Shelter Afrique the Pan-African finance the Pan-African finance institution exclusively supporting the development of affordable housing and real estate sector in Africa has signed a USD 10 million loan agreement with Nigerian Bank, Wema Bank.
The Loan signing which took place at Wema Bank headquarters in Lagos, Nigeria was witnessed by the senior brass of the two organisations; it is anticipated that the loan will help Wema Bank expand its mortgage facilities.
Speaking at the ceremony, Mr. James Mugerwa, Managing Director of Shelter Afrique introduced his team which included the Director of Business Development, Mr. Mouhamadou Gueye; The Company Secretary, Mr Vipya Harawa and the Regional Representative in Nigeria; Mr. Oumar Diop. The Managing Director also noted that while USD 10 Million was a significant amount, there was still a lot of potential for the two organisations to do more. The MD also commented on the unique nature of the facility as it would cater to not just the project financing but also for mortgage lending to the end consumers.
Speaking for Wema Bank, the Chief Executive Officer of Wema Bank, Mr. Segun Oloketuyi welcomed the Shelter Afrique team and gave assurances that Wema Bank would be good custodians of the funds, he also made a case for a more advanced partnership between the two; he implored both organisations to find a way to make the partnership “bigger, profitable and mutually beneficial”.
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