Business

Firm partners police to develop 100,000 homes nationwide

The Nigeria Police Force and a property development firm, Echostone Nigeria Limited, have signed an agreement for the development of 100,000 housing units across the country.

The Director, Echostone, Mr Sammy Adigun, said the agreement was part of ongoing efforts to bridge the country’s housing deficit.

He said the intention of the parties to the agreement was to help policemen to own their own homes in their chosen locations nationwide.

Adigun said, “The project will help in solving security challenges because when our men and women are comfortable and motivated, they will perform better and be more committed to the difficult and challenging work of policing the nation.

“The project will be one, two and three- bedroom high quality homes built to the highest quality standard and in a very beautiful environment with parks, gardens, schools, shops; every estate will have infrastructure with paved roads, drainages, water, power (on and off-grid) and sewage systems and treatments.”

He stated that the company would be mobilising local and international partnerships to achieve the project seamlessly.

The Founder and Chief Executive Officer of Echostone International, Anthony Recchia, said the firm was the only IFC EDGE certified green developer in Nigeria, and would give the Police confidence in the quality of homes that they would be getting.

He said the partnership would be the first of its kind in housing delivery in Nigeria.

“The Police are the single largest employer in the Nigerian economy and this project when achieved will be a major boost to the economy and the welfare of the Police,” he added.

The project is planned over the next five years, and includes 100,000 homes with 1,000 kilometres of roads, drainages, and other infrastructure.

It also proposes to have 1,000 Megawatts of on and off-grid power supply and distribution and provide 50,000 direct and 2.5 million indirect jobs.

A Deputy Inspector-General of Police, Taiwo Lakanu, said the houses would be the highest social impact on the families and lives of all policemen in the country.

He, however, called on all involved in the agreement to be committed to doing their part for the success of the affordable housing programme.

The Managing Director, Police Property Company, Rudolph Obe, said the Inspector -General of Police’s approval of the housing programme was a direct economic empowerment.

According to him, the houses will come with mortgages of up to 25 years with an interest rate of only six per cent per annum.

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