By: Ubong Usoro
The Association of Housing Corporations of Nigeria (AHCN) recently held a special strategy session in Abuja, themed “Transforming Housing Corporations for Effectiveness and Sustainability in the Emerging Real Estate Market.” The session was held alongside the Association’s 112th Council Meeting.
AHCN President, ESV. Eno Obongha, in his presentation titled “Renewed Hope Housing Agenda: Challenges to Opportunities,” urged housing corporations to take advantage of the Federal Government’s Renewed Hope Housing Agenda.
He noted that 70% of housing corporations are currently inactive and criticized the decision by some governors to merge state housing corporations with ministries of housing, calling it a violation of the National Housing Policy.
Obongha described the global real estate market as a goldmine and called on housing corporations to rise to the challenge of addressing Nigeria’s housing deficit of over 20 million units through strategic engagement with stakeholders such as governors, land authorities, water boards, and labor unions.
The Executive Secretary of AHCN, Mr. Toye Eniola, highlighted major setbacks facing housing corporations, including political interference, lack of autonomy, and inadequate funding. He called for a total shift from the “business-as-usual” mindset and stressed the importance of better information management, profitability, operational risk control, and business-oriented approaches to housing delivery.
In his remarks, Mr. Sani Yakubu, National Coordinator of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (M-REIF), explained the fund’s vision to deliver one million new homes annually through blended finance and investor partnerships. He invited housing corporations to express interest and submit land assets and housing projects for evaluation and possible support.
Meanwhile, Mr. Oladapo Fakeye, General Manager of the Federal Mortgage Bank of Nigeria (FMBN), reaffirmed FMBN’s commitment to funding both construction and offtake of houses, urging housing corporations to coordinate access to housing for civil and public servants.
