Business Connect on Stv: Mr. Sammy Adigun, EchoStone Director


On this segment of CastMedia Business Connect on Stv, we features Mr. Sammy Adigun who is a Director at EchoStone Nigeria Ltd. And he spoke in length about what the company have been able to achieve over the years. Including how the company came to break a record of building a house from foundation to finishing including furnishing it for living in just 14 days.

Q: Tell Us About EchoStone Nigeria

A: EchoStone is three years old in Nigeria, and actually started operation about a year ago. EchoStone is a global company involved in trying to solve the problem of affordable housing, globally. The way building and houses are built are stone age. In the same way, everything has changed, everything has moved, but construction has remained traditional. So, our partners at EchoStone, in 2011, decided to do research into how they could do housing construction better, higher quality, than it’s traditionally been build, and that’s how EchoStone became birthed. To solve a problem for mankind.

Q: Vision & Mission Statement of EchoStone Nigeria

A: It’s basically to provide sustainable, affordable homes for mankind everywhere all over the world, and the target for the next ten years is to do at least 1 million homes.

Q: Target Market

A: Low-income is actually our target market. We don’t have, or plan to build any home, above 15 million Naira. Any home above 15 million Naira, we’re not interested in building. We want to build our homes from 3 to 15 million Naira.

Q: 100,000 Housing Unit for the Nigerian Police Force

A: The police, as you know, is the highest employer of labor in Nigeria today. There’s about 400,000 policemen. The police is also the only entity that is everywhere, in every ward, every state, every local government, you find police. So, the police are an important member of society. So, as part of our plan to help people who are less privileged, we plan to build these 100,000 homes to be owned by the policemen, and they can pay for it between 10 and 30 years. So, it’s not just that they are going to buy the house for cash. No, they are going to pay via mortgage scheme. So, we’re working with local and global financial institutions to raise the necessary capital required for the construction and the separate capital for the mortgage.

Q: Subsidiaries

A: The company that directly invested in EchoStone is called Ideation. Ideation is the local partner for EchoStone, and I am the CEO of Ideation. Ideation is also the company that does the direct construction if the project on site. So, you can say Ideation is the local partner for EchoStone.

Q: 4 in 14 Days

A: 4 in 14 is building 4 homes in 14 days. So, because we have this bespoke design – 4 units of 2 bedroom homes. So, that 4 units of 2 bedroom homes, we actually built in 14 days. The first day is the foundation, which takes us two days. By the second day, we’re setting up our formwork. Because our system is basically build on two technologies: an Aercrete Machine 625 – owned by EchoStone and Peri formwork – called Duo formwork, it’s like a Lego kit set up. So, after we do the foundation work, we set up the formwork for the walls. Inside the walls all the piping for the water, power, everything is already inside. So, by day four the walls are up. By day 12 the house is painted. By day 14, you can sleep in your home.

January 6, 2020 Nigeria , , , , ,
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