‘Plan To Establish Construction Development Bank On Course’

The Association of Professional Bodies of Nigeria (APBN) says its quest to establish  a Construction Development Bank (CDB) is on course.

The President of the association, Mr Segun Ajanlekoko,  said  in Lagos that in spite of the challenges in making up the N25 billion minimum capital base, professionals in the construction industry were determined to set up the bank.

Ajanlekoko intiated the establishment of the bank during his tenure as President of the Institute of Quantity Surveyors (NIQS) in 2005.

“The Construction Bank is in the making and the Central Bank of Nigeria has recognised it, so we are progressing.

“l think we will achieve the threshold by 2013 and not this year. We are on course and the government has given us recognition which is the most important.”

According to him, a special bank that understands lending for construction works is needed to move the sector forward.

He said that commercial banks did not have the facility for long-term lending which the construction industry needed.

Ajanlekoko said that the issuing house handling the private placement had made a lot of progress.

He said that potential investors had been extended beyond construction professionals to make up the N25 billion minimum capital base.

The president said that establishing the bank would be the professionals’ own contribution toward ensuring that the construction sector piloted the nation’s economy.