Nigerian, US firms to build houses in Ondo

An indigenous firm, Medaville Group, through one of its subsidiaries, Medaville Construction Company, on Friday signed a partnership agreement with a United States-based firm, Verano Group of Companies, to construct 250 housing units at the exclusive Alagbaka Government Reserved Area of Akure, the Ondo State capital.

The Chairman, Medaville Group, Chief Ademola Akin-Benson, and Chairman, Verano Group, Mr. John Quelhes, signed the pact for the commencement of the project for which about $10m loan facility had been obtained from some financial institutions in the US.

Speaking with journalists after a tour of the site of the proposed estate, Akin-Benson said the project was being undertaken with support from the Federal Ministry of Lands, Housing and Urban Development.

He said the project started two years ago but was stalled because of lack of funds arising from the problems in the Nigerian banking system, where the operators refused to advance loans to prospective investors.

Akin-Benson said, “After we had being to many banks in Nigeria, it was very difficult to access funds. Fortunately for us, we are one of the lucky companies in Nigeria to be able to access loan facilities from the United States of America guaranteed by a Nigerian bank.

“The signing of this partnership arrangement marks the full commencement of the project aimed at building 250 housing units comprising three-bedroom terraces, four-bedroom detached duplexes with two-bedroom boys’ quarters, and five-bedroom detached duplexes with two-bedroom boys’ quarters.

“The modern buildings fashioned after the American standard, whereby all facilities will be provided only for the owner to park in with just his luggage, are being provided in the Alagbaka GRA, which is an exclusive area, but will be sold at affordable prices to Ondo State citizens both at home and in the Diaspora.

“The relationship we established with our foreign partners will assist us to move on with the project, which was stalled two years ago due to lack of funds.”

Akin-Benson commended Governor Olusegun Mimiko for his support and for conceiving the idea of Public-Private, Partnership in the real estate sector, while he was Minister of Housing and Urban Development.

He described the project as a new innovation and urged indigenes of the state to embrace it because it was safe, reliable and affordable.

He said subscribers either buy outright or pay in instalments.

Quelhes described the Medaville Group boss as a very responsible businessman with lots of integrity, hence his firm decided to partner with him to make affordable houses available to the people in a very secured and exclusive area.

He said the project would start in few weeks time and would be delivered in record time.

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