[Nigeria] Femab Properties and civil servants body in housing deal
Williamsville Sears Management’s recently acquired subsidiary Femab Properties Limited has entered into a Memorandum of Understanding with the Association of Senior Civil Servants of Nigeria (ASCSN) Ministry of Defense Abuja to develop over 1,000 houses for their members and other Federal Ministries, Departments and Agencies within different locations across the nation.
These will be houses for the Nigerian Navy, Marine and Air Force. Members of ASCSN are comprised of Nigerian Army, Navy, Marine and Air Force, and the project is expected to generate more than $40 million annually once commenced.
Abiodun Aguda, the Chief Executive Officer of Femab Properties Limited, stated, “Nigeria is a huge market with a housing deficit of about 14 million and we intend to work tirelessly to bridge that gap. While this project is projected to rake in more than $40 million annually at the initial stage, we also intend to aggressively increase this figure in the next 5 years.”
Amanda J. Wester, the Chief Financial Officer of Williamsville Sears Management, Inc., stated: “This military housing project will certainly result in a lift in Nigeria’s economy as well as provide necessary housing to civil servants. The project is one of many real estate development needs in Nigeria where Femab Properties is well positioned to meet that demand. This is great news for our shareholders.”
The Chairman & CEO of Williamsville Sears Management, Inc., Kent A. D. Clark stated, “The housing shortage has been one of the key points we have focused on when we look at the quality of life for families and Communities. We are very pleased to be expanding our portfolio area so quickly after adding Femab Properties Limited to the WSML Family of companies. We look forward to seeing the development very soon, so we can report the progress to our Shareholders.”