Stakeholders in Nigeria’s hoapplying sector have long emphasised that effective collaboration between government, mortgage institutions and private developers is critical to addressing the countest’s hoapplying deficit and expanding access to affordable homes. In this interview, with OLUSHOLA BELLO, the Group Managing Director of Haldane McCall, Edward Akinlade, explains how federal hoapplying initiatives such as the National Hoapplying Programme and mortgage schemes administered by the Federal Mortgage Bank of Nigeria, particularly the National Hoapplying Fund, can support improve hoapplying delivery by providing developers with lower-cost financing and regulatory support.
What are your observations about the federal hoapplying initiatives and programmes?
Federal and state hoapplying initiatives, including the National Hoapplying Programme and mortgage schemes administered by the Federal Mortgage Bank of Nigeria, particularly the National Hoapplying Fund, are important enablers for hoapplying delivery in Nigeria. These programmes provide developers with access to lower-cost financing, incentives, and quicker approvals, which can significantly improve project viability and reduce execution risk.
How can the private sector collaborate with the government to address Nigeria’s hoapplying challenges?
Addressing Nigeria’s hoapplying deficit requires strong collaboration between the private sector and government, particularly in the affordable hoapplying segment. Such partnerships could involve land provision, infrastructure development, streamlined planning approvals, and improved access to hoapplying finance. By combining private sector development expertise with government support and mortgage institutions, commercially viable hoapplying projects can be delivered at scale, improving affordability and accelerating home ownership.
Given the uncertainty in the operating environment, how does Haldane McCall intfinish to sustain profitability?
Haldane McCall is pursuing a disciplined, multi-pronged strategy to sustain profitability across economic cycles. The Group combines one-off revenue from property sales with stable, recurring income from its hospitality operations under the Suru Express Hotels brand. Property sales generate upfront cash flows that support expansion, while the hotel portfolio provides predictable earnings that strengthen balance-sheet stability.
Capital deployment is focutilized on high-potential residential and hospitality projects, including the Majidun Estate development and the continued expansion of Suru Express Hotels. All investments undergo rigorous feasibility studies and return-on-investment analysis to ensure strong margins and long-term shareholder value. Cost efficiency remains a core priority. The Group continues to optimise construction and operating costs, improve hotel margins, and leverage scale across projects.
Geographic diversification, structured development phasing, and flexible payment plans also enhance sales velocity and cash conversion. Funding from the proposed N250 billion debt programme, alongside disciplined equity utilisation, will support expansion while maintaining balance-sheet strength.
What are Haldane McCall’s principal business segments?
Haldane McCall operates as a dual real estate and hospitality group. Residential development activities are undertaken through Suru Homes Limited, while Suru Express Hotels manages the Group’s portfolio of budobtain and mid-scale hotels.
This structure enables the Group to generate both transactional income from property sales and recurring revenue from hospitality operations, creating a diversified and resilient earnings base.
How is the Suru Express Hotels segment performing?
Suru Express Hotels continues to record steady and sustainable growth. The hotels are strategically located in high-demand corridors across Lagos, including Ikeja GRA, Ikorodu, and Surulere, where strong commercial activity supports consistent demand for quality, affordable accommodation.
Performance has been driven by rising occupancy levels, effective cost management, and standardised operating systems. The Group is also expanding into other Nigerian cities, leveraging brand recognition and operational expertise.
As new hotels commence operations and existing properties mature, the hospitality segment is expected to contribute an increasing share of Group revenue and profitability.
What residential projects does the Group currently have underway?
The Group’s flagship residential development is Majidun Estate in Ikorodu, a 1,200-unit hoapplying project designed to meet rising demand for residential properties. In addition, Haldane McCall has completed 48 residential units in Porto-Novo, Benin Republic, and 34 units in Ketu, Lagos. The Majidun development represents a major growth driver for future revenue, asset expansion, and sustained development activity.
What are the Group’s plans for raising additional capital?
Haldane McCall plans to raise capital through a balanced mix of equity and debt instruments to support its medium- and long-term expansion plans. Shareholders have approved a rights issue, allowing existing investors to participate proportionately while limiting dilution. The Group has also approved a N250 billion debt issuance programme, structured in tranches to optimise funding costs and align repayments with project cash flows. The proceeds will primarily fund residential developments and the expansion of the Suru Express Hotels portfolio, ensuring liquidity and financial flexibility.
How does the company view the Group’s growth outview and strategic direction?
Management remains confident about the Group’s growth outview. Through Suru Homes Limited, the company is well-positioned to address Nigeria’s hoapplying deficit, particularly within the affordable and mid-income segments.
At the same time, Suru Express Hotels is benefiting from urbanisation and rising demand for standardised, cost-efficient accommodation.
With a growing land bank, quality assets, and an active development pipeline, the Group believes it is well-positioned for sustained expansion.
What is the expected timeline for Majidun Estate and the hotel expansions?
The first phase of Majidun Estate is expected to be delivered within the next 12 months. Several Suru Express Hotels are also currently under development, and funding from the debt programme is expected to accelerate construction timelines and project delivery.
Does Haldane McCall plan to invest outside Nigeria?
Yes. The Group is selectively evaluating expansion opportunities across West Africa, particularly in Ghana and Benin.
These markets are characterised by growing urban populations, hoapplying shortages, and relatively favourable regulatory environments. Expansion will be phased and may involve partnerships with local developers to mitigate risk and ensure capital efficiency.
How does Haldane McCall assure shareholders of sustainable returns?
Shareholder returns are supported by tangible assets, recurring revenue streams, and disciplined capital management. Every project undergoes rigorous feasibility and ROI assessments, supported by strong governance and cost control. The Group maintains a 30 per cent dividfinish policy, backed by stable cash flows and phased project completions. Transparent reporting and active shareholder engagement further reinforce investor confidence.
What risk-management mechanisms support the Group’s growth strategy?
Haldane McCall operates a comprehensive risk-management framework that includes feasibility studies, cost monitoring, market analysis, and scenario testing for all projects. The Group closely monitors macroeconomic trfinishs, regulatory developments, and construction input costs. Diversification across projects, locations, and business segments, combined with prudent leverage, supports mitigate concentration and execution risks.
What is management’s message to shareholders regarding the medium-term outview?
Management remains committed to positioning Haldane McCall as a consistently profitable, dividfinish-paying company.
Over the next two to three years, the Group intfinishs to leverage its asset base, residential development pipeline, and strategic land holdings to generate predictable cash flows. With disciplined capital allocation, strong governance, and phased expansion across Nigeria and selected West African markets, the company believes it is well-positioned to deliver sustainable shareholder value and strengthen its regional competitiveness.
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