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.
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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.