Browsing: Kenya’s stake in Shelter Afrique

  • Nigeria pays US$7.15 million to acquire a larger stake in Shelter Afrique.
  • Nigeria’s total shareholding is up to 15.8 per cent, putting it one percentage point behind the top shareholder, Kenya, whose holdings currently amount to 16.85 per cent
  • Shelter Afrique is a collaboration of 44 African governments, the African Development Bank (AfDB), and the Africa Reinsurance Corporation (Africa-Re)

Nigeria pays US$7.15 million to acquire a larger stake in Shelter Afrique.

Shelter Afrique, a pan-African housing development financier, recently acquired further capital contribution from the Federal government of Nigeria.

The newly acquired stock brings Nigeria’s total shareholding up to 15.8 per cent, putting it one percentage point behind the top shareholder, Kenya, whose holdings currently amount to 16.85 per cent.

African Development Bank (AfDB), which now stands at 12.16 per cent down from 12.71 per cent, Mali at 5.3 per cent down from 5.54 per cent, and Ghana at 5.05 …

The  Federal Republic of Nigeria commits  $29.3 million in additional capital to Shelter Afrique making it the second-largest shareholder after Kenya.

Nigeria takes the second largest shareholding after Kenya with each acquiring 14.77 per cent and 14.87 per cent respectively with the African Development Bank acquiring 14.28 per cent of the shareholding.

In additional capital contribution, the Shelter Afrique also confirmed additional funds of $6.6 from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe, and Swaziland.

The Shelter Afrique’s Group Managing Director, Mr. Andrew Chimphondah praised Nigeria’s government for showing confidence in the institution and giving a stamp of approval for the organization’s financial turnaround.

“We are grateful to the Nigerian government for their continued support and the importance they have placed on affordable housing. We are especially grateful to the Honourable Minister for Works and Housing, Babatunde Fashola for demonstrating this support through honoring this significant payment. We also recognize …