Pan African housing development financier, has received Ksh 1 billion (USD$9.4 million) from Nigeria, being the first tranche of the 2.9 billion (US$29.3 million) the country has committed in additional capital subscription.
The contribution moves Nigeria to the second largest shareholding in the organisation with 14.77 per cent of the shareholding, behind Kenya with 14.87 per cent and ahead of the AfDB at 14.28 per cent.
The Housing financier confirmed that it had also received further US$6.6 in additional capital contributions from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe and Swaziland.
Speaking in Nairobi, Shelter Afrique’s Group Managing Director, Mr Andrew Chimphondah lauded the government of Nigeria for its show of confidence in the institution and a stamp of approval for the organisation’s financial turnaround.
“It is especially heartening to see in this age of nationalism that our African countries embrace multilateralism and Pan-Africanism as we collectively seek to address African challenges. Countries like Nigeria, historically, have always been at the forefront of such activities.”Loading...
He pointed out that this is a strong show of confidence in Shelter Afrique by member countries that the institution is now better governed and has significantly improved its financial performance.
“Shareholders have supported the recapitalisation of the institution as demonstrated by Nigeria’s significant capital injection and contributions from Lesotho, Mali, Namibia, Nigeria, Rwanda Uganda, Togo, Zimbabwe and Swaziland,” added Chimphondah.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]