Stephen Akintayo Foundation to launch Mercy Food Bank in Lagos, Houston

Stephen Akintayo, chairman, Gtext Holdings (second left); Bisi Akintayo (middle) with selected guests at the recent Stephen Akintayo Foundation book launch in Lagos.

Stephen Akintayo Foundation is set to launch ‘Mercy Food Bank’ in Lagos, Nigeria and Houston, Texas in the USA.

The food bank is part of the Foundation’s initiative to fight hunger and starvation across both jurisdictions.

Stephen Akintayo, chairman, Gtext Holdings, disclosed this over the weekend in Lagos, at the public unveiling of his books: The “ABC” of America’s Real Estate Investment and Global Real Estate Investment Handbook.

According to Akintayo, proceeds from the sales of the two books will go into funding the food bank.

“Part of how we intend to be able to fund the food bank is from proceeds; profit from this book,” he said.

Akintayo disclosed further that the Foundation intends to feed about one billion people across the world in 50 years.

Speaking further on economic expectation for 2025, Akintayo said he expects a further tightening of the economy.

“We are tightening up things because we are expecting still a very tight economy and that also has necessitated making some very tough decisions on our part.”

He disclosed that Gtext Homes, the real estate arm of the Group has announced a general buyback to make up for defaulting investors.

According to him, the terms of those buybacks, will include sending the original document that was sent to the investor back to the company with a 21-day working window.

“21 day from the day you sent us the original document that the buyback will take effect and it will be a staggered payment, as most customers also paid in a staggered way,” he said.

According fo Akintayo, the action was taken to avoid situation that might stagnate the company’s activities. Hence, the company will refund defaulting investors and then look for customers who are willing to keep to the terms of the transactions.

“So, this is creating situations where you are slowing down on providing infrastructure on your estates because people are not paying up and inflation is eating up the value of even what they are supposed to pay,” he said.