Wema Bank, one of Nigeria’s premier financial institutions yesterday secured a $10million development finance facility to support the Nigerian real estate sector from Shelter Afrique – the Pan-African development finance institution focused on financing affordable housing in Africa.
Speaking at the signing ceremony in Lagos, Segun Oloketuyi, Managing Director/CEO of Wema Bank said the facility once again underscores the confidence of local and international partners in Wema Bank’s capacity to handle transactions of this nature. He further said that Wema Bank is deeply committed to supporting the growth of real estate and affordable housing financing in Nigeria by providing access to loans as well as other value added services, including financial advisory from its expert team of corporate banking professionals.
In his comments, James Mugerwa, Managing Director of Shelter Afrique said his organization remained committed to providing affordable housing in Africa and the partnership with Wema Bank through the grant of this facility was another step in the right direction. He said strong mechanisms have been put in place to ensure that viable projects get access to this fund.
He also praised the unique nature of this transaction which not only provides project funding but also includes mortgage financing.
Established in 1945, Wema Bank is a premier financial institution and Nigeria’s longest surviving Bank. With a branch network spread across 125 locations, the Bank provides a host of corporate banking, retail banking, electronic banking, treasury and trade services to its customers. For more information, visit www.wemabank.com