The founder and CEO of Brookfield Group Holdings, Mr. Oluwaseun Olatunji, has announced the ambitious plan to deliver one million multi-family homes in Abuja, a significant endeavour aimed at addressing the housing deficit in Nigeria.
In a statement made available to newsmen yesterday in Abuja, Olatunji highlighted the long-awaited vision of Brookfield Group to support President Bola Ahmed Tinubu’s renewed hope agenda in Nigeria’s real estate sector.
He also expressed the intent to collaborate with the Federal Capital Development Authority, under the leadership of Nyesom Wike, the minister of the Federal Capital Territory, to fast-track the implementation process of developing the original Abuja master plan into an urban model city while addressing the housing deficit in the country.
“The first phase of the project will accommodate 450,000 multi-family residential apartment units, costing an average sum of about $16.2 billion through international bridge finance,” the CEO said.
He lamented that the housing crisis in Nigeria has reached alarming levels, with an estimated 28 million deficit as of the beginning of this year.
Olatunji stressed the urgency of this situation, pointing out that nearly half of the country’s population is either homeless or struggling to find adequate housing.
He said Brookfield Group Holdings, as a real estate development and civil construction company, aims to create value in the industry by maximising residential units for potential occupancy and minimising construction expenses, thereby making affordable housing accessible to first-time buyers, low-income individuals, and average earners. They plan to achieve this through private equity financing methods and by offering mortgage loans of up to 50 years.
Furthermore, Olatunji announced that Brookfield Group is now fully specializing in the development of multi-family residential properties, not only in Nigeria but across Africa. This strategic shift reflects their commitment to addressing the pressing housing needs on the continent.
Mr. Olatunji shared his motivation behind this ambitious venture, stating, “Sometimes I feel the huge pressure of being a solution provider on me that is extremely difficult for me to explain to the people. Because of these pressures, I discovered that a strong motivation has been generated within the Brookfield Group business holdings and myself that is seemingly never going to stop.”
He expressed the desire to elevate Brookfield Group and its services to the highest standards in the industry and to contribute to reshaping the real estate and construction sectors through innovation and technology. Ultimately, his goal is to change the global perception of Nigeria’s living standards and instabilities by offering the best products and services in the field.
Mr. Olatunji concluded with optimism, saying, “Starting a business in Nigeria today is a heroic thing. But very soon, in the very near future, our services and the Brookfield Group brand are to be recognized as the definition of high-quality institutions.”
He added that the initiative by Brookfield Group Holdings aims to make a substantial impact on Nigeria’s housing crisis while setting new standards for the real estate and construction industries in the region.