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

What is the Initiative? The Federal Government of Nigeria has unveiled an N100 billion private...

14 hours ago Read More

Abuja, Nigeria’s gleaming administrative capital, has long symbolized hope for migrants...

2 days ago Read More

Abuja, Nigeria The Federal Housing Authority (FHA) has suspended all ongoing construction projects...

8 days ago Read More

Lagos, Nigeria  Amid Nigeria’s escalating housing affordability crisis, real estate...

9 days ago Read More

Renowned Nigerian gospel artist Mercy Chinwo has broken her silence in an emotional video...

14 days ago Read More

The Nigerian real estate market is projected to hit $2.25 trillion by the end of 2025, according to...

14 days ago Read More

Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, has called on...

15 days ago Read More

Affordable Housing and Luxury Properties Set to Propel Nigeria's Real Estate Market Over the Next...

23 days ago Read More

Hope for improved housing supply in Nigeria may remain unfulfilled, as the 2025 fiscal budget...

27 days ago Read More

Nigeria commemorated its annual Armed Forces Remembrance Day on January 15, honoring military...

28 days ago Read More

Nigeria’s ongoing GDP and CPI rebasing reveal real estate has overtaken oil and gas as the...

29 days ago Read More

Rental properties, encompassing both residential and commercial spaces, are projected to dominate...

a month ago Read More

The Nigerian Senate is considering a bill to prohibit the use of foreign currencies in domestic...

a month ago Read More

The Nigerian Senate is considering a bill to prohibit using foreign currencies in domestic...

a month ago Read More

US Election Race Intensifies: How Results Could Impact Nigeria’s Real Estate Market As the...

3 months ago Read More

Equatorial Guinea Official Baltasar Engonga Ebang’s Video Sparks Controversy In recent days,...

3 months ago Read More

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

4 months ago Read More

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

4 months ago Read More

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

4 months ago Read More

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

4 months ago Read More