Shelter Afrique to stop lending directly to projects
Pan African mortgage lender Shelter Afrique is set to axe 13 workers following restructuring on the advice of consulting firm PKF Consulting Ltd.
Under the new strategy, the lender will exit direct real estate project financing which burnt its fingers with loan restructurings for dud loans at Taj Mall, Translakes Estate in Kisumu, Eden Beach Resort in Shanzu, and Oakpark Properties’ Pine City in Athi River and Everest Park controversy over substandard construction.
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The lender said it plans to focus lines of credit to financial institutions to finance housing solutions, technical and financial advisory services for large-scale affordable housing solutions; and project management, as well as technical and financial advisory for PPPs.
Shelter Afrique is yet to name a substantive head after Femi Adewole left this year with Zambian national Kingsley Muwowo filling in as the acting head.
The bank has seen the exit of its top executives over allegations of cooking books over the last two years after its former boss James Mugerwa exited while the turnaround team followed suit within a year.
The Ugandan national, was replaced by the then Director of Business M.r Adewole as the acting Managing Director and M.r Oumar Diop was slotted in as the Acting Deputy Managing Director with M.r Vipya Harawa retaining his positions as Company Secretary/Director of Legal, Risk and Compliance.
Senegalese Siad Diaw, is now the acting Director, Business Development and Project Management while Ugandan national Francesca Kakooza now serves as Company Secretary.