| Updated Tue, April 25th 2017 at 00:00 GMT +3Shelter Afrique acting Managing Director Femi AdewoleCash-strapped Pan-African housing financier Shelter Afrique has received a $5.8 million (Sh580 million) cash injection from some of its shareholders. Acting Managing Director Femi Adewole (right) said the cash came from Cameroon and African Reinsurance, an institutional shareholderOf the total sum of Sh580 million, he said, Cameroon contributed $2.3 million (Sh230 million) while Africa Re contributed the balance of $3.5million (Sh350 million). “Our shareholders continue to show that Shelter Afrique is viable and indeed valuable,” he said. The allegations forced its erstwhile Managing Director James Mugerwa to step aside earlier in the year. Last year, at least 59 per cent of Shelter Afrique’s $246.3 million (Sh24.63 billion) loan book was classified as non-performing.

Source: Standard Digital April 24, 2017 14:48 UTC