Nigeria Injects USD 9.4 Million into Shelter Afrique

Nigeria Injects US 9.4 Million into Shelter Afrique

Shelter Afrique CEO Andrew Chimphondah

Shelter Afrique’s shareholder Nigeria has injected 9.4 million dollars (Kshs 1.02 billion), taking its total investment into the Pan African housing development financier to Ksh.14 billion ($129 million) from Ksh.12.3 billion ($114 million). 

This is part of 29.43 million dollars (Kshs 3.16 billion) the West African country has committed to injecting into the financier.

The contribution moves Nigeria to the second largest shareholding in the organisation with 14.77 percent of the shareholding, behind Kenya with 14.87 percent and ahead of the African Development Bank at 14.28 percent.

“This is a strong show of confidence in Shelter Afrique by member countries that the institution is now better governed and has significantly improved its financial performance. As a result, shareholders have supported the recapitalization of the institution as demonstrated by the significant capital contributions,” said Shelter Afrique Managing Director Andrew Chimpondah.

Shelter Afrique is currently considering a 3 million dollar equity participation in the newly created Nigeria Mortgage Guarantee Company (NMGC) having already been instrumental in the creation of the Nigeria Mortgage Refinance Company (NMRC).