Oceanic Bank to provide 2,000 homes in Nigeria

by Richard Kilner

Story link: Oceanic Bank to provide 2,000 homes in Nigeria

Nigerian firm Oceanic Bank International Plc has reached an agreement with Ogun State to create more than 2,000 units of housing.

In addition, Oceanic Bank is to act as the lead arranger for a syndicated loan of N5bn.

Dr. Kunle Salako, Ogun State’s commissioner of housing, made the announcement whilst presenting his strategic brief State Executive Council in Abeokuta.

Dr Salako emphasised that the strict deadlines would be met, and that upon completion of the project truly low-cost housing would be available for the first time.

The project will be implemented in a phased approach, beginning with the development of Flagship Estate, Ibara, and then followed by Gateway Paradise City, Construction City and Telecomms/ICT City.

Dr Salako also said that the agreement with Oceanic Bank was aimed not merely at provision for low-cost housing, but also with a view to transform Ogun State by 2025.

He went on to explain that this meant aiming to completely eliminate extreme poverty through creating wealth by providing jobs in industry.

The Executive Council meeting approved all the proposals put forward by Dr Salako, describing the project as too urgent to be subject to delay.