By Saio Marrah
The Bike Riders Union and Triad Engineering Company have signed an agreement for the start of a ‘Bike Riders Investment Scheme’ that would provide housing units for members of the Union. The event was held at the John James Complex in Eastern Freetown, on Saturday 12th November, 2022.
The Public Relations Officer of the bikers, Mohamed A. Nabieu noted that throughout the world when government talks about low-cost housing, it is meant for low income people, unlike in Sierra Leone. For this he said they saw the scheme as a means of saving the people from paying house rent.
The Managing Director of the Triad Engineering Company, Amadu Sesay, said the entity is 100 percent Sierra Leonean and pointed out how their previous study indicated over one million housing deficit in the country. This, he said was the reason they ventured into the business.
Sesay told the bike riders executive that once their client has paid 30 percent of the price for a house, the company will immediately commence its construction.
He said for someone who doesn’t have a piece of land, the company will allow the client to identify one, negotiate and then the company will pay for the piece of land, but with a 10% interest.
He also noted that in case the client is unable to make the complete payment, the company will not sell the house to recover their money, but will rather rent it. After payment is completed they will then return the house to the client.
The interest rate he said ranges from 15 to 20%. This he said will be determined by the inflation rate of the Leone currency.
Sesay also pointed out that they had wanted to only target people working on monthly salary, but after realising that bike riders make more than half of the youthful population of the country and mostly earn more, than salary- based workers, the reason it was agreed to bring them on-board.
For the investment purpose, the bike riders were encouraged to contribute Le 50 a day. He said access or benefit to one’s investment in the company is 12 months.
According to him, the company will give 10 years warranty for the house they will build even if the house is burnt they will investigate the cause of the fire and rebuild it if it were proven to be a rare accident.
Representatives from banking partners, Sierra Leone Commercial Bank and the United Bank of Africa, affirmed their support to the company in case of any financial constraints of the company as long as it gives guarantee through a performance bond. In a situation the company is unable to complete a building, the bank will repay the client’s money.
The President of Sierra Leone Bike Riders Union, Umarr T. Bah in his statement claimed nearly two million Sierra Leoneans directly or otherwise survive on the bike- riding business, from a Union membership of one million, two hundred and fifty-six thousand, nationwide.
He said many youths are also involved in bike washing for a living, and generally they have a workforce that is more than those employed by Government.
Copyright © 2022 Politico Online (16/11/22)
