Real Estate Firm Unveils $250m Rice-straw Alternative Building Materials

Ekopanely Nigeria Limited, a building construction firm has launched itself into the Nigerian housing market with the unveiling of alternative building materials (different from the conventional ones) with the ambition of closing the nation’s perennial housing deficit.

At a stakeholders’ engagement on Friday, the chairman of the board of Ekopanely, Rotimi George, said $250 million foreign direct investment capital had been secured in partnership with OSE System AB of Sweden, owners of OurEcolution to provide fast and affordable mortgage to Nigerians.

“The collaboration guarantees foreign direct investment capital of at least $250 million in additional 10 plants at different locations across the country,” George told the stakeholders at the meeting, adding that the project will be a secondary source of income for rice farmers.

The mortgage houses would be built with walls made from rice straws through a technology-based process in a public private partnership, an initiative that is tagged “From Rice Fields to Mortgage Housing.”

The National Agency for Science and Engineering Infrastructure (NASENI) has acquired the model plant franchise on behalf of the federal government, while Ekopanely and OSE Systems provide the technical and financial support for the project.

The mortgages would be managed by the Federal Mortgage Bank. It was also said that NASENI will be a partner and a franchise to assist in the production line.

George said the initiative offers 35-to-40 per cent cost saving when compared to conventional building systems. He also claimed that the project will be able to deliver a 3-bedroom bungalow within seven days; and an estate within three months.

Chief financial officer of OSE System AB, Sweden, Andreas Nyberg said the buildings are not only affordable, but are sustainable, eco-friendly and of high quality. “It’s made by nature. It’s sustainable. No chemicals added, nothing. Nature knows how to make it survive and stand the test of time,” he stated.

Ekopanely said it has already entered into agreement with 12 states of the federation with a manimum 50,000 metric tons of rice production capacity to ensure efficient supply of the raw materials for the company.

George stated that the mortgage would be given to those who belong to cooperative societies. “Each home will be fitted with solar panels,” he said, adding that the mortgages will be mostly provided to Nigerians in the rural areas as an incentive to discourage rural-urban migration.

George, who urged the federal government to provide a mortgage subsidy for civil servants to guarantee affordable housing for them, also disclosed that his company will launch its own mortgage bank next year.

Ahead of 2025, Ekopanely said it would conduct training for Nasarawa State Geo-coop farmers as suppliers of raw materials.

The firm said it will also prioritise the delivery of sample houses for training of 3,700 master class builders in every state of the federation and Abuja in collaboration with the Nigerian Institute of Building.

It also hopes to commission phase one of its model plants in 2025.