Firms sign MOU to market FG’s 100,000-unit housing estates

Two real estate firms, Qshelter Limited and M.I. Okoro & Associates, have signed a memorandum of understanding (MOU) to collaborate on the marketing and estate agency services for the Federal Government’s Renewed Hope Cities and Estates Scheme, which targets the delivery of 100,000 units of houses nationwide. The MOU was signed in Lagos during a […]

Two real estate firms, Qshelter Limited and M.I. Okoro & Associates, have signed a memorandum of understanding (MOU) to collaborate on the marketing and estate agency services for the Federal Government’s Renewed Hope Cities and Estates Scheme, which targets the delivery of 100,000 units of houses nationwide.

The MOU was signed in Lagos during a joint press briefing attended by industry stakeholders.

Under the agreement, M.I. Okoro & Associates will work with Qshelter in the marketing of housing units across Renewed Hope Estates in Abuja, Kano and Lagos, where Qshelter serves as the official sales and marketing partner to the federal government.

Speaking at the event, Chairman of Qshelter Limited, Kola Sowande, said the partnership aligns with the company’s objective of supporting the Federal Government’s drive to expand access to affordable homeownership for Nigerians, particularly middle-income earners.

According to Sowande, the Renewed Hope Housing Scheme, initiated by the Federal Government under President Bola Ahmed Tinubu, represents a significant policy shift in addressing Nigeria’s long-standing housing deficit through public–private partnerships and accessible mortgage financing.

“The Renewed Hope Housing Policy is a step in the right direction. For the first time in decades, housing delivery is being matched with funding structures that make homeownership realistic for ordinary Nigerians,” Sowande said.

He noted that beneficiaries under the scheme can access National Housing Fund (NHF) mortgages at six per cent per annum, rent-to-own options at seven per cent, and funding from the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which provides mortgage loans of up to N100 million at 9.75 per cent interest.

The Principal and Chief Executive Officer of M.I. Okoro & Associates, Dr Chief Innocent M.I. Okoro, described the collaboration as a strategic move that would enhance professionalism, transparency and efficiency in estate agency and marketing practices in Nigeria.

Okoro, a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), said the partnership would ensure that information about the Renewed Hope Estates reaches Nigerians both at home and in the diaspora.

“Our responsibility is to ensure that Nigerians, irrespective of where they reside, have access to credible information and transparent processes that enable them to participate in this historic housing initiative,” he said.

He commended the Federal Government for introducing long-tenure mortgages of up to 30 years at single-digit interest rates, noting that such funding models are critical to the sustainability of mass housing programmes.

Qshelter, a leading digital real estate and housing finance platform, said it has partnered with several mortgage banks, including the Federal Mortgage Bank of Nigeria, Infinity Trust Mortgage Bank, FHA Mortgage Bank and Homebase Mortgage Bank, to facilitate access to housing finance for subscribers.

The company is also involved in the sales and marketing of major Renewed Hope projects, including Renewed Hope City, Karsana, Abuja, which is expected to deliver up to 2,800 housing units; Renewed Hope City, Janguza, Kano, with a planned capacity of 2,000 units; and the 2004 Coastal Road Estate in Lagos.

Stakeholders who attended the briefing noted that the collaboration will strengthen housing delivery, create employment across the construction and real estate value chain, and contribute to reducing Nigeria’s housing deficit.

The President of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Victor Alonge, admonished the federal government to adopt the Renewed Hope Housing Scheme as a national housing scheme.

He noted that Nigeria has not had a codified national housing scheme in decades.

He also urged the government and stakeholders in real estate to make provisions for social workers in upper middle class estates, as done in the United Kingdom.

“These social and essential workers like teachers, nurses, may not be able to afford these estates but they should be included through special offers. That is how it is done in the UK,” Alonge said.