FHA property holdings near N5 trillion
The Federal Housing Authority (FHA) holds property worth nearly N5 trillion, its Managing Director and Chief Executive Officer, Oyetunde Ojo, has said.
Ojo disclosed this during a media chat broadcast by Arise News TV on Monday. He discussed the authority’s housing projects, property management activities and plans to increase housing delivery across Nigeria.
The FHA manages residential estates and collects ground rent from allottees and occupants. Ojo linked the value of the authority’s property portfolio to those activities.
“We are in possession of close to about N5 trillion worth of property because we collect ground rent,” Ojo said.
The figure shows the scale of assets under the FHA as the federal government continues to expand housing development. It also highlights the role of property management alongside the construction of new homes.
FHA says thousands of homes are ready
Ojo said between 10,000 and 15,000 housing units are ready for delivery under the current administration.
He also said the government is working with private real estate investors to increase housing supply. He pointed to the MOFI Real Estate Investment Fund (MREIF) as one source of capital for private-sector housing projects.
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According to Ojo, about N200 billion has been released to the Ministry of Finance Incorporated (MOFI) and remains available for private investors to access.
The use of private capital could help expand housing construction. However, access to finance remains a major issue for developers and homebuyers in Nigeria.
FHA provides updates on Abuja projects
Ojo gave updates on several FHA projects across the country. The developments include housing schemes in Abuja, Ibadan, Lagos, Kano and Cross River State.
In Ajoda, Ibadan, the FHA has built about 120 housing units. Construction continues on additional units at the site.
The authority has also delivered 100 housing units in Lugbe, Abuja. In Gwari, nearly 400 units are nearing commissioning.
Ojo said the Gwari project did not receive funding from the Federation Account. He also disclosed that the FHA built 1,550 housing units for the Nigerian Army in Jibi, Abuja, in less than a year.
The units are expected to receive commissioning soon.
Karsana project targets 3,112 units
The Karsana housing development in Abuja remains one of the major projects under the federal government’s Renewed Hope Cities and Estates Programme.
The project covers 3,112 housing units. Ojo said the first phase, which contains about 2,000 units, should receive commissioning soon.
FCT Minister Nyesom Wike is also constructing roads around Karsana. The road works should improve access to the housing development and surrounding areas.
The government launched construction of the Karsana project in February 2024. Since then, it has started several Renewed Hope housing projects in different parts of Nigeria.
Projects expand beyond Abuja
The FHA is also advancing projects outside the Federal Capital Territory.
Ojo said between 500 and 600 housing units in Kano should soon receive commissioning by the Ministry of Housing and Urban Development. He added that about 500 units in Lagos are also nearing completion.
The authority has started groundbreaking work on projects in several states. One of them is located in Odukpani, Cross River State, where the FHA expects to commission the development soon.
The federal government has also started a 250-unit housing project for federal civil servants in Dukpa, Gwagwalada, Abuja. The scheme includes two- and three-bedroom bungalows.
The new project will add to 350 units already delivered through the Federal Integrated Staff Housing Programme. Together, the two schemes will provide 600 units.
Housing finance remains a major challenge
The government’s housing plans come as Nigeria continues to face problems with housing finance, land administration and consumer protection.
The Federal Mortgage Bank of Nigeria is also preparing to complete 962 housing units in Abuja. The project involves the Kaba District housing scheme, which the bank recovered after an alleged diversion of a $65 million loan used to finance it.
The government has proposed further reforms to address weaknesses in the housing market. These include a proposed National Housing Finance Authority and reforms to expand access to housing finance for informal-sector workers.
Another proposed policy, the National Housing and Built Environment Regulation Policy, would introduce measures such as developer licensing and escrow protection for buyers.
What the FHA disclosure means
The FHA’s property portfolio and its ongoing projects show the size of the federal government’s role in Nigeria’s housing market.
However, increasing the number of homes alone will not solve the country’s housing challenges. Buyers also need access to finance, reliable infrastructure, secure land titles and stronger protection in property transactions.
The success of current housing programmes will therefore depend on both construction and the systems that support housing delivery, financing, regulation and long-term property management.
