![\"\"](\"https:\/\/www.content.shelterafrique.org\/en\/wp-content\/uploads\/2020\/11\/femi-300x166-1.png\")
<\/p>\nWe wish to respond to the said article and to the particular counter and clear the misrepresentation of facts that appeared or has been created therein. We reject the article as incorrect and blatant and malicious misrepresentation of the state of affairs of the company.
\nThe accurate position is as follows:
\n1. Under the guidance of its Board and the support of its shareholders and lenders, the Company, as a business and like many other businesses that operate in similar complex and competitive environments, has embarked upon and is midway through a business turnaround which will see it enhancing its operational efficiency and return to profitability amidst challenging macroeconomic conditions that are largely external and beyond its control.<\/p>\n
2. As part of the turnaround process and forward-looking strategy that seeks to support the development of up 100,000 affordable homes and creating over 30,000 jobs across the African continent by 2022, As you may be aware, Shelter Afrique (SHAF) is the only Pan-African finance institution that exclusively supports the development of the housing and real estate sector on the continent. The Company is a partnership of 44 African Governments, the African Development Bank (AfDB) and the Africa Re-insurance Company. In pursuit of its business and developmental mandate, SHAF builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate.<\/p>\n
3. As part of its turnaround strategy, Shelter Afrique has been working closely with its shareholders as well as key partners and stakeholders such as lenders. Among the instruments that are being pursued and employed to bring about the desired operational efficiency and effectiveness is the restructuring existing facilities. This is a normal and not unusual business turnaround activity. It is a very positive step, and is not a woe!<\/p>\n
4. Contrary to the impression that the cynical article seeks to portray, the company including its Board, shareholders and partners are supportive of the ongoing turn-around process and the long-term future of this vital pan African institution \u2013 the only one of its kind on the continent focused exclusively to supporting the development of affordable housing.<\/p>\n
5. Drawing on its over 35 years of experience including lessons from the recent past, Shelter Afrique is emerging stronger and better capitalised to help its shareholding African Governments in providing the much-needed affordable homes and jobs.
\nThe Company re-affirms its commitment towards the good governance principles of accountability, transparency and access to information about its operations.<\/p>\n
<\/p>\n
Femi Adewole MBA MRICS
\nManaging Director
\nShelter Afrique<\/p>\n","protected":false},"excerpt":{"rendered":"
We wish to respond to the said article and to the particular counter and clear the misrepresentation of facts that appeared or has been created therein. We reject the article as incorrect and blatant and malicious misrepresentation of the state of affairs of the company. The accurate position is as follows: 1. Under the guidance … <\/p>\n