At a time when Nigeria’s housing crisis has reached a critical point, Stanbic IBTC Bank is charged to step forward with an ambitious vision—to increase the country’s home ownership rate from 0.5% to 5%. This announcement came at the Stanbic IBTC Home Ownership Summit 2.0, held on Tuesday, June 3, 2025, at the Eko Convention Center, Lagos. Themed “Building Tomorrow Today: Transforming the Path to Home Ownership,” the event brought together key players from finance, real estate, government, and policy to confront the nation’s housing challenges head-on.
A Call to Engage and Energize
Kicking off the event, host Amanda Dara encouraged participation and audience engagement through a spirited call-and-response exercise. Her aim was clear: to build a memorable, interactive environment where the subject of home ownership would not only be discussed but deeply felt by all attendees.
“Whenever you hear me say ‘Building Tomorrow Today’, please respond with ‘Stanbic IBTC’,” she prompted—a symbolic reminder of the bank’s role in pioneering housing transformation.
At the heart of the Stanbic IBTC Home Ownership Summit 2.0, held at the Eko Convention Center in Lagos, a compelling vision for Nigeria’s future was laid out by Mr. Wole Adeniyi, Chief Executive of Stanbic IBTC Bank. In his keynote address, Mr. Adeniyi announced the bank’s commitment to raise Nigeria’s home ownership rate to 5% — a bold leap from its current level, which sits below 0.5%.
A Defining Moment for Housing in Nigeria
Describing the country as being at a pivotal juncture, Mr. Adeniyi argued that this is the ideal time to prioritize affordable housing. With economic conditions showing cautious signs of recovery, he positioned Stanbic IBTC as not only ready but uniquely equipped to drive progress in the housing sector.
“This is the right time, and this is where Stanbic IBTC steps in,” Adeniyi declared. “We are committed to raising [home ownership] to 5%.”
He emphasized that the timing of this initiative is no accident. Recent improvements in Nigeria’s macroeconomic outlook provide a rare window of opportunity. Citing a recent Moody’s report, which upgraded Nigeria’s economic outlook from “negative” to “stable,” Adeniyi pointed to fiscal discipline, reforms under President Bola Tinubu’s administration, and growing investor confidence as key enablers.
“The President is following through on his campaign promises to implement reforms,” he stated, referencing additional optimism from the World Bank and forthcoming updates from the International Monetary Fund (IMF).
Real Estate: An Untapped Growth Engine
Adeniyi further highlighted that real estate, when well-leveraged, could become a powerful contributor to national economic growth. Nigeria’s housing deficit—estimated in the tens of millions—represents not just a social challenge but also an economic opportunity.
According to him, unlocking this potential requires structural innovation, strategic partnerships, and a long-term financial commitment to housing affordability. He stressed the bank's alignment with federal housing programs, especially the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), designed to channel institutional capital into real estate development and housing finance.
Bridging the Housing Finance Gap
In response to Nigeria’s traditionally low mortgage penetration and widespread financial exclusion, Stanbic IBTC is partnering with several credit guarantee schemes aimed at lowering entry barriers for first-time homebuyers. These collaborations are meant to de-risk housing loans and extend access to individuals and families previously excluded from the formal financial system.
This multifaceted approach—combining policy alignment, credit guarantees, and targeted capital deployment—is a key part of the bank’s roadmap toward housing inclusion.
A National Call to Action
While acknowledging the complexity of Nigeria’s housing ecosystem, Mr. Adeniyi called for coordinated action among financial institutions, policymakers, private developers, and development finance institutions.
“This is not just about financing homes,” he explained. “It’s about catalyzing a movement where shelter is a right, not a privilege, and home ownership becomes a viable goal for millions.”
As Nigeria stands at the crossroads of economic reform and urban expansion, Stanbic IBTC’s renewed focus on home ownership presents a timely and necessary intervention. Through a mix of financial innovation, stakeholder collaboration, and policy alignment, the bank is not only raising expectations—but raising the bar for what is possible in the Nigerian housing market.
Framing the Opportunity: Olu Delano’s Vision
The second keynote address came from Mr. Olu Delano, Executive Director of Stanbic IBTC Bank. His speech centered on possibilities, data, and a deep commitment to redefining home ownership in Nigeria.
“Opportunities are everywhere — you just have to pay attention,” Delano declared, underlining the bank’s mission to help Nigerians live better lives through inclusive financial solutions.
He drew stark comparisons between home ownership rates globally and Nigeria’s lagging 15%. While the U.S. boasts a 65% rate, and Europe and Canada hover around 70% and 60% respectively, Nigeria’s statistics expose a housing landscape marked by deep inequality and lack of access.
Yet Delano’s message wasn’t one of despair—it was a call to action. He shared a personal anecdote about how early guidance on property investment shaped his own financial journey and highlighted how Stanbic IBTC aims to guide more Nigerians on similar paths.
He addressed both supply- and demand-side challenges, urging stakeholders to consider not just access to mortgages, but also the legal and structural hurdles that make home buying one of the most complex financial decisions individuals face.
“We’re investing in this segment not just as bankers, but as partners in the lives of our customers,” he emphasized.
The Demographic Time Bomb: Femi Adewole Raises the Alarm
Taking the podium next was Mr. Femi Adewole, Managing Director of Urban Economics International, whose keynote painted a sobering picture of Nigeria’s housing future. With the country’s population projected to exceed 400 million by 2050—and cities like Lagos expected to swell to 45 million residents—the urgency to act has never been greater.
According to Adewole, Nigeria will need 38 million new homes by 2050 to meet demand. Yet current annual housing production barely reaches 700,000 units, with the formal sector contributing less than 50,000.
“We’re sitting on a demographic time bomb,” he warned. “And unless we begin to address housing at scale, affordability will slip further out of reach.”
Adewole zeroed in on the mortgage market, noting Nigeria’s mortgage penetration is an abysmal 0.5% of GDP, compared to global averages far higher. He lauded Stanbic IBTC’s goal of increasing this to 5% as both bold and necessary but warned that cultural aversion to formal mortgages remains a key barrier.
Beyond the Numbers: Reimagining the Housing Value Chain
Adewole also highlighted the dysfunction in Nigeria’s housing value chain. Unlike mature economies where reliable systems exist for land titling, quality construction, and developer financing, Nigeria remains overly reliant on an informal sector that lacks accountability and scale.
“Ninety percent of housing in Nigeria comes from the informal sector. That’s simply not acceptable if we want to build a modern housing market,” he stated.
He proposed four pillars of innovation where banks like Stanbic IBTC can lead the charge:
- Linking Construction and End-User Financing – Bridging the gap between developers and buyers to create a more integrated housing market.
- Streamlining Land Title Processes – Exploring models such as the Danish mortgage system to simplify land registration.
- Harnessing Technology – Using AI and digital platforms to better educate, onboard, and retain mortgage clients.
- Flexible Repayment Models – Creating mortgage products for Nigeria’s unique income structure, including micro-mortgages, shared equity models, and income-linked repayments.
His message concluded with a powerful metaphor: comparing Stanbic IBTC to Nokia—challenging the bank to innovate now or risk obsolescence. Citing the “belling the cat” parable, he noted that while governments rarely lead such revolutions, institutions like Stanbic IBTC possess the “knowledge, discipline, and passion for excellence” needed to transform Nigeria’s housing story.
(Delivered as Special Guest of Honour)
Hon. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, who attended the event as the Special Guest of Honour, reaffirmed the government’s strong support for initiatives aimed at improving access to affordable housing. He used the platform to call on private investors to collaborate with the Lagos State Government in scaling up housing options, particularly for low-income earners.
He emphasized the Ministry of Housing's readiness—and that of the state government—to provide institutional support for such partnerships. Citing the success of existing public-private collaborations, he reiterated the effectiveness of joint efforts in delivering housing solutions across the state.
The Commissioner also urged greater involvement from financial institutions and key stakeholders to increase the stock of accessible homes in Lagos.
In his address, Akinderu-Fatai stated:
"The transformation we seek in the housing sector will not come from a single policy, plan, or program. It will be driven by political will and collective action. We must share a common vision—one where homeownership is not a privilege reserved for a few, but a realistic possibility for the many."
He highlighted the economic challenges affecting low- and middle-income earners, noting that global economic shocks have exacerbated housing needs in Lagos. Increased internal migration to the city, particularly among low-income individuals, has further intensified demand for affordable accommodation.
He praised the efforts of Governor Babajide Sanwo-Olu’s administration, noting that under the T.A.C.S. agenda, over 10,000 homes have been delivered since 2019 through 23 housing estates across the five administrative divisions of Lagos State. He added, however, that greater achievements could have been realized with more resources.
Akinderu-Fatai outlined the government's comprehensive and informed strategy, which includes dedicated budgetary allocations for housing, and the creation of an enabling environment for real estate development. Public-private partnerships are being actively promoted through streamlined approval processes, tax incentives, and the exploration of innovative financial models that support both ownership and rental markets.
He further emphasized that:
"Our long-term strategies are yielding results—gradually increasing the availability of affordable homes and improving the quality of life for many Lagosians. This has not only expanded housing access but also generated employment and significantly contributed to the state’s economic growth."
In conclusion, the Commissioner called on institutions—specifically citing Stanbic IBTC Bank—to go beyond dialogue and actively partner with the Lagos State Government in delivering affordable housing.
"Let us come together to build a future where sustainable and affordable housing is accessible to all Lagosians. Thank you for your time, your interest in the Ministry of Housing, and your continued support. I look forward to your partnership and your response."
Conclusion: A Shared Commitment to Housing as a Human Right
The Stanbic IBTC Home Ownership Summit 2.0 wasn’t merely a conference—it was a clarion call to policymakers, investors, developers, and citizens. As Nigeria faces one of the most complex housing challenges of any nation on the African continent, events like this play a critical role in generating dialogue, crafting solutions, and driving systemic change.
In both tone and substance, the Summit echoed a single message: home ownership in Nigeria must evolve from being a dream for the few to a reality for the many.
With actionable strategies and public-private collaboration, the journey from “Building Tomorrow Today” to securing homes for millions may just have found its catalyst.