 housing sector reform task teams with a focus on producing blueprints for strengthening federal housing institutions including FMBN and FHA, streamlining land administration, ensuring multi-agency collaboration and establishment of building materials manufacturing hubs in each of the six geo-political zones.

“Today, I am happy to report that despite several challenges, these teams of professionals and their leaders have worked hard over the past 6 months and made a lot of personal sacrifices towards producing their reports.”

To make it easy for Nigerians to own the homes, he said the ministry under its program, launched an Online Housing Portal which is a transparent, easy-to-use, integrated web-based application for the sale of homes from application to payment, adding that it is a One-Stop Shop.

READ ALSO: Slums Upgrade, Urban Renewal Projects, Impactful on Living Conditions of People -Dangiwa

He said: “You don’t need to lobby anyone to own a home under the Renewed Hope Cities and Estates Programme.

“All you need do is visit: www.renewedhopehomes.fmhud.gov.ng, check the house you want, in the state that you want, apply, pay, and print a provisional letter of offer.

He gave kudos to the Ministry for making substantial progress in increasing the housing stock for Nigerians, adding that with the groundbreaking for 6,612 housing units across 13 locations nationwide under the Ministry’s Renewed Hope Cities and Estates Programme.

“This includes the 3,112 housing unit Renewed Hope City in Karsana Abuja, under Public Private Partnership (PPP). Twelve other locations are being funded under the 2023 Supplementary Budget and they include the 500 Renewed Hope City in Kano and 250 Renewed Hope Estates in Katsina, Yobe, Gombe, Sokoto, Ebonyi, Abia, Akwa Ibom, Delta, Benue, Nasarawa, Osun and Oyo.

“The Renewed Hope Cities comprise one, two, and three-bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes. Renewed Hope Estates to cater to low- and medium-income earners comprising one-, two, and three-bedroom semi-detached bungalows.

READ ALSO; Dangiwa Begins Nationwide Groundbreaking for ‘Renewed Hope’ Cities, Estates

“Construction is ongoing at all these project sites and the plan is for the developers to complete them within three months. As we speak some of them have reached roof levels.

“They are evenly distributed with two in each of the 6 geopolitical zones of the country. They also cut across all party lines as the only criteria being States that provided free and unencumbered land first.

“Once they are completed, Nigerians can own them through a broad range of affordable ownership options. This includes single-digit and up to 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, Rent-to-Own options where beneficiaries can move in and pay towards homeownership on monthly, quarterly, or annual installments, Outright Purchase for high-income earners or installment payments.

“At an average of 25 jobs per house, these 6,612 housing units are providing jobs for over 165,000 skilled and unskilled Nigerians. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites.”

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During a formal ceremony in Kenya, Hann reiterated the bank’s pledge to enhance collaboration with the Kenyan government and other nations to address challenges related to affordable housing and urban development, not only in Kenya but across Africa.

Hann emphasized the organization’s sustained commitment to Kenya, particularly in advancing affordable housing programs.

He underscored the bank’s dedication to supporting Kenya’s housing agenda, focusing on key areas such as climate financing, gender equality, migrants, refugees, and the diaspora.

READ ALSO: Shelter Afrique to Enhance $220 Million Housing Loans in Nigeria

“We enjoy a great relationship with the government of Kenya, being Kenya Shelter Afrique Development Bank’s largest shareholder, and we are looking forward to scaling up projects that are in line with the visionary economic development agenda – Kenya Vision 2030. We extend our gratitude to the government for their enduring confidence in our institution and for hosting ShafDB’s headquarters for the last 42 years,” stated Hann.

READ ALSO: FCTA Ready to Collaborate on Affordable Housing Projects in Abuja

He also expressed the bank’s readiness to collaborate closely with Kenyan authorities in implementing innovative solutions to accelerate the provision of quality, affordable housing, and associated infrastructure and urban development across the nation.

In response, Mudavadi welcomed Mr. Hann and commended Shelter Afrique’s commitment to Kenya, highlighting the organization’s significant contributions to the region’s housing sector over the years.

The post Shelter Afrique CEO Pledges Support for Affordable Housing in Kenya appeared first on Housing TV Africa.

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.

The post Shelter Afrique to Enhance $220 Million Housing Loans in Nigeria appeared first on Housing TV Africa.

This partnership aims to leverage Shelter Afrique’s infrastructure funding product to breathe life into approximately 46 dormant housing projects scattered throughout the nation.

The proliferation of abandoned housing estates has been a matter of concern for the government, especially in light of the country’s staggering housing deficit. These dormant projects represent a significant untapped resource in the quest to alleviate the housing crisis.

Shehu Usman Osidi, Managing Director of FMBN, emphasized the institution’s commitment to revitalizing these housing estates during a meeting with the management team of Shelter Afrique Development Bank in Abuja. Osidi highlighted that FMBN has prioritized the revival of these projects, recognizing their potential to address the housing needs of countless Nigerians.

Osidi stated, “Nigeria is home to over 46 abandoned projects spanning across all 36 states, and FMBN is resolute in its mission to breathe new life into them.”

READ ALSO: Make Impacts or Be Sacked, Dangiwa Tells New FHA and FMBN CEOs

He further explained that many of these projects stalled due to issues with financing, particularly instances where state governments failed to fulfill their obligations in providing necessary infrastructure for the estates.

“We have identified Shelter Afrique Development Bank as a potential partner due to their expertise in infrastructure financing. By leveraging their financing solutions, we aim to complete these projects and hand over the completed estates to the deserving Nigerians in need of housing,” Osidi added.

Highlighting Nigeria’s significant stake in Shelter Afrique, Osidi emphasized the country’s determination to explore various funding avenues to achieve its ambitious target of delivering 100,000 housing units to Nigerians within the year.

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

Thierno-Habib Hann, CEO of Shelter Afrique, echoed the sentiment of collaboration, affirming the organization’s commitment to driving development financing initiatives across member countries. He also identified Nigeria as a prime destination for investments, citing the substantial influx of over $25 billion in Diaspora remittances annually.

The partnership between FMBN and Shelter Afrique holds promise for the revitalization of dormant housing projects, offering hope for addressing Nigeria’s pressing housing needs and fostering economic growth in the process.

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Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa has emerged as Chairperson of the 42nd Annual General Meeting (AGM) Bureau of Shelter Afrique, Africa’s largest housing finance institution.

In a meeting with officials of the institution on Tuesday, September 5, 2023, the institution’s Board Chairperson, Dr. Chii Akporji, conveyed the news to the Minister.

Dr Akporji noted that Dangiwa, as the new AGM Bureau Chairperson, is expected to chair the 2023 AGM Bureau meeting scheduled for October 5 in Algiers. He is also expected to kickstart the 2024 edition coming up in Kigali, where he would then hand it over to the First Vice Chairman.

Dr. Akporji also briefed the Minister on Shelter Afrique’s operations in Nigeria, such as the recent issuance of the local currency bond where the organization raised $100 million in a bid to enhance the housing ecosystem in the country, and as part of a medium-term loan program to the tune of $250 million.

“We also want to solicit the Honourable Minister’s kind intervention on the government of Nigeria to meet up with its outstanding capital subscription of $21 million… Even though it was approved during the previous administration, the funds were not released before the tenure ended”, she said.

Read Also: National Housing Fund: Banks, insurers’ keeps owing… as HDAN threaten to sue CBN

The Shelter Afrique team also intimated the Minister on the Statutes Revision Process, which seeks to rework the documentation establishing Shelter Afrique since its inception in 1982. The new Statutes are known as the agreement for the Shelter Afrique Development Plan and are one of the reasons for the extraordinary Annual General Meeting coming up in October.

“On this, we would like to seek the Honourable Minister’s firm support for the approval of the agreement document, which is necessary for consolidating the gains made so far in placing Shelter Afrique on a firm growth trajectory”, she added.

Responding, Dangiwa thanked Shelter Afrique for the honor bestowed on him and pledged to ensure continued firm collaboration between Nigeria and the institution. He further commended the institution for the restructuring being undertaken to transform it from its current state into the Shelter Afrique Development Bank.

“I believe that this restructuring will put the institution on the proper pedestal to deliver on its mandate of improving the housing ecosystem across Africa.

Despite being the second-largest contributor, Nigeria has not benefitted from Shelter Afrique, and I think this is the case with many other contributing nations as well. I believe this is the reason for this restructuring, and I’m sure it will help to enhance the bank’s capacity and improve its benefits to member nations,” Dangiwa said.

The Minister added that the institution’s restructuring will also lead to increased financial capacity and expanded mandate, improved risk management, enhanced sustainability, and increased access and opportunities in the capital market.

He stated that the vision of the institution is in line with the vision of the Tinubu-led administration, which is to grow the economy and improve the welfare of Nigerians.

Shelter Afrique is the only pan-African finance institution that exclusively supports the development of housing and urban development in Africa.

The Institution has 44 member countries and two African Finance Multinational Institutions as stakeholders. Rwanda will be taking over from Nigeria as chair of the AGM scheduled for Kigali in 2024 and Algeria in 2025.

Read Also: Housing Minister Initiates Land Use Act Review for Improved Efficiency

Source: Africahousingnews

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