• Opportunity to invest savings in an ethical investment
  • Secured investment – Solidarity Housing retains the legal title of all housing units in its name until all of the required shares are accumulated by the home buyers.
  • Opportunity to invest on behalf of children now, so they will be in a position to buy their houses easily after they get married.
  • Opportunity to earn dividends based on end-of-quarter balances. Dividends to be declared once a year at the end of March.
  • Opportunity to get you out of your existing mortgage.
  • Opportunity to purchase a home without paying interest.


The following gaps exist in the housing sector in Nigeria:

  • 17 million housing deficits according to National Bureau of Statistics (August 2012)
  • People live in slums in all the states of the federation including FCT Abuja. This is due to lack of affordable housing and housing financing.
  • No alternative to high interest and inflexible conventional mortgage financing.
  • Cultural and religion inhibitions to interest bearing finance products

Benefit of NIHOF over Conventional mortgage financing:

  • The value of the house under NIHOF using Diminishing Partnership always reflects the market price and the rental is determined by the prevailing market rental values or at a price agreed at the time of acquisition.
  • The investment need not be tied to a fixed profit rate throughout the financing tenor. This is because the rental rate can be revised periodically to reflect current market conditions. Indeed, the rental will be tied to some economic variables like Rental Index and House Price Index. If a particular index is used, it would be specified in the contract and acceptable to both the customer and Solidarity Housing to avoid speculation.
  • The Investment can manage the liquidity risks better as rental payments can be adjusted at the end of each subcontract period.
  • The NIHOF is a more flexible financing structure as the customer can own the property earlier by redeeming faster the principal sum of the financier.
  • In the event of foreclosure and the property is auctioned off due to default, the amount sold would depend on the highest bidder which can be lower than the balance outstanding owed by the customer. In the case of NIHOF, Solidarity Housing will ensure that the property is sold at a reasonable value as a lower amount would also affect its own position/portion.