UPDC mulls use of N13 trillion pension fund to tackle homelessness | The Guardian Nigeria News
With the rapid growth of the Nigerian population and the economic downturn, the UPDC reiterated its calls for the release of more than 13 trillion naira from pension funds to improve housing affordability and ownership among Nigerians.
The group also called for advocacy that will make the industry attractive to real estate investors, such as improving land tenure review, land use law.
Statistics from the National Pensions Commission show that pension assets in Nigeria increased by 190 billion naira in January 2022, reaching 13 naira. 61 trillion.
Retirement operators invested 8.35 trillion naira in federal government securities, while 2.28 trillion naira and 123 naira. 4 billion was invested in mutual funds.
Speaking to reporters in Lagos, UPDC Chief Executive, Mr. Odunayo Ojo, said there was need for regulations that strengthen advocacy for Nigerians to use their pension contributions as assets. clean for housing.
He said: “Pension assets are over N13 trillion and according to regulations can only be invested through instruments such as treasury bills, government bonds. They can now invest in a real estate development trust, for example, as one of the viable investments. »
What a retirement account holder needs to do is meet with a developer and show interest.
Ojo, who said the company is a member of the Property Developers Association (REDAN), the Nigerian Institution of Property Surveyors and Valuers (NIESV), the Nigerian Institute of Quantity Surveyors (NIQS) and the Nigerian Institute of Construction (NIOB) and other organizations pushing for industrial policy reform, explained that about 20 million houses are needed to house Nigerians.
Ojo said the 2015 economic downturn affected the business but said it bounced back and reduced its debt from N21 billion to N6 billion.
He said UPDC now has an asset portfolio of over N22 billion, a 471-room hotel, 30 estates under management, over 1,000 residential units built and a large shopping mall.
According to him, the company was building on its 25-year reputation for delivering standard projects, effectively coordinating asset development/management value chains, offering facilities management services and restructuring his hotel project.
He further revealed that the UPDC is refocusing on providing middle income housing across the country as the results show that there is high demand in the working class segment.
“Recently, UPDC’s stake in Real Estate Investment Trust (REIT) was separated from its shareholders. UPDC owns a residual five percent in the RElT as a sponsor. The company strengthens its capital structure by raising 16 billion naira through a rights issue, now operating as a subsidiary of Custodian Investment Plc and an associated company of UAC.UPDC was able to refinance its debts at a significantly lower cost (16% to 9%).We have signed two development management mandates with Ocean City Lagos, Sterling Assets Management and Trustees Limited for the 54 unit property development consultancy,” he said.