Business
FASHOLA OUTLINES ROADMAP TO SUSTAINABLE HOUSING IN NIGERIA, SAYS PLANNING IS KEY
Minister of Power, Works and Housing, Mr. Babatunde Fashola SAN, Tuesday, in Abuja outlined the roadmap of his Ministry to achieving a sustainable Housing delivery in the country saying the first key to the roadmap in housing was planning.
Fashola, who spoke at the 35th Annual General Meeting (AGM) of Shelter Afrique in Abuja, said in order to meet the real demand of the majority of Nigerians in housing, it was not only necessary but expedient to embark on proper planning adding that it is the key to project completion, cost control and reduction in variation requests as well as financial calculations.
Noting that what the country now has as a National Housing Policy was only a Policy Statement and not a plan, the Minister declared, “We must never tire to explain the necessity and importance of proper planning. It is the key to successful execution, it is the key to project completion, it is the key to cost control and reduction in variation requests and financial calculations”.
“I acknowledge that there is, for example, a National Housing Policy of 2012. Some have chosen to call it a plan. To the extent that it is a broad statement of intent about providing housing, it is a policy statement”, the Minister said adding that his Ministry was currently developing the needed plan to make the housing policy a reality.
Elaborating further on the plans of his Ministry, Fashola, who explained that the plan requires “a clear understanding of who we want to provide housing for”, added, “I recognize that there are people who want land to build for themselves, there are also people who want town houses and duplexes, whether detached or semi-detached”, pointing out that this category of people were not in the majority.
According to him, “The people who we must focus on are those in the majority and those who are most vulnerable; the people who are in the bracket of those who graduated from University about five years ago and more. People who are in the income bracket of grade level 9 to 15 in the public service and their counterparts, taxi drivers, market men and women, farmers, artisans who earn the same range of income”.
Fashola said in order to capture the target population, the Ministry needed to conduct a survey to determine what they expect and what they could pay as well as evolve agreeable housing types, between two to four designs that have a broad, national cultural acceptance adding that there was need also to standardize the designs “so that we can then design moulds to accelerate the number that can be built”.
Also the plan requires the standardization of the size of doors, windows, toilet and bath fittings, lighting fittings and other accessories so that the small and medium enterprises could “respond to supply all the building materials, create diversification and jobs; and ensure that projects are completed with a steady supply of materials”.
Other requirements in his Ministry’s plans, the Minister said, include ensuring that the designs reflect behavioral patterns of Nigerians, such as adequate storage, and other lifestyle needs, that there is ready water supply, power supply, waste and sewage management and paying attention to the transport needs and land density prescriptions of the communities that are built.
The plans also include ensuring that the process of issuing legal title is in place and
focus on post-construction maintenance to ensure that the houses remain in good condition after they have been sold to the owners.
Expressing pleasure that a lot of work has been done by staff of the Ministry towards concluding the plans, Fashola, who also acknowledged the voluntary contribution of some private sector to the initiatives, announced that 12 states have responded to the request for land adding that while more responses are awaited, the Ministry was taking the next step to survey the plots of land and develop layouts, preparatory to commencing development.
“In essence, the road to Nigeria’s housing challenge lies in meticulous planning and original thinking”, he said adding, “I am of the view that the solution to housing Africa’s urban low income population must proceed along the same basis by each African country”.
Recalling the recent Habitat III Summit hosted in Abuja in February 2016, Fashola pointed out that a major declaration about the need for Africans to take responsibility and be original in developing their own solutions was made in the Abuja declaration adding, “It is a document that I commend all of us”.
The Minister, who also recalled his meeting with the Managing Director of Shelter Afrique earlier in the year to review preparations for the ongoing Annual General Meeting, said one of the things he requested of him was that the Managing Director should furnish him with a report of the impact of Shelter Afrique’s initiative for his assessment adding that his request was based on his belief that the success of any project and the possibility of improving upon it depends on the ability to measure it.
According to the Minister, highlights of the report showed that between 2005 and 2010, Shelter Afrique in Nigeria had financed 23 initiatives with a total of $52,175,000(Approximately N10.435 BILLION) adding that of these initiatives, 15 represented lending for construction of housing projects, out of which the largest was for $7 million for 376 houses of different types, and 251 serviced plots, followed by 287 mixed housing units for a cooperative society, 55 housing units and 100 Service plots and the least was for 16 maisonettes.
“This is the intervention on the supply side of housing to provide houses.
The remaining eight interventions were for mortgage financing to building societies, credit line for individual mortgages and related financing, on the demand side of housing, to provide finance”, he said.
According to him, the other parts of the report also showed a financing of $60,400,000 (Approximately N12.08 BILLION) over the last three years in 10 interventions adding that out of these 10, seven were for housing construction, namely 287 units, 90 units, 15 floor commercial complex, 59 housing units, 300 housing units, 130 apartments and 44 housing units on the supply side.
“The remaining three interventions were for equity investment in the Nigerian Mortgage Refinance Company (NMRC) ($3M); and credit lines for on-lending for mortgage totaling $13 Million (N2.6 BILLION)”, he said adding, “Given the topic of this symposium, which is ‘Housing Africa’s Urban Low Income Population’, “I am mindful that Shelter Afrique is not the only interventionist in the market, but I think that if we use this as a case study and benchmark ourselves, we can improve our efforts by measuring our progress and trying new things”.
The Minister noted that over the years, Nigeria has embarked on a series of housing initiatives but not one of them has been pursued with consistency or any measurable sustainability adding, “In the Ministry of Power, Works and Housing, we are convinced that these unsustainable efforts must change, and give way to a sustainable and well thought out initiative”.
“We are convinced that this change must be led by Government and subsequently driven by the private sector”, he said citing as example of a sustained housing initiative,
the public housing initiative of the United Kingdom which, he said, was started by government in 1918 and as of 2014, 64.8 per cent of UK’s 53 million people are home owners.
Also citing the Singaporean initiative which was started by government in 1960, the Minister, who said it has provided housing for 80 per cent of its three million people, declared, “What is common to both models, is that there was a uniformity of design, a common target to house working class people, and not the elite, standardization of fittings like doors, windows, space, electrical and mechanical, and also a common concept of neighborhood”.
“The Shelter Afrique report which I disclosed to you does not share these characteristics. It shows funding for diverse initiatives such as service plots, commercial complex, apartments, and mixed housing”, he said adding that after the announcement that the present Government would be building houses, scores of proposals have been received from people with majority of them saying they want to build 10,000 units of housing.
Saying although he would love to see houses built in such large numbers, the Minister, however, noted that the Ministry’s interrogation of the proposals showed that none of the people who wanted to build 10,000 houses could show any evidence that they have previously built 500 houses to show their capacity.
“A sizable number of them are Road construction companies, and I am aware that the logistics for road construction are quite different from that for housing construction.
Some of them want to build duplexes and I think we all agree that this is not where the demand of Africa’s urban low income lies”, he said adding that one of them who had signed a contract to deliver a 1,000 housing unit estate since around 2013 had run into difficulty after building 84 units.
Pointing out that many of the Public Private Partnership housing initiatives entered into have either stalled as a result of funding, lack of capacity, land disputes or court cases, Fashola, who noted that it was not the road to sustainability, declared, “Ladies and Gentlemen, a lot of money has passed through the African continent from oil, Agro- produce, mining, trade and other sources, but it is yet to deliver on the promise of prosperity that lies on the horizon”.
“I know that there is a high expectancy out there. But everything tells me that as desirous as speed is, for us to respond to people’s expectations, we must be careful not to build roads that go nowhere; instead, we must be meticulous, focused and dedicated to build a road to prosperity”, he said.
Business
BUA Chairman Abdul Samad Rabiu Rises to Become Africa’s Second Richest Man
BUA Chairman Abdul Samad Rabiu Rises to Become Africa’s Second Richest Man
LAGOS – In a notable reshuffle of Africa’s wealth hierarchy, Abdul Samad Rabiu, Chairman of BUA Group, has climbed to the position of the continent’s second richest individual. The development highlights the accelerating growth of his industrial empire and the increasing global relevance of Nigeria’s manufacturing sector.
Recent valuations show the billionaire businessman overtaking long-standing contenders to secure the number two spot, behind only Aliko Dangote. His rise has been driven largely by the strong market performance of his publicly listed firms, BUA Cement Plc and BUA Foods Plc, both of which have recorded significant gains on the Nigerian Exchange (NGX).
Rabiu’s ascent reflects years of strategic expansion and vertical integration. BUA Cement, Nigeria’s second-largest cement producer, has scaled up operations with new production lines to meet rising infrastructure demand. At the same time, BUA Foods has strengthened its leadership in key segments such as sugar, flour, and pasta, reinforcing its role in regional food supply.
Analysts note that his focus on essential goods has provided stability, helping his businesses maintain steady revenues despite broader economic fluctuations. By prioritizing domestic production, BUA Group has also reduced exposure to external shocks.
Philanthropy and Development Impact
Beyond business, Rabiu has earned global recognition for his philanthropic efforts through the ASR Africa Initiative, a $100 million annual intervention fund supporting education, healthcare, and social development across Africa.
His rise in the rankings is widely viewed as evidence of the power of African-driven industrialization—not only in building wealth but also in delivering meaningful social impact. As Africa’s economic landscape evolves, the shifting billionaire rankings underscore the growing influence of Nigeria’s private sector in shaping the continent’s future.
Bank
ZENITH BANK EXPANDS FRONTIERS WITH CÔTE D’IVOIRE SUBSIDIARY, DEEPENS FRANCOPHONE WEST AFRICA PUSH
ZENITH BANK EXPANDS FRONTIERS WITH CÔTE D’IVOIRE SUBSIDIARY, DEEPENS FRANCOPHONE WEST AFRICA PUSH
Zenith Bank Plc has taken a major step in its Pan-African growth journey with the official launch of its Côte d’Ivoire subsidiary, reinforcing its strategic ambition to dominate key markets across the continent.
The grand opening ceremony, scheduled for Wednesday, April 29, 2026, is expected to draw top-tier government officials and regulators from Nigeria and Côte d’Ivoire, alongside leading business executives and members of the diplomatic corps—underscoring the growing economic ties and investment flows between Anglophone and Francophone Africa.
Licensed in December 2025 by Côte d’Ivoire’s Ministry of Finance and Budget and regulated by the UMOA Banking Commission, the new subsidiary will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan—one of the region’s most important financial hubs.
The move signals a calculated expansion into Francophone West Africa and positions Zenith Bank as a key financial bridge within the West African Economic and Monetary Union. The subsidiary is designed to drive cross-border trade, offering corporate banking, trade finance, offshore banking, and structured financial solutions tailored to businesses operating across Africa and beyond.
Speaking on the milestone, Group Managing Director/CEO Adaora Umeoji said the expansion aligns with the founding vision of Chairman Jim Ovia to build a globally competitive African bank.
“The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision. It opens a strategic corridor into Francophone West Africa and reinforces our commitment to facilitating trade, investment, and enterprise growth across the continent,” she stated.
The subsidiary will be led by Managing Director/CEO Cédric Tano, who brings over two decades of industry experience. He noted that the bank is entering the Ivorian market at a time of strong economic momentum and increasing regional integration.
“Our goal is to position Zenith Bank as a customer-centric institution that blends global best practices with deep local expertise, while supporting businesses with innovative financing and enabling seamless cross-border transactions,” Tano said.
Beyond Côte d’Ivoire, Zenith Bank is accelerating its expansion into Central Africa, with plans underway to enter the Central African Economic and Monetary Community, using Cameroon as a strategic gateway.
With an established presence in multiple markets—including Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China—the bank continues to strengthen its role as a conduit linking African economies to global capital and trade networks.
Founded in 1990, Zenith Bank has evolved into one of Africa’s most formidable financial institutions, maintaining the highest Tier-1 capital position in Nigeria’s banking industry for 16 consecutive years. Built on its core pillars of People, Technology, and Service, the bank has consistently delivered strong financial performance and earned widespread local and international recognition.
Business
ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative
ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”
The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.
The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.
ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.
Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.
By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.
The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.
As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.
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