Continued Growth of Altair Africa: Winning New Contracts in Nigeria and Rwanda

Altair’s expertise in financial modelling, planning and strategy define the continued success of Altair Africa as new projects are commissioned with Family Homes Fund (FHF) in Nigeria and, jointly with our partners Sweco, one of Europe’s largest Engineering and Architectural practices, with the National Fund for Environment of Rwanda (FONERWA).

FHF are developing a local version of help-to-buy homes in Nigeria and require a proven financial model for both a pilot scheme and national programme, as well as help negotiating loan finance from the World Bank to boost low cost funding with Government agencies.

FONERWA has pioneered a vision of a ‘Green City Concept’ financed by German development bank KfW. Altair Africa have been appointed in partnership with Sweco to undertake a feasibility study and implementation framework for the first sustainable eco town in Rwanda. A 620-hectare site has been selected in Kigali City to be built using a replicable model for implementation across the country.

FHF is a key partner of Altair Africa and funded by the Federal Ministry of Nigeria and the Nigerian Sovereign Investment Authority. They are investing up to $1bn to develop 500,000 homes over the next 7 years. Altair Africa completed the initial assignment including the development of a business plan and business model; and has since been instructed to design a local version of a help-to-buy product to address the high cost of mortgages and the weak mortgage market.

Femi Adewole, CEO of Family Homes Fund, speaks highly of Altair Africa:

‘We are very pleased to continue to partner with Altair and bring great ideas within the business plan into fruition. The work we do is pivotal to housing in Nigeria, and I am confident that with Altair on board we will be able to bridge the huge housing deficits in the country’. 

Altair Africa has established a growing reputation and, which is set to continue, building on 4 existing major contracts in Nigeria and Rwanda for Family Homes Fund, the International Finance Corporation and a private developer. Our burgeoning partnership with Sweco facilitates joint bidding for new projects in Africa and Central Asia. This expansion contributes to the long-term vision of Altair Africa to provide legal and financial frameworks to help solve the housing and urbanisation crisis across Africa.

Derek Joseph and Olu Olanrewaju, who are leading these projects, with support from the team, commented:

As a start-up and a new entry into the international market, we are delighted to use our experience with UK housing associations, and our expertise in the affordable housing industry to develop our work and diversify Altair’s client base, and in doing so work with agencies committed to helping find solutions for the many millions living in sub-standard accommodation’.

The emphasis on affordable housing will improve the quality of life for families across Africa and Altair are proud to be contributing. With Sweco we have been shortlisted for two contracts in Kyrgyz, Central Asia and we are bidding for projects in Kenya, Mozambique and Tanzania.

 

Details of Altair Africa

Altair Africa, a division of Altair Ltd, was set up 18 months ago by  Altair’s Chair: Derek Joseph and Associate Director: Olu Olanrewaju, to assist African governments, local authorities, NGOs, and trans-national organisations such as World Bank, German, government owned development bank KfW, and the Department for International Development to innovate and advance existing development programmes of affordable housing at scale. Altair Africa’s mission is to help provide a solution to the housing and urbanisation crisis in Africa.

For further information please visit http://altairltd.co.uk/2017/10/altair-africa-takes-off/ or contact:

 

Olu Olanrewaju – Associate Director, Tel: 07808 141 486, Email: olu.olanrewaju@nullaltairltd.co.uk

Derek Joseph – Chair, Tel: 020 7934 0175, Email: derek.joseph@nullaltairltd.co.uk