CFL Group unveils ambitious plan to build one million affordable homes nationwide
Lai Omotola
Published By: Kazeem Ugbodaga
In a bold move to address Nigeria’s housing deficit, CFL Group of Companies, led by its Group Managing Director and CEO, Lai Omotola, announced plans to construct one million affordable homes across the country.
The initiative, aptly named “The Grace Project,” aims to meet the urgent need for accessible housing while circumventing traditional funding channels.
Omotola, speaking at a press briefing to mark CFL’s 26th anniversary, detailed the company’s strategy, emphasising that the project would not rely on government or bank loans.
Instead, CFL would independently fund the development through direct investments and a subscription model designed to make homes affordable to Nigerians seeking reliable housing solutions.
“We are putting funds together to launch a one-million-home development called The Grace Project,” Omotola explained.
“Once the funding is fully in place, we will announce the launch date.”
The project is a testament to CFL Group’s resilience and adaptability, having thrived through economic downturns, banking reforms, and currency fluctuations over the past 26 years.
“For any business to survive this long in Nigeria, considering the average lifespan of most companies here is only five years, is an achievement worth celebrating,” he noted.
In addition to housing, Omotola shared that CFL had recently resolved longstanding issues surrounding its Public-Private Partnership (PPP) project with Ikeja Local Government.
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With construction now at full speed, Omotola said the market project is scheduled for completion between December 2024 and the first quarter of 2025, closing a 15-year chapter of development delays.
Expanding further into the real estate sector, he added that CFL Group is progressing through regulatory approvals for 18 other projects across Lagos State.
The company also launched an agricultural venture under the banner of “Tech Farmers,” integrating advanced technology to enhance efficiency in farming and food production.
Looking forward, Omotola said CFL aims to implement backward integration in its construction operations by consolidating manufacturing within its 25 affiliated companies.
He noted that this move will not only bolster employment but also bring competitive pricing to the market by producing construction materials in-house.
Reflecting on CFL’s journey, Omotola expressed gratitude for the legal resolution of a longstanding court case, struck out by Hon. Justice Oshodi earlier this month, bringing an end to three years and six months of litigation.
The CEO lauded the Lagos State Attorney General, Mr. Lawal Pedro SAN, for his role in reviewing the case, affirming CFL’s commitment to justice and transparency.
Omotola concluded with an optimistic vision for CFL’s future, stating, “The Grace Project is only the beginning. We are paving a way to make affordable housing and employment a reality, contributing positively to Nigeria’s development.”
