Login Register
feel free to call 09056000005

Company Champions Crowdfunding as a Solution for Addressing the Housing Needs of the Nation

Tobykemsworth Investment Limited, a real estate development company, has urged Nigerians to embrace crowdfunding solutions for their housing requirements. Dr. Adekunle Raphael-Monehin, the Managing Director of Tobykemsworth Investment Limited, delivered this message during a recent event in Lagos commemorating the first anniversary of Rabanaire, a crowdfunding initiative launched by the company to enhance housing accessibility for Nigerians.
 
Dr. Raphael-Monehin explained that Rabanaire was established because crowdfunding is a viable alternative for financing real estate projects. He emphasized the pressing need for affordable housing in the country, highlighting that even the government's attempts to provide affordable housing often fall short, with homes priced above N15 million and mortgage banks offering loans limited to the same amount. The company's objective is to create a pool of affordable housing options, leveraging its extensive industry experience to facilitate crowdfunding and enable people to become homeowners.
Read also: Key Actions For Diaspora Investors To Achieve Profitable Real Estate Investments

Reflecting on the past year, Raphael-Monehin described it as a successful journey for the firm, with Rabanaire gaining widespread acceptance. He emphasized that Nigerians from all social classes can invest a minimum of N55,000 to secure their own homes.

Mrs. Pricilia Irabor, the Country Director of Rabanaire, outlined their expansion plans, with the aim of addressing housing deficits not only in Nigeria but also in other countries. The initiative has already extended its presence to Benin Republic and plans to launch in Cameroon, Ghana, and potentially Ethiopia. Irabor noted the global nature of the housing deficit issue and the positive response they have received since launching Rabanaire on September 3, 2022.
 
Kamar Olowoshago, the Permanent Secretary of the Lagos State Ministry of Housing, commended Tobykemsworth Investment Limited for its crowdfunding initiative, emphasizing the importance of private organizations collaborating with the government to address the estimated three million housing gap. He stressed that government efforts alone are insufficient, and partnerships with real estate practitioners are crucial.
 
Adetutu Oluremi Ososanya, the Permanent Secretary of the Ministry of Commerce, Industry, and Cooperatives, pledged to support the firm's crowdfunding initiative, considering it a commendable project that should benefit ordinary Lagos residents. She expressed the ministry's willingness to collaborate with the company to facilitate housing access for a larger segment of Lagosians.

 

Source: TheGuardianNg

Similar Topics

Nigeria’s digital real estate company, Sytemap, has raised concerns over the ongoing trust...

13 days ago Read More

Governor Babajide Sanwo-Olu of Lagos State has urged for more investment to address the persistent...

14 days ago Read More

Housing sector stakeholders have raised concerns that the rising interest rates in the country are...

14 days ago Read More

Lagos State Governor, Babajide Sanwo-Olu, has emphasized the significance of innovation,...

24 days ago Read More

The Association of Private Practicing Surveyors of Nigeria (APPSN), a subgroup of the Nigerian...

24 days ago Read More

Nigeria has been admitted into WorldSkills International, marking a historic milestone in the...

28 days ago Read More

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment...

28 days ago Read More

The National Board for Technical Education has inaugurated the Sector Skill Council for...

a month ago Read More

The Environmental Defense Fund has partnered with Africa Practice to combat climate change in...

a month ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has reiterated the crucial role of...

a month ago Read More

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

a month ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

a month ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

a month ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

a month ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

a month ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

a month ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

a month ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

a month ago Read More

Ahmed Dangiwa, minister of Housing and Urban Development, has said that unlocking Nigeria’s...

2 months ago Read More

Experts in the built environment have emphasized that effective urban planning and infrastructure...

2 months ago Read More