NAIROBI, Kenya
Home Afrika, the real estate developer that recently listed on the newly created Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange, has appointed Njoroge Ng’ang’a as acting CEO to replace Gerald Chege who has left the company.
In a statement issued by the company in Nairobi today, Home Afrika Chairman Lee Karuri said that the appointment of Mr. Ng’ang’a was in line with its strategy to align the human resource with the company’s ambition to aggressively pursue both its “Go Africa” and “Go County” strategies.
Until his appointment, Mr. Njoroge was General Manager for Housing Finance Bank (HFB) of Uganda where he was in charge of strategy and investor services. Mr. Ng’ang’a who holds a Master of Science Degree in financial management from the University of London is also a member of the CFA Institute, and a qualified Certified Public Accountant from the United States.
Mr. Karuri said Mr. Ng’ang’a brings to Home Afrika, a wealth of experience in the local and regional corporate arena driving strategic business initiatives spanning more than 20 years. Before moving to HFB, Mr. Ng’ang’a was General Manager of Dyer & Blair Uganda where he raised more than US $ 6o million through the capital markets for regional corporations including Uganda Clays and New Vision as an Advisor.
He has also previously served at Development Finance Company of Uganda (DFCU) Bank as Head of Development Finance and on Uganda’s Securities Exchange Governing council. Home Afrika Limited is currently involved in three projects valued at over KSh10 billion and is focusing on undertaking about 10 projects as part of its five-year strategic plan. Its growth plan seeks to achieve its strategic objective of attaining a project turnover of US$ 1.0 billion within the next five years.
Last month, the company signed a memorandum of understanding for construction of houses for the mass market in East Africa with the pan-African mortgage lender Shelter Afrique. The deal is hinged on a relationship where Home Afrika, which develops houses, will leverage on Shelter Afrique’s continent-wide presence and deeper access to capital to build low-cost housing. The company was started as an investment club in 2008 and is behind the multi-billion shilling Migaa, a live-in-golf community in Kiambu County.
The firm is developing Lakeview Heights in Kisumu County, Llango in Kwale County and Kikwetu in Machakos County. The demand for affordable housing is significantly increasing worldwide with 5 million new units required per year according to UN Habitat. In Kenya, the housing demand continues to increase particularly in the urban areas. According to the Ministry of Finance, current demand is estimated at 200,000 units per annum with supply estimated at 35,000 units in urban areas in the country. With such a massive supply gap, the private sector is expected to play a critical role in meeting the shortfall.
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