Follow Us on Google
QShelter Limited and M.I. Okoro & Associates during the week signed a Memorandum of Understanding (MoU) to market the federal government’s affordable housing under the Renewed Hope Housing Estates initiative. The initiative is focusing on estates in Abuja and Kano, to boost delivery and sales of these government-backed homes. The collaboration which aims to leverage M.I. Okoro & Associates’ expertise for efficient marketing of these key housing projects will as well include the 2004 Coastal Road Estate in Lagos.
Chairman, QShelter Limited, Mr. Kola Sowande, and Principal/CEO of M. I. Okoro & Associates, Dr. Innocent Meckson Okoro, signed the MoU on behalf of their respective organisations at a media session in Lagos on Tuesday, December 30, 2025. The duo disclosed that they signed the MoU agreement to guide the two companies in their resolve to collaborate in the marketing of the various units of accommodation being marketed by QShelter Ltd as sole agent.
Delivering the paper for the collaboration, Dr. M I Okoro noted that housing all over the world is a critical factor of production, apart from being one of the basic needs of man from creation, in addition to food and clothing. He stated that both the living and dead need Housing; even animals need shelter and food as they have no need for clothing. “We have continuously been amazed when all the different regimes of Nigerian governments pay little or no attention to the important issue of Housing in Nigeria. The scarcity of Housing in Nigeria is not only embarrassing; it is also a mockery of our Country when compared side by side with other developed countries of the world.
The question is, why did it take the Nigerian Government from our independence in 1960 up to two years ago before President Bola Ahmed Tinubu’s administration to know that Nigerians deserve to own their Homes with the birth of the Renewed Hopes Housing Scheme?
“The present Renewed Hopes Housing Policy of the Federal Government is a policy in the right direction because it addresses the housing needs of the middle class, and with the funding arrangement via FMBN NHF Mortgage and Rent to own of 6 percent and 7 percent respectively that guarantees ₦50 million per subscriber and a tenure of up to 30 years mortgage which is a decision in the right direction and highly commendable,” he said.
Dr. Okoro also highlighted the successes of QShelter in the housing delivery within the context of Renewed Hope Housing Estates, which is the initiative of the Federal Government of Nigeria under the leadership of President Ahmed Bola Tinubu. He noted that the most recent addition to Nigeria’s housing finance landscape is the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), under which 250 billion has been made available for disbursement to Nigerians seeking homeownership. The fund offers mortgage financing at a rate of 9.75 percent, with eligible individuals able to access up to N100 million per beneficiary,” Sowande and Okoro disclosed in a joint presentation.
Highlighting the efforts both firms are putting in place to ensure Nigerians all over the world benefit from the Renewed Hope Estates, Sowande and Okoro said that they are putting plans together to stage an international building exhibition in Liverpool, United Kingdom, during the Nigerian–UK Golfing Association International Golf tournaments holding in Liverpool, UK, which will attract Nigerian Golfers from Nigeria, UK, USA, Canada, etc.
“Also, this partnership will engage with the management of Access Bank Plc to work out arrangements for our sales team to participate in their annual polo tournament in London coming up within the 2nd quarter of 2026. Both arrangements will go a long way to address the UK Nigerian audience.
“While we have also commenced arrangements to feature in the OTC World Oil Institutions Conference held in Houston USA about May 2026, this particular move will go a long way in addressing the Nigerian audience in the United States of America. Trust us, we shall leave no stone unturned in making sure that we succeed in addressing the interest of our Nigerians abroad as far as Renewed Hope Estates is concerned.”
Okoro commended the government for the initiative of delivering houses to the teaming population and matching it with funding cum mortgage facilities of 20 years tenure and single-digit interest rate with contribution of 10 percent equity from the subscribers.
He said: “This is the first in the history of Nigeria that we are getting closer to what obtains in overseas countries. Now that this initiative has started, I implore the Federal Government through the Ministry of Housing and Urban Planning to ensure that this housing provision strategy does not die even after the eight years of President Ahmed Bola Tinubu’s administration. What the Ministry could be doing is to gather data based on feedback from the present initiative of the Renewed Hope Estates and try to modify the strategy where necessary in order to achieve a far better approach and strategy in future housing policy and delivery.
“Critical components in housing delivery are finance, land and infrastructure generally. In order for the cost of our housing delivery to get cheaper, I suggest government will pay more attention on directly allocating lands for this type of developments, and put in place as a matter of deliberate policy infrastructure such as good roads, electricity, pipe-borne water, good transport/mass transit to move the population that occupy these developments, particularly where the land is far from the urban center.
“Such an easy transport system would motivate people to buy and occupy the estate, while government direct involvement in infrastructural development would reduce the selling price per unit. If the developer is allowed to create roads, put electricity, water etc, the costs of these facilities will push up the delivery cost of the estate per unit. I also suggest that in every Federal Government Housing Estate; let the developer incorporate solar panels as a means of power supply in order not to allow the subscribers to start buying generators to power the buildings throughout.”
