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Viewing cable 08LAGOS76, U.S. COMPANY INVOLVEMENT IN HOUSING HAMPERED BY LACK OF

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Reference ID Created Released Classification Origin
08LAGOS76 2008-02-26 14:48 2011-08-25 00:00 UNCLASSIFIED Consulate Lagos
VZCZCXYZ0009
RR RUEHWEB

DE RUEHOS #0076/01 0571448
ZNR UUUUU ZZH
R 261448Z FEB 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 9778
INFO RUEHUJA/AMEMBASSY ABUJA 9504
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RHMCSUU/DEPT OF ENERGY WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHDC
RUEAIIA/CIA WASHINGTON DC
RHEFDIA/DIA WASHINGTON DC
UNCLAS LAGOS 000076 
 
SIPDIS 
 
SENSITIVE BUT UNCLASSIFIED--HANDLE ACCORDINGLY; 
 
SIPDIS 
 
STATE FOR AF/W 
COMMERCE FOR KBURRESS 
TREASURY FOR DPETERS, RHALL, RABDULRAZAK 
STATE PASS USTR FOR LISER, AGAMA 
STATE PASS OPIC FOR ZHAN, MSTUCKART, JEDWARDS 
STATE PASS TDA FOR EEBONG, DSHUSTER 
STATE PASS EXIM FOR JRICHTER 
STATE PASS USAID FOR NFREEMAN, GBERTOLIN 
USDOC FOR 3130/USFC/OIO/ANESA/DHARRIS 
USDOC FOR USPTO - PAUL SALMON 
USDOJ FOR MARIE-FLORE KOUAME 
 
E.O. 12958: N/A 
TAGS: EFIN EAID EIND EINV ETRD PGOV NI
 
SUBJECT: U.S. COMPANY INVOLVEMENT IN HOUSING HAMPERED BY LACK OF 
LEGISLATION 
 
REF 07 LAGOS 621 
 
SENSITIVE BUT UNCLASSIFIED (SBU)--BUSINESS PROPRIETARY INFORMATION; 
HANDLE ACCORDINGLY 
 
1. (SBU) Summary: While the National Housing Policy (NHP) of 2002 
intended to promote private investment in the housing sector, a 
number of laws (including the Land Use Act and Primary Mortgage 
Institution Act) need amending to achieve this. An American owned 
housing development company plans to build a 4,000-unit housing 
development in Lagos and will offer a Nigerian bank security-backed 
mortgages for potential buyers. However, this company hopes to offer 
housing across Nigeria; local partners will lobby the Senate to pass 
pending housing legislation. End Summary. 
 
--------------------------------------------- --- 
NHP: Housing Legislation to Privatize the Sector 
--------------------------------------------- --- 
 
2. (U) Nigeria's National Housing Policy (NHP) of 2002 was designed 
to promote private-sector driven mass-housing by improving the 
availability and accessibility of land. However, a federal housing 
committee found the following legislation needs changes to fully 
implement the NHP: the Land Use Act (LUA) to streamline the 
effective use of land; the Primary Mortgage Institution Act (PMIA) 
to provide mortgage financing and facilitate large scale 
construction of houses in the country; the Federal Housing Authority 
Act (FHAA); and the Federal Mortgage Bank Act (FMBA). The National 
Assembly session that closed in June, 2007 failed to pass nine 
housing reform related bills before adjourning sine die.  The 
legislation will have to be reintroduced in the current session. 
Bills providing for non-judicial foreclosure and securitization of 
mortgages have reportedly been drafted but may not have been 
introduced in the last legislative session. 
 
3. (SBU) Housing experts at Pison Housing Company in Lagos, which 
was recently approved by OPIC to act as a loan originator for 
mortgages, said adoption of the NHP withdrew authority from 
Nigeria's Ministry of Housing to build subsidized housing and gave 
it responsibility for formulating housing policy and creating an 
attractive environment for investors.  However, the Federal Housing 
Authority (FHA), a division of the Ministry, is empowered to build 
houses if it can remain competitive with private builders. 
 
------------------------------------------ 
American Company to Build Housing Estates; 
Facilitates Nigerian Mortgages 
------------------------------------------ 
 
4. (SBU) TransAtlantic, a U.S. company, plans to build a 4,000-5,000 
housing estate community called Ilasan on Lekki Peninsula's 
waterfront in Lagos, according to company Chairman Mike Williams 
(former McDermott staffer and one of two original pushers of AGOA on 
the Hill). The estate would offer low, medium and high-income 
townhouses as well as mid-rise apartment buildings, primary and 
secondary schools, an open-air market, and retail shops. The 
construction of Ilasan would create approximately 2,000 local jobs, 
Williams commented. (Note: TransAtlantic originally intended to 
provide low-income housing in the Niger Delta but was never able to 
advance beyond the discussion phase of the project (reftel). End 
Note.) 
 
5. (SBU) Williams told Poloffs on February 8 that TransAtlantic 
partnered with the Lagos Building Investment Company Limited (LBIC), 
a primary mortgage institution that would offer potential buyers 
home loan financing. LBIC, a private-public venture supported by 
Lagos State Governor Babatunde Fashola, is providing TransAtlantic 
the estate property and would own 30 percent of the project. In 
light of deficiencies in Nigeria's housing laws, TransAtlantic will 
utilize Asset Backed Commercial Paper (ABCP) conduits to serve as a 
"second floor bank" which would purchase individual loans from 
Nigerian banks, securitize them, and sell them to investors, thereby 
 
replenishing the banks' credit line. Williams said Cantor 
Fitzgerald, a New York investment firm, has agreed to market 
mortgages originating in Nigeria. 
 
-------------------------------------- 
Police Housing to Spur Assembly Action 
on Housing Bills? 
-------------------------------------- 
 
6. (SBU) TransAtlantic has big plans for expanding in the Nigerian 
market; the company would like to build 100,000 housing units in 
each of Nigeria's 36 states for the Nigerian police. This would 
provide badly needed housing and increase nationwide employment. 
However, TransAtlantic realizes the need for an improved housing 
framework and actively sought during the National Assembly's last 
season to inform the House and Senate about benefits that would 
accrue upon passage of the NHP implementing legislation. 
TransAtlantic plans to make current House of Assembly members aware 
of the importance of the legislation and to seek their support. The 
TransAtlantic group hopes the Nigerian police will also urge the 
Senate to adopt quickly the housing legislation. 
 
7. (SBU) Comment: TransAtlantic sought development opportunities in 
two Niger Delta states but found political will and the legal 
framework lacking. Their plan for Lagos appears well developed; they 
have identified partners, appear to have the Governor's support, and 
are actively following the legislation, which may bode well for the 
ultimate success of the project. Although TransAtlantic appears to 
have found a way around the lack of a proper legislation framework, 
OPIC and other contacts have noted that the absence of a foreclosure 
law is a major obstacle to mortgage availability and housing 
development. End Comment. 
 
8. (U) This cable was cleared by Embassy Abuja. 
 
Blair