ECWA Development Finance Scheme Limited (EDFSL) is the sole real estate development and finance company in ECWA portfolio of strategic business units (SBUs) established on 5th August, 2015. The company, owned by ECWA and ECWA members, has authorized share capital of N1.0 Billion out of which about N780,000,000 has been fully paid up.
The Company was established to economically empower ECWA and her members to participate more actively in the mission of the Church by addressing the physical infrastructure deficit. The Board is made up of seasoned ECWA professionals headed by Rev. Dr. Ezekiel O. Adeleye, FCA. The Management team members are well intrinsically motivated and dedicated professionals with relevant industry exposure.
The equity capital was raised through private placements. The total of 3,960 subscribers comprising ECWA Headquarters, DCCs, Department, institutions and ECWA sons and daughters took up the shares. Technically, the company has two (2) shareholders namely: ECWA and ECWA members. A special purpose vehicle (SPV) is being conceptualized by the Board for ECWA members to give them a structured approach to constructively interface with the Company for the promotion of their utmost welfare.
The Company leverages on the wide acceptance enjoyed during the first and second private placements which took place in 2016 and 2018. That has given the Company an edge as one which belongs to not just ECWA as an organization but also to ECWA members, encompassing the geographical spread.
The funds raised have been pledged to the projects advertised in the offers. A build operate and transfer (BOT) agreement, within a period of 30 years, was sealed with ECWA Productions Limited (EPL) the owners of the choice properties in Kaduna, Lagos and Port Harcourt selected for development. While Kaduna project (Challenge Plaza) has been put into use already, it is hoped that the projects in Lagos and Port Harcourt will be commissioned within the first quarter of year 2019.
As at the end of 2017, the audited Accounts showed earnings per share (EPS) of 22k out of which a dividend of 10k per share was paid to reward the shareholders for the confidence reposed on the Company. This represents a 10% dividend payout on investment and capital appreciation of 12%. Improved dividend is has been planned for 2019 and beyond to excite ECWA investing public. The dividend policy of EDFSL is derived from the vision statement which aims at economic empowerment of ECWA and ECWA members from the profitable and sustainable activities the Company does annually.
Goals (Short-term, Mid-term, and Long-term)
The short-term/medium goal of the company is to mobilize funds for the development of landed properties for ECWA and her members in a profitable and sustainable manner. EDFSL has already raised about N780m towards achieving this goal and the proceeds are being used for the development of properties at the identified strategic locations earlier mentioned. The Company has also launched ED Homes (personal property acquisition scheme for ECWA staff and members) and ED Corporate Mortgage (business property acquisition scheme for ECWA entities) as approved by the General Church Council.
The long-term goal of EDFSL in year 6 and above is to commence full mortgage credit lending for corporate and personal physical infrastructural development. Staff without personal accommodation will be assisted to own one while those who already have one would be assisted with any other personal property acquisition of their choice. Through Corporate Mortgage, befitting office complexes, Classrooms, Hostels, Wards, Theatres, etc would be constructed for member ECWA entities. ECWA colonies shall be created in strategic empty lands with high prospects of development where provision for the establishment of an urban church for members to be admitted in each colony shall be made.
Also, as from year 9 the company intends to work assiduously to midwife the birth of two subsidiaries- ED Mortgage Bank Ltd (planned to finance mortgage in ECWA) and ED Homes Construction Ltd (planned to construct, maintain, remodel, renovate, etc, corporate and personal properties and offer real estate advisory services).
Prior to the assumption of duty by the present Management in 2018, ED Pool Fund was fully in operation and still being heavily patronized. This is a platform where ECWA members, staff and ECWA entities pool funds together for collective investment in risk-free financial assets at the money market for returns over and above the going rates in the commercial banks. It guarantees free entry and exit on the platform for individuals and entities to do target savings for school fees, equipment acquisition, children’s education, etc.
EDFSL is strategically positioned to address the huge gap in the physical infrastructural development and maintenance in ECWA. We salute the courage and the bold step taken to make the dream ECWA had in late 80s a reality. With the full support and cooperation of the Executive, the Board, Management and staff have pledged their collective energies to move the company in the right direction to achieve the vision and mission of the church. We have undertaken not to use investors funds to provide for ourselves the luxury we cannot dare with personal funds. We and our children have invested in the company and we owe it a duty before God to fully deploy all that He has blessed us with for the growth and future sustainability of EDFSL for posterity.
Our products- ED Pool Fund; ED Homes, and ED Corporate Mortgage will surely excite you. Partner with us today and enjoy our platform to grow your investments and acquire personal and business property with ease.