FG Backs Brains & Hammers’ Bristol Terraces Project

By Emmanuel Addeh

The federal government has thrown its weight behind the newly-launched Bristol Terraces Project in Abuja, which is expects to deliver 350 units of 4-bedroom terraces, within the 117-hectare Brains and Hammers City.

When completed, the construction, the company said, would reaffirm its commitment to the vision of developing a community of over 3,000 housing units within the federal capital territory.

Speaking during the formal launch of the project, Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Dangiwa, pledged the support of the government to ensure that it comes to fruition soon.

Dangiwa, who was guest of honour at the event, said the federal government-owned bank was proud to be associated with the company, which he said has carved a niche for itself in the real estate sector in the country.

He expressed optimism that the project would be delivered according to the timelines and with the highest level of quality.

The FMBN boss stated that on its own, it is committed to ensuring that Nigerians have access to decent and secure accommodation through affordable mortgage financing, especially for Nigerians with limited access to resources.
He commended the management team of Brains and Hammers for its steadfastness and leading role in the quest to develop quality houses for Nigerians despite the daunting economic and Covid-19 realities.

“The Federal Mortgage Bank of Nigeria is proud to be associated with Brains and Hammers. The company has carved a niche for itself in the real estate sector in Nigeria.

“We do not doubt that this new project will play a significant role in reducing the housing deficit in the country upon completion,” he stated.

Earlier, Chairman of Brains and Hammers, Mr. Adebola Sheidu, noted that the company was forging ahead relentlessly in its bid to actualise the Brains and Hammers City vision, stressing that it has withstood arbitrarily high exchange rates, 200 per cent increase in the cost of building materials and the resultant effect of Covid-19.

“This ground-breaking event is a watershed moment for us and our partners like the Federal Mortgage Bank, Jaiz Bank, ARM investments, and Fidelity Bank.

Bristol Terraces is coming on the heels of over 1,864 completed and semi-completed units of 1, 2, 3, and 4-bedrooms in Brains and Hammers City. It also represents a significant push into phase 2 of the Brains and Hammers City project in Abuja.

“We are a truly Nigerian company providing local solutions to our housing needs at an affordable cost for the citizens of our country. “We are on a mission to develop housing projects that the country has not witnessed since the late Gen. Sani Abacha developed Gwarinpa in the mid-90,” he said.

He noted that the company envisaged the challenges that come with the bold move and was determined to weather the storm as it marches towards realising its vision of developing over 3,000 housing units in Brains and Hammers City, Abuja.

Brains and Hammers’ hospitality, residential, commercial, and infrastructural portfolio covers thousands of acres of land in urban, suburban, and satellite communities in Abuja, Kano, and Lagos in Nigeria.