The Federal Government has officially transferred ownership of new residential units to verified subscribers of the National Housing Fund (NHF) within the Federal Capital Territory. Funded via the Federal Mortgage Bank of Nigeria (FMBN), the newly constructed property development was executed by Brains and Hammers under a specialised rent-to-own initiative located at Bungalow City in Abuja. This milestone event marks a critical step forward in the state’s ongoing efforts to scale up accessible property ownership pathways for everyday citizens.
During the handover ceremony, the Minister of Housing and Urban Development, Muttaqha Darma, emphasized the state’s focus on accelerating real estate development to meet the targets of the current administration’s Renewed Hope Housing Agenda. The Minister acknowledged previous administrative delays where certain off-takers waited up to two years for their properties, extending an official apology while promising that structural reforms within the ministry will prevent future structural bottlenecks. With everyday workers in major cities like Abuja and Lagos spending up to sixty percent of their income on lease fees, public interventions remain a critical priority.
The Managing Director of the FMBN, Shehu Osidi, explained that the successful resolution of the Bungalow City project followed extensive stakeholder mediation after a section of the estate was initially designated for security personnel. Through collaborative technical committees, the interests of the original NHF contributors were fully protected. The rent-to-own operational framework functions by completely eliminating the initial equity deposit requirement, enabling low-income and middle-income earners to transition from conventional tenants into full property owners through gradual, structured monthly payments.
The newly commissioned residential zone consists of detached two-bedroom and three-bedroom terrace designs built alongside modern supporting infrastructure. Expressing gratitude on behalf of the community, the Secretary of the Residents Association, Sanusi Dansoro, noted that the successful completion highlights the massive developmental impact achievable when government institutions, financial bodies, and private developers align their operations toward common national goals.
