Efficacy Construction rolls out product to address Lagos’s housing deficit
Determined to solve the housing challenge in Lagos State, Efficacy Construction Company is set to develop 100 affordable housing and support the Family Homes Funds initiative.
This initiative is aimed at first-home buyers, qualifying families to buy a home at the cost of construction while the trust retains ownership of the land.
Speaking in Lagos during a press conference Oyeleke Ajiboye, managing director and chief executive officer of Efficacy Construction Company, said it has secured the approval of Family Homes Funds and it is a social housing initiative promoted by the Federal Government of Nigeria as part of its Social Intervention Programme with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority.
“Our focus is on affordable homes for Nigerians on a low income. This assisted home ownership model has proven popular in the real estate business and we believe it will help low-income families with housing affordability.
“The housing deficit remains a serious challenge in Nigeria, especially in a Megacity like Lagos.
“The situation is made worse by the high rate of inflation in businesses, especially after a global pandemic. But as a construction and real estate firm, like everyone else, we will continue to support low- and medium-income earners to actualise their dream of becoming homeowners,” said Ajiboye.
Efficacy Construction Company is in partnership with Citycode Mortgage Bank which 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.
Earthworks for the 100-home development have started. The ‘Family Home Funds’ project is located along the Lekki-Epe area and it is expected to keep expanding as more reputable credit-worthy organisations or structured cooperatives are pre-qualified.
The project time frame ranges from 12-24 months. In the space of 2 years, the first 100 houses will be ready. To be eligible applicants ‘will be dealt with on a case-by-case basis.
“Our affordable housing initiative dates back to 2013. What we are trying to do is to create a backward integration process to ensure that we eliminate waste, and reduce procurement costs and housing delivery timelines as much as possible. We buy our materials from factories, train our own artisans, and make sure we are doing everything in-house to cut unnecessary expenses.
“We are an ISO-Certified organization that will not compromise quality; we ensure that we meet all quality standards from foundation to construction to finishing as much as possible, so we do not trade quality for quantity,” Ajiboye said.
Joseph Nwaghodoh, Mortgage Manager for Citycode Mortgage Bank, said that the opportunity is open to all Nigerians, particularly those within the low and medium-income levels, such as civil servants, traders, artisans, commercial drivers, etc. Any intending beneficiary must be a registered contributor and up to date with his or her contributions.
“The beauty of it is that anybody with a track record can access a mortgage of N15 million the moment they are creditworthy.”
He expressed pleasure over the partnership, saying that Efficacy Construction Company has a track record of delivering quality, affordable housing with their organization.
In the same vein, Gbade Abodunrin, general secretary of Interswitch Cooperative Multipurpose Society Limited, added that they are happy with the development of the project, the design, the pricing, the ongoing construction, and the intervention of Family Home Funds Ltd.