Nearly N5 Trillion Worth of Property in Federal Housing Authority Possession, MD Reveals
Written on
The Federal Housing Authority holds property worth nearly N5 trillion, its Managing Director Oyetunde Ojo has said, adding that 10,000 to 15,000 housing units are ready for delivery.
The Federal Housing Authority (FHA) is in possession of property worth nearly N5 trillion, according to its Managing Director and Chief Executive Officer, Oyetunde Ojo. Ojo disclosed this during the authority's media chat broadcast by Arise News TV on Monday, which focused on the authority's housing projects, developments across the country and the financing arrangements supporting housing delivery.
Ojo linked the value of the property in the authority's possession to its collection of ground rent from allottees and occupants of its estates. "We are in possession of close to about N5 trillion worth of property because we collect ground rent," he said. He also said between 10,000 and 15,000 housing units are ready for delivery under the current administration, and that the government is collaborating with private investors in real estate, referencing the MOFI Real Estate Investment Fund (MREIF), which he said had about N200 billion released to MOFI and available for private investors to access.
Ojo provided updates on several housing projects being developed or completed across the country, including in Abuja, Ibadan, Lagos, Kano and Cross River State. In Ajoda, Ibadan, about 120 housing units had been built with more still under construction, while another 100 housing units had been delivered in Lugbe, Abuja. Close to 400 housing units in Gwari would soon be commissioned, with Ojo saying the project was developed without funding from the Federation Account.
In Jibi, Abuja, 1,550 housing units procured for the Nigerian Army were constructed in less than a year and would soon be commissioned. The Karsana development in Abuja comprises 3,112 housing units, with the first phase of about 2,000 units expected to be commissioned soon, and the FCT Minister, Nyesom Wike, undertaking road construction in Karsana to improve access. In Kano, between 500 and 600 housing units would soon be commissioned by the Ministry of Housing and Urban Development, while about 500 housing units in Lagos would also soon be commissioned. Groundbreaking had also commenced on housing projects in several states, including a project in Odukpani, Cross River State.
The federal government's housing provision under the Tinubu administration kicked off in February 2024 with the launch of the 3,112-unit Karsana housing project in Abuja under the Renewed Hope Cities and Estates Programme. Since then, construction has commenced at several Renewed Hope Estates and Cities across the country, alongside other government housing developments and partnerships with private investors.
Nigeria's housing sector continues to face challenges beyond the supply of homes, including limited access to affordable mortgages, fraudulent property transactions, failed developments and weak consumer protection. The federal government has proposed a National Housing Finance Authority as part of broader reforms to strengthen mortgage financing and expand access to the National Housing Fund, and a National Housing and Built Environment Regulation Policy that would introduce developer licensing, escrow protection for buyers' funds and stronger construction standards.