HXafrica’s REICo leads drive for indigenous prosperity with Abuja cooperative initiative
HXafrica, through its subsidiary, the Real Estate Investment Cooperative (REICo) in a move to foster inclusive growth and sustainable development among indigenous communities in the Federal Capital Territory (FCT), has signed a Memorandum of Understanding (MoU) with the Abuja Original Inhabitants Youth Empowerment Organisation (AOIYEO).
The partnership seeks to establish a state-wide cooperative society aimed at promoting economic empowerment, enterprise development, and financial inclusion for Abuja’s original inhabitants.
The initiative will leverage cooperative management and microfinance models to create sustainable opportunities for local residents, aligning with government efforts to reduce poverty and strengthen community participation in development.
Speaking at the MoU signing ceremony, Ugo Peters, chief executive officer of HXafrica, said the partnership underscores the organisation’s guiding philosophy of putting people before profit.
He explained that the collaboration reflects HXafrica’s long-term commitment to improving livelihoods and supporting social impact projects that address pressing community needs.
“Our vision is to build a system that works for everyone, one that prioritises people, not just profits. This partnership with AOIYEO will empower Abuja’s indigenous people to become active participants in their own economic growth,” Peters stated.
As part of its broader social responsibility agenda, HXafrica also runs the Free Bus Initiative, which provides daily free transportation for residents across Abuja.
Since its launch in March, the initiative has served over 19,000 commuters, saving more than ₦9.6 million in transportation costs, a testament to HXafrica’s belief that businesses can thrive while driving social good.
Isaac David, executive director of AOIYEO, lauded HXafrica and REICo for their commitment to grassroots empowerment, describing the collaboration as a deliverance day for Abuja’s original inhabitants.
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He announced plans for the newly established cooperative to set up a microfinance bank that will provide access to funding, promote entrepreneurship, and strengthen community-led development initiatives.
Stakeholders at the event commended the move, expressing optimism that the cooperative would enhance capacity building, create jobs, and foster sustainable livelihoods across indigenous communities in the FCT.
