The Nigeria Labour Congress, NLC, and Kriston Lally EPC Nigeria Limited, a private property developer, have initiated a move to build N960 billion-worth of affordable housing estates for Nigerian workers in all the 36 states including the FCT.
The NLC Acting President, Mr. Promise Adewusi, and the Group Managing Director (GMD) of Kriston Lally EPC Nigeria Limited, Mr. Mustapha Madawaki, on 6th April 2013 signed the agreement in Abuja which will bring the housing projects into reality.
The plan is to build affordable houses for all willing NLC members, whose figure is put at eight million. The labour movement is worried about the 40 million housing deficit that exists in the country as revealed by a United Nations study.
The collaboration of NLC with Kriston Lally EPC Nigeria Limited is to ensure a good number of the labour members have decent roofs over their heads. *The target is not limited to the civil servants alone; as every worker and people in business theoritically fall under the banner of the NLC. Even those who do not belong to the NLC, are allowed to apply to NLC or Kriston Lally EPC Nigeria Limited (KLE) directly. KLE would forward your application to NLC and make a case for you as a group and would be allowed to participate provided your source of income is regular.
The project is expected to cost about $6 billion or N960 billion. The interest rate (2% Per Annum) of the total amount of the property can be spread over 5, 10 or 15 years (Subscribers to choose), this is well below what is available in the Nigerian mortgage market today.
The NLC land in various state capitals would be used for the project.
The houses that would be provided include bungalows, two and three bedrooms, while the housing estates would also include construction of a four-star hotel with a 180-guestroom capacity.
How to apply?
The opportunity is opened to any member of the NLC. Beneficiaries are expected to pay a minimum 10 per cent of the cost and then pay the rest spread over 15-year period.
Interested workers can pay for a PIN number that will be used to access the online application form from any Zenith Bank branch.