Efficacy Construction Approved to Develop 100 Affordable Housing in Lagos
Rebecca Ejifoma
Family Homes Funds (FHF) Ltd, a sub-Saharan housing fund has approved Efficacy Construction Company Ltd, a construction and real estate firm, to develop affordable homes for low-income Nigerians.
FHF is a Federal Government social housing initiative as part of its social intervention programme with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority.
Speaking during a media parley in Lagos, the MD/CEO of Efficacy Construction Company, Dr Oyeleke Ajiboye hinted that the housing deficit remains a serious challenge in the country, especially in a mega city like Lagos.
He further added that the high rate of inflation in businesses intensified the situation, especially after the global pandemic. “But as a construction and real estate firm, we will continue to support low and medium-income earners to actualise their dream of becoming homeowners.”
Ajiboye also conceded that their partnership with Citycode Mortgage Bank has created a seamless financing process for some cooperative societies that are beneficiaries of this intervention “Like Interswitch Cooperative Multipurpose Society Limited and EG Multipurpose Cooperative Society”.
With this, the MD announced that the Family Home Funds project sited in the Lekki-Epe area would begin with the first 100 houses. “It will keep expanding as more reputable credit-worthy organisations or structured cooperatives are pre-qualified,” says Ajiboye.
He emphasised that the project timeline is between 12 and 24 months, promising that as much as possible, they would continue to scale it up in batches.
Recalling that the initiative dates back to 2013, he clarified that they are trying to create a backward integration process to ensure that we eliminate waste, and reduce procurement costs and housing delivery timelines as much as possible.
His words, “We are an ISO-Certified organisation that will not compromise quality from the foundation, construction to the finishing as much as possible. We do not trade quality for quantity.”
On his part, the Mortgage Manager for Citycode Mortgage Bank, Mr Joseph Nwaghodoh hinted that the opportunity is open to all Nigerians, particularly those within the low and medium-income levels.
These Nigerians include civil servants, traders, artisans and commercial drivers among others. Any intending beneficiary must be a registered contributor and up-to-date with his or her contributions.
He added: “The beauty of it is that anybody with a track record can access a mortgage of N15 million the moment they are creditworthy.”
Meanwhile, the General Secretary of Interswitch Cooperative Multipurpose Society Ltd, Gbade Abodunrin expressed excitement about the development of the project, the design, the pricing, the ongoing construction and the intervention of Family Home Funds Ltd.
