Interview with the M.D of Efficacy Construction Company

A construction and real estate firm, Efficacy Construction Company Ltd, has secured the approval of Family Homes Funds, Sub-Sahara Africa’s largest housing fund focused on affordable homes for Nigerians on low income.

It is a social housing initiative promoted by the Federal Government of Nigeria as part of its Social Intervention Programme with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority.

Speaking in Lagos during a press conference, Managing Director and Chief Executive Officer of Efficacy Construction Company, Dr. Oyeleke Ajiboye, said that:

100 affordable housing in Lagos to be built by Efficacy Construction Company

 “The housing deficit remains a serious challenge in Nigeria, especially in a Mega city like Lagos.”

He hinted that the situation was made worse by the high rate of inflation in businesses, especially after a global pandemic.

“But as a construction and real estate firm, we will continue to support low and medium income earners to actualize their dream of becoming homeowners.”

100 affordable housing in Lagos to be built by Efficacy Construction Company

“We want to reassure Nigerians that we are working assiduously to ensure that our brand reputation of quality, timely and cost-effective services coupled with integrity and excellence is preserved, and that we will do what we can, to provide the best services possible, regardless of the Country’s economic situation,” Ajiboye stated.

Dr Ajiboye disclosed that their partnership with Citycode Mortgage Bank has created a seamless financing process for some cooperative societies that are beneficiaries of this intervention, like Interswitch Cooperative Multipurpose Society Limited and EG Multipurpose Cooperative Society.

He explained that the ‘Family Home Funds’ project located along the Lekki-Epe area will kick start with the first 100 houses and will keep expanding as more reputable credit-worthy organisations or structured cooperatives are pre-qualified.

100 affordable housing in Lagos to be built by Efficacy Construction Company

He added that 12-24 months is the expected timeline for the project to be completed.

 “In the space of 2 years, the first 100 houses will be ready. As much as possible, we will continue to scale it up in batches.”

He revealed that their affordable housing initiative dates back to 2013,

“What we are trying to do is to create a backward integration process to ensure that we eliminate waste, reduce procurement cost and housing delivery timelines as much as possible. We buy our materials from factories, train our own artisans, and make sure we are doing everything in house to cut unnecessary expenses.”

“We are an ISO-Certified organization that will not compromise quality; we ensure that we meet all quality standards from foundation to construction to finishing as much as possible, so we do not trade quality for quantity.”

Mortgage Manager for Citycode Mortgage Bank, Mr. Joseph Nwaghodoh hinted that the opportunity is open to all Nigerians, particularly those within the low and medium-income levels, such as civil servants, traders, artisans, commercial drivers, etc. Any intending beneficiary must be a registered contributor and up to date with his or her contributions.

100 affordable housing in Lagos to be built by Efficacy Construction Company
Interview with the M.D of Efficacy Construction Company

“The beauty of it is that anybody with a track record can access a mortgage of N15 million the moment they are creditworthy.”

He expressed pleasure over the partnership, saying that Efficacy Construction Company has a track record of delivering quality, affordable housing with their organization.

The General Secretary of Interswitch Cooperative Multipurpose Society Limited, Gbade Abodunrin revealed that they are happy with the development of the project, the design, the pricing, the ongoing construction and the intervention of Family Home Funds Ltd.

Interview wit the M.D of Efficacy Construction Company