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By Luminous Jannamike, Abuja

The cooperative society of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is working with a real estate development firm, Ti’Bilon Construction and Facility Management Limited, to provide affordable housing units for about 400 staff of the Commission in Abuja, the nation’s capital.

The property, La Bella Casa Estate, is expected to be fully built and ready for occupation in 18 months, starting with a groundbreaking event which took place on Saturday.

Speaking, the Commission’s Chief Executive Officer, Engr. Gbenga Komolafe, noted that Nigeria faces an estimated 700,000 housing deficit annually, and stated that the initiative was part of the solution to the problem.

“The fact is that this deficit cannot be solved by the government alone and it has to involve a lot of collaboration with the private sector. It has both a lot of economic and welfare effect,” Komolafe, who was represented by the Executive Commissioner, Corporate Services and Administration, Mr. Jide Adeola, said.

The President, NUPRC Cooperative, Engr. Adeyemi Adetoyinbo, stated that though it was the first signature initiative for the cooperative in partnership with the developer, the phase 1 of the project had been oversubscribed.

He explained that the project was borne out of the need to provide NUPRC staff with affordable housing following the relocation of the Commission’s headquarters (formerly known as Department of Petroleum Resources, DPR,) from Port-Harcourt, Rivers state to Abuja.

In his remarks, the CEO, Ti’Bilon Construction and Facility Management Limited, Dr Tochukwu Nnamoko, described the project as a step in the right direction, adding that the true result and benefits would be seen in the next few years.

According to him, it is a win-win for all the parties involved in the transaction which promises to usher a new era of advancement in housing infrastructure across Nigeria.

“One of the greatest challenges of our economy has been deficiency in housing availability. Our main goal is to bridge this gap by providing luxury, but affordable housing for our clients,” he said.

Nnamoko also explained that the housing estates would be made of different types of buildings such as five bedroom luxury duplexes with boys’ quarters, a gym and swimming pool, private movie room, and sauna.

He also stated that the management was happy to have people repose the kind of trust they had in banks in the company.