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Shelter Afrique receives USD2.7million capital boost from Tanzania

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Shelter Afrique Group MD and CEO And

The Government of Tanzania has increased its stake in Shelter Afrique after paying USD2.7 million in additional capital, the pan-African housing development financier has disclosed.

The Additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively.

Thanking the Government of the United Republic of Tanzania, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence by shareholders.

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Ministers for Housing and finance Honourable William Lukuvi and Honourable Mwigulu Nchemba for making the disbursements – It’s a vote of confidence in the Company. We are also grateful to other shareholders who have increased their stakes recently,” Mr. Chimphondah said.

In addition to Tanzania’s contribution the Company has also received additional capital contributions from Kenya (USD 9.92m), Cameroon (USD 3,529,801.29) Mali (USD 2,062,994), Rwanda (USD 1.1m), Uganda (USD 0.08m), Togo (USD 0.58m), Swaziland (USD 0.32m), Ivory Coast (USD 0.57m), and Democratic Republic of Congo (USD 0.5m), bringing the total additional capital receipts to $20.69m within the last six months of 2021.

“We also wish to thank several other shareholders such as Namibia, Zimbabwe Morocco, and Swaziland, Cameroon, Kenya, DRC, Mali, Ivory Coast, Uganda, Rwanda and Togo for their positive response to the call for recapitalization, this continues to show confidence in the strategy of The Company” Mr. Chimphondah said.

Shelter Afrique has approved financing of more than USD 52,246,000 in Tanzania. The Company invested equity into the Tanzania Mortgage Refinance Company (TMRC) in 2014 and has remained an active member. The Company is actively pursuing large-scale low-cost housing projects in both Dodoma and Zanzibar through public private partnerships and the provision of lines of credit.

In August of 2021, Shelter Afrique through its Centre of Excellence, at the invitation of the Revolutionary Government of Zanzibar held a masterclass session for government officials to deepen capacity within the industry. Similar conversations are being held to hold another one in Dodoma as well before the end of the year.

In the same period, Shelter Afrique, as part of its ongoing engagement with Tanzania, led a high-level delegation to meet with the Minister of Lands, Housing and Human Settlements, Honourable William Lukuvi, and Ministry officials where discussions were held on the provision of land for projects featuring innovation and alternative building materials. The Minister committed to the provision of 50 acres of land in Dar-es-Salam where an annual event showcasing the improvements and breakthroughs in the building sciences can be exhibited. Shelter Afrique on its part has committed to developing the concept and will explore the possibility of hosting the first event in 2022.

 


BY: Shelter Afrique

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Late Osinachi’s husband Peter Nwachukwu charged with death sentence

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Peter Nwachukwu charged

Late Osinachi’s husband Peter Nwachukwu charged with death sentence

News coming from Nigeria confirms that the Nigerian Federal Government has filed 23-count charges against Peter Nwachukwu, husband of the late popular gospel singer, Osinachi, who died on April 8 this year after he allegedly assaulted her.

After the demise of the “Ekueme” singer, several reports came in that her husband is the cause of his death. A Series of testimonies also came from Peter’s children, Osinachi’s sisters, and parents which all proved that Peter was an abusive man.

He was therefore charged under sections 104 and 379 of the Administration of Criminal Justice Act, 2015, by the Attorney-General of the Federation.

The defendant was charged with culpable homicide contrary to section 221 of the Penal Code which is punishable with death by hanging.

Some of the testimonies accused Peter of beating and stomping her wife’s abdomen on several occasions.

The accusations were so serious that even his children confirmed that Peter Nwachukwu used to beat their mom when she was alive.

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Did you know Cornrows were used by slaves to escape slavery?

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Cornrows were used by slaves to escape

Did you know Cornrows were used by slaves to escape slavery?

Cornrows were used by slaves to escape slavery: Cornrows that have found their way in the modern hairstyle among women were used by slaves to transfer information and create maps to exit from their masters.

During the moment slaves were not given the opportunity to write or read and so they developed tactics in passing information through cornrow.

This hairstyle is believed to have originated from the Southern American nation Columbia in the 1500s when Benkos-Bioho curated this design idea of using the cornrow hairstyle to create maps in order to deliver messages. Cornrows were also called canerows to mean the sugarcane fields that slaves worked in.

One style had curved braids, tightly braided on their heads. The curved braids would represent the roads they would use to escape.

Also in their braids, they kept gold and hid seeds which helped them survive after they escaped. They would use the seeds to plant crops once they were liberated.

Cornrows were the best way to not give back any suspicion to the owner. He would never figure out such a hairstyle would mean they would escape or the route they would take.

This hairstyle has now become a dominant fashion among women, especially among African women. It is the simplest hairstyle to go with. It’s best for wearing hair wigs.

 


Culled from: Black History Moment

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Nigeria commits to pay off US$28.7 million capital arrears in Shelter Afrique

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Nigeria Finance Minister Dr Zainab Shamsuna Ahmed and Shelter Afrique MD Andrew Chimphondah

Abuja – January 11, 2022: The Federal Republic of Nigeria has pledged to pay the full capital arrear of US$28.7m in Shelter Afrique, Nigeria’s Finance Minister Dr. Zainab Shamsuna Ahmed disclosed at a meeting with Shelter Afrique Group Managing Director and CEO Mr. Andrew Chimphondah in Abuja.

The Minister further disclosed that the payment will be made in four installments starting January 2022.

In September 2020, the pan African housing development financier received US$$9.4 million from Nigeria. The contribution moved Nigeria to become the second-largest shareholding in the organization with 13.27% of the shareholding, behind Kenya with 17.78%, and ahead of the AfDB at 12.83%.

Lauding the government of Nigeria for its show of confidence in the institution and a stamp of approval for the organisation’s financial turnaround, Mr. Andrew Chimphondah said, “This is a major milestone which is set to propel Nigeria to become the largest shareholder in Shelter-Afrique when the country meets its capital commitment. This is a strong testament of the strong shareholder commitment and support of the Shelter Afrique Board and Management.”

Housing Bond

Shelter Afrique is planning to raise 250 Billion Naira Bond (US$500million) in 2022 to support its affordable housing projects in Nigeria. The Company is set to commence the road shows with prospective investors in January 2022 and is expected to conclude fundraising by end of February.

Shelter Afrique has embarked on a defined strategy of developing and deepening local capital markets so that access to local currency which is competitively priced can be made available to Nigerian Developers from the Real Estate Developers Association of Nigeria (REDAN), Large Developers and Tier 1 and Tier 2 Banks and Primary Mortgage Lenders. The significance of this is that Shelter-Afrique will have been successful in dealing with the foreign exchange exposure risks that have crippled many African countries caused by the weakening of local African currencies against hard currencies such as the United States Dollar and the British Pound Sterling,” Mr. Chimphondah said.

Thanking the Finance Minister Dr. Zainab Shamsuna Ahmed for supporting the Bond Issue by the approvals received on critical waivers from the Ministry of Finance, Mr. Chimphondah noted that Nigeria was a critical and strategic market for Shelter Afrique, adding that the fund realized from the bond issue will go a long way in address the affordable housing shortage in the country, now estimated at 17 Million Units against the continent’s 56 million units.

“As a response to addressing this housing shortage, Shelter Afrique will implement a transformative strategy that will crowd in additional capital funding into the low cost large scale affordable housing market in a commercially viable manner,” Mr. Chimphondah concluded.

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