Nigerian Police Force Partners with EchoStone
SOURCE: LAGOS, NIGERIA
In a deal that seeks to reduce the housing deficit in Nigeria, EchoStone Development Nigeria
and the Nigerian Police Force signed a joint development agreement to build 100,000 homes, worth nearly 750 billion Naira. This agreement is designed to boost the economy as well as bring comfort and motivation to the nation’s officers, who ensure the ongoing safety of the Nigeria’s citizens.
The agreement consists of three key partners, EchoStone Development Nigeria, who will develop the residential communities, the Nigerian Police Property Development Company, who will provide land free and clear for development
, and the Nigerian Police Force Mortgage Bank (NPFMB), who will offer mortgage facilities to off-takers of the affordable housing units.
Over the next five years, EchoStone expects to build a variety of homes and infrastructure resulting in 1,000 kilometres of roads, 1000 Megawatts of on and off-grid power supply, drainages, green areas, schools, and shops. As the single largest employer in the Nigerian economy, the Nigerian Police Force communities will represent a major boost to the economy, officer welfare, and positive social impact. Furthermore, this level of investment in affordable housing is expected to provide nearly 50,000 direct and 2.5 million indirect jobs over the life of these homes.
Those in attendance of the Abuja meeting, and signing of the agreement, shared the importance of this partnership:
“EchoStone has produced the first residential community
to be IFC EDGE certified in Nigeria, which gives the Police huge confidence in the quality of these homes,” stated Anthony Recchia, Co-Founder and CEO of EchoStone Opco LLC.
Sammy Adigun, Board of Directors for EchoStone Nigeria added, “The intention of the agreement is to help policemen and women own their homes in their chosen location nationwide.”
“When our men and women are comfortable and motivated, they will perform better and be more committed to the difficult and challenging work of policing the nation.”
The Managing Director, Police Property Company, Rudolph Obe also shared, “The IGP’s approval of the massive housing programme for police officers and men is a direct economic empowerment and huge morale booster that will have a serious impact on the security of lives and prosperity.” Adding, “The men will be highly motivated to do more in their sacrifices for the nation.’”
On his part, the Managing Director of NPFMB, Suleiman Abubakar stated that the homes will come with mortgages of up to 25 years and an interest rate of only six per cent per annum.
Ultimately, Deputy Inspector-General of Police, Taiwo Lakanu, underscored the highest social impact on the families and lives of all policemen in the country and appealed to all involved in the agreement to be committed to doing their part for the success of this new affordable housing programme.