Veritasi Homes & Properties Plc has completed a ₦50 billion non-interest commercial paper programme, giving the real estate developer another avenue to raise short-term funding from Nigeria’s capital market.

The programme was formally executed in Lagos on August 6, 2026, following the completion of the required regulatory and programme processes. It provides Veritasi with a structured platform for raising funds through eligible commercial-paper issuances.

Expanding access to capital

Commercial paper allows companies to raise short-term funds from investors without issuing equity. For real estate developers, the instrument can provide an alternative to conventional bank borrowing for working capital and other approved corporate needs.

The new ₦50 billion programme represents a significant expansion from Veritasi’s previous ₦20 billion Commercial Paper Programme.

Under the earlier programme, the company raised up to ₦15 billion and subsequently redeemed its matured obligations. Veritasi also registered another ₦20 billion programme in 2025, under which it issued Series 1 and Series 2 commercial papers.

Previous obligations redeemed

Veritasi has also demonstrated recent activity in the commercial-paper market.

According to the report, the company redeemed approximately ₦6.13 billion owed to investors on April 17, 2026, under an earlier issuance.

Funds raised through previous programmes supported developments including Camberwall Advantage Series and Tinuola Towers.

Funding pressure remains a challenge for developers

The new financing programme comes at a time when Nigerian property developers are dealing with high construction costs and expensive conventional financing.

The rising cost of building materials, labour, land and infrastructure has increased the amount of capital required to deliver housing projects.

For developers, access to alternative sources of funding can therefore help reduce dependence on bank lending and provide additional flexibility for managing project-related expenses.

However, commercial paper is a short-term financing instrument, meaning companies must carefully manage their cash flows and repayment obligations when individual issuances mature.

₦50bn programme does not mean ₦50bn raised

An important distinction should be made between the ₦50 billion programme size and the amount of money actually raised.

The programme establishes a maximum framework of ₦50 billion under which eligible commercial-paper issuances can be made. It does not mean Veritasi has received ₦50 billion in one transaction.

The actual amount raised will depend on the individual issuances conducted under the programme.

This distinction matters when assessing the potential impact on housing supply. The programme could provide significant additional funding capacity, but its eventual contribution to construction will depend on how much the company raises and how the proceeds are deployed.

Potential impact on housing supply

Greater access to capital could help Veritasi finance construction activities, acquire development inputs and maintain delivery across its housing projects.

The wider significance for Nigeria’s housing market is whether capital-market financing can help private developers overcome some of the funding constraints that limit housing supply.

But financing alone will not solve Nigeria’s affordability problem.

High land and construction costs, infrastructure requirements and limited access to affordable mortgages continue to influence the final price of homes.

A growing role for capital-market financing

Veritasi’s latest programme also highlights the growing role of Nigeria’s capital market in financing real estate development.

Diversifying funding sources can give developers alternatives to traditional bank loans, particularly when interest rates make conventional borrowing expensive.

For the housing sector, the bigger question is whether these financing mechanisms can translate into more homes being delivered at prices that ordinary Nigerians can afford.

Veritasi’s ₦50 billion programme therefore represents an expansion of its potential financing capacity. Its real impact will ultimately be measured by the capital raised under the programme and the housing and other developments that follow.

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered cases of alleged payroll fraud in which government officials enrolled family members on public payrolls to collect multiple salaries.

ICPC Chairman Musa Aliyu disclosed the findings on Thursday in Abuja, describing the cases as part of wider investigations into ghost workers and other forms of payroll abuse in government.

According to Aliyu, investigators discovered one government official who had enrolled 14 members of his family on the public payroll.

In another case, an official allegedly enrolled his wife, daughter, son and other relatives, resulting in the individual receiving 13 salaries.

The disclosures highlight the weaknesses that can occur when payroll systems are manipulated to create fictitious or unauthorised beneficiaries.

ICPC Uncovers Hundreds of Suspected Ghost Workers

The latest revelations form part of the commission’s wider efforts to identify ghost workers and recover funds linked to payroll fraud.

The ICPC previously disclosed that investigations had identified 908 suspected ghost workers across 50 federal Ministries, Departments and Agencies.

The commission has also secured a final forfeiture order covering ₦941.99 million allegedly linked to suspected ghost workers uncovered through investigations into the Integrated Payroll and Personnel Information System.

The scale of the investigations suggests that payroll fraud extends beyond isolated cases and can involve weaknesses across multiple government institutions.

More Than a Prosecution Problem

Aliyu said the commission was increasingly focusing on preventing corruption and identifying weaknesses in government systems rather than relying solely on criminal prosecutions.

He argued that preventing fraudulent practices before public funds are lost could be more effective than pursuing large numbers of criminal cases after the money has already been diverted.

The approach places greater emphasis on strengthening payroll verification, monitoring government databases and ensuring that public-sector employment records correspond with genuine employees.

Public Funds at Risk

Ghost-worker schemes can create a direct financial burden on government because salaries are paid to people who are not legitimately employed or entitled to receive them.

Beyond the immediate financial loss, such practices can undermine public confidence in government institutions and make it more difficult to determine the actual size and staffing needs of public agencies.

The ICPC’s findings therefore raise broader questions about how government payroll systems are monitored and how quickly suspicious entries can be detected.

The commission’s continuing investigations will determine the extent of the alleged fraud and the individuals who may face further administrative or legal action.

The post ICPC Exposes Payroll Fraud as Official Enrols 14 Relatives appeared first on Housing TV Africa.

Housing development is increasingly becoming part of a broader urban transformation strategy in Ogun State, where new residential projects are emerging alongside roads, infrastructure and expanding economic activity.

One of the areas reflecting this transformation is the corridor around Kobape and the Siun-Sagamu Expressway, where locations that were once largely undeveloped are gradually taking on the characteristics of emerging residential communities.

Under Governor Dapo Abiodun, the state government has positioned housing as an important component of its wider development agenda, linking residential construction with infrastructure and the expansion of urban centres.

The approach reflects a shift from viewing housing simply as the construction of individual homes to treating residential development as part of a larger urban-planning process.

Housing and Infrastructure Moving Together

The growth of new housing communities depends heavily on infrastructure.

Road networks, drainage, electricity, water supply and other services determine whether a housing development can evolve into a functioning neighbourhood.

The development around the Kobape corridor illustrates how new residential projects can contribute to the expansion of Ogun’s urban footprint when supported by improving connectivity and infrastructure.

For Ogun, this is particularly important because of its proximity to Lagos and its growing role as a destination for residential development, manufacturing and other economic activities.

As land becomes increasingly expensive in parts of Lagos, neighbouring areas of Ogun have attracted developers and households looking for alternatives.

Kobape and the Emerging Ogun Urban Corridor

The landscape around Kobape provides an example of how housing can accelerate development in previously underdeveloped areas.

Residential construction brings demand for roads, commercial centres, schools, healthcare facilities and other services. As more people move into an area, private businesses also have greater incentives to establish operations there.

This can create a development cycle in which housing becomes an entry point for broader urban expansion.

However, the long-term success of such developments depends on whether infrastructure keeps pace with population growth.

The Affordability Question

Increasing the number of houses is important, but housing delivery ultimately has to be measured by accessibility.

A development can transform an area physically without necessarily solving the housing affordability problem if the completed homes remain beyond the reach of average households.

This makes issues such as land cost, construction expenses, mortgage availability and household income critical to the success of housing programmes.

For Ogun, the challenge will be ensuring that urban expansion produces communities that are not only attractive to investors but also accessible to workers and families who need affordable housing.

Beyond Building Houses

The wider significance of Ogun’s housing strategy lies in its potential to connect residential development with economic growth.

Well-planned housing can support population growth around employment centres while reducing some of the pressure on Lagos.

But that outcome requires coordinated planning.

Without adequate transportation, drainage, public services and land-use controls, rapid housing development can create new challenges, including congestion, flooding and infrastructure deficits.

The lesson is that housing policy cannot be separated from urban planning.

As Ogun continues to expand, the effectiveness of its housing strategy will ultimately depend not just on how many houses are built, but on whether those developments become sustainable, connected and economically productive communities.

The post How Housing Is Changing Ogun’s Urban Landscape Under Abiodun appeared first on Housing TV Africa.

The Minister of the Federal Capital Territory, Nyesom Wike, has ordered the immediate closure of the secretariat of the dissolved Ad-Hoc Committee on Sales of Federal Government Houses in Abuja.

The FCT Administration announced the decision on Wednesday, saying responsibility for matters relating to the sale of Federal Government Houses will now be handled by a new division within the Department of Land Administration.

According to the FCT Administration, the committee had already completed its assignment, but its secretariat remained operational to address issues arising from its activities.

With the latest directive, the secretariat has now been formally closed.

New Department to Handle FG House Sales

The FCT Minister has approved the creation of a dedicated division within the Department of Land Administration to take over responsibilities previously handled by the dissolved committee.

The FCT Administration has consequently directed members of the public to approach the Department of Land Administration for matters relating to the sale of Federal Government Houses within the territory.

The move effectively centralises the handling of these transactions within an existing government department rather than through the former ad-hoc committee structure.

FCT Warns Public Against Fraudsters

The administration also issued a warning to members of the public following the closure.

Residents have been advised to be cautious of individuals who may continue to present themselves as officials, staff or members of the former committee or its secretariat.

The FCT Administration stressed that both the committee and its secretariat no longer exist, meaning individuals claiming to represent either body should not be treated as authorised officials.

The warning is particularly relevant to prospective property buyers, given the high value of land and housing transactions in Abuja.

Abuja Property Market Faces Growing Demand

The development comes against the backdrop of strong demand for land and housing in the Federal Capital Territory.

According to Nairametrics, the FCT Administration has previously taken action over unpaid ground rent, including the revocation of thousands of land titles in some of Abuja’s prime districts. The publication also reported that thousands of property owners had outstanding ground-rent obligations.

The latest restructuring therefore adds another layer to the administration of government-owned residential properties and land in the capital.

What Buyers Need to Know

For prospective buyers, the immediate implication is that the Department of Land Administration is now the relevant government channel for issues concerning the sale of Federal Government Houses in the FCT.

The change also highlights the importance of verifying the identity and authority of anyone claiming to be involved in a government property transaction.

As Abuja’s property market continues to attract significant investment, clear government processes and reliable verification channels remain important to reducing the risk of fraudulent transactions.

The closure of the former secretariat is therefore not simply an administrative change. It establishes a new official point of contact for Federal Government house sales while removing the former committee and its secretariat from the process.

The post FG House Sales: Wike Shuts Defunct Committee Secretariat, Warns Public appeared first on Housing TV Africa.

Residents of the Federal Housing Authority (FHA) Estate in Lugbe, Abuja, have called on the FHA and the Federal Capital Development Authority (FCDA) to clarify the status of the estate’s master plan following a dispute over proposed construction along a road corridor within the neighbourhood.

The residents of 1Q 3 Road made the demand during a protest on August 10, 2026, expressing concerns that construction along the disputed corridor could affect access, drainage and movement within the estate.

Residents Demand Verification of Estate Layout

Speaking on behalf of the residents, Daniel Agwu said the community was not opposed to legitimate development but wanted any construction to comply with the estate’s approved layout.

He called on the relevant authorities to suspend construction along the disputed corridor until its status is verified against the approved estate layout.

The residents also requested the publication of the original master plan to enable property owners to identify designated roads, drainage corridors and other public infrastructure within the estate.

Access and Drainage at the Centre of Dispute

Residents said the disputed corridor serves as an important access route within the estate and also helps channel stormwater during rainfall.

Opeyemi Ayedinran, a resident, said the route provides access to the market and other parts of the neighbourhood while also functioning as a stormwater channel.

Residents consequently warned that construction blocking the corridor could restrict movement and worsen drainage problems within the community.

The concerns are particularly significant because drainage and access infrastructure directly affect the safety, usability and long-term value of residential properties.

Residents Cite Environmental Assessment

The residents also referred to an environmental assessment conducted by Green Engagement Limited and dated July 31.

According to the residents, the assessment identified evidence of surface runoff, localised erosion and terrain depressions along the disputed corridor.

They said the assessment recommended suspending construction pending verification of the approved estate layout by the FHA and FCDA.

The residents subsequently called for improved drainage infrastructure and greater consultation before changes are made to infrastructure or land-use arrangements within the estate.

Petition Had Earlier Been Submitted

The Chairman of the residents’ association, Musa Daniel, said the community became concerned after learning that a developer intended to construct along the corridor.

He said residents had previously submitted a petition to the FHA through their lawyer but had not received a response before construction commenced.

According to him, the matter was also reported to the Lugbe Police Station, which intervened and advised that construction should await clarification from the FHA.

FHA Directs Residents to FCDA

Responding to the concerns, Kenneth Chigelu, Public Relations Officer of the FHA, advised residents to approach the FCDA for clarification on the estate’s master plan.

He also said residents could submit complaints at the FHA zonal office in Lugbe or through its Servicom unit.

The FHA representative advised residents to present the master plan and relevant allocation documents when seeking clarification on the disputed area.

Why Master Plans Matter to Housing

The dispute highlights the importance of maintaining and enforcing approved master plans in established residential estates.

Master plans determine the intended arrangement of roads, drainage networks, public spaces, utilities and other community infrastructure. Changes to these elements can affect existing residents, future development and property values.

For developers and property owners, access to accurate planning information is therefore critical. Unclear land-use designations can create disputes, restrict access and increase investment risks.

The Lugbe case also demonstrates why drainage considerations should be part of development decisions. Where a corridor serves both transportation and stormwater functions, obstructing it could create wider environmental and infrastructure problems.

The immediate issue now is for the FHA and FCDA to establish the status of the disputed corridor and clarify which master plan and allocation documents apply.

A transparent verification process involving the authorities, residents and relevant developers could help resolve the dispute while protecting access and drainage infrastructure.

For Abuja’s wider housing market, the case reinforces a simple point: clear master plans, accessible land records and predictable development controls are essential for sustainable residential development.

The post Lugbe Residents Protest Proposed Construction on Estate Road Corridor appeared first on Housing TV Africa.

Nigeria’s cost-of-living crisis continues to put pressure on households as many Nigerians struggle to keep up with the rising cost of food, transportation and other basic necessities.

A report by Daily Trust, drawing on accounts from Nigerians and wider economic conditions, highlights the continued difficulty households face as the country moves closer to the 2027 general elections.

For many households, income growth has failed to keep pace with the cost of everyday living. Expenses that once consumed a smaller portion of household earnings now require greater financial sacrifices, forcing families to reconsider spending on everything from food to transportation and housing.

Housing remains part of the pressure

The cost-of-living challenge is closely connected to Nigeria’s housing problem.

As rents rise in major cities, households already dealing with higher food and transportation expenses have less disposable income available for accommodation.

For tenants, the challenge can be particularly severe when rent payments require large upfront commitments. Families may therefore have to move to cheaper neighbourhoods, share accommodation or accept longer commuting distances.

The result is a broader affordability problem in which the cost of living near jobs and essential services continues to rise.

Transport costs add to household expenses

Transportation is another major component of household spending.

When residents move farther away from employment centres in search of cheaper accommodation, they can end up spending more on daily transportation.

This creates a difficult cycle. Lower rent in an outer neighbourhood may be offset by higher transport costs, longer journeys and lost time.

For policymakers, this means housing affordability cannot be considered separately from transportation and urban infrastructure.

Election year puts living standards under scrutiny

With the 2027 elections approaching, economic conditions are likely to remain an important issue for voters.

The pressure on household budgets means that discussions around economic growth will increasingly be judged against people’s everyday experiences.

For many Nigerians, economic performance is ultimately measured by whether their income can cover food, housing, transport, healthcare and education.

The challenge for policymakers is therefore to translate broader economic improvements into tangible improvements in household purchasing power.

Housing policy needs a broader approach

The continuing cost-of-living pressure also reinforces the need for a more integrated approach to housing policy.

Increasing housing supply is important, but homes need to be located where people can access jobs, transport and essential services without facing excessive additional costs.

Affordable housing developments that are poorly connected to employment centres may solve one affordability problem while creating another through higher transportation expenses.

Nigeria’s housing strategy therefore needs to consider rent, construction costs, transport, infrastructure and household income together.

As the country moves toward the 2027 elections, the question will not simply be whether economic indicators are improving. For ordinary households, the more important question is whether those improvements are actually making everyday life more affordable.

The post Rising Living Costs Put Fresh Pressure on Nigerian Households appeared first on Housing TV Africa.

The cost of renting a two-bedroom apartment on Lagos Island has risen to as much as ₦17.25 million annually, highlighting the growing pressure on tenants as housing costs continue to climb across Nigeria’s commercial capital.

The increase reflects a wider trend in Lagos, where strong demand, limited housing supply, rising construction costs and higher property management expenses continue to push rental prices upward. Market data from Nigeria Housing Market shows that premium areas on Lagos Island already command significantly higher rents than many Mainland locations.

Lagos Island remains one of the city’s most expensive residential markets because of its proximity to major commercial districts, employment centres, business hubs and high-value infrastructure. Areas such as Ikoyi and Victoria Island attract professionals, expatriates and corporate tenants willing to pay a premium for location and access.

The latest rent figure illustrates the widening gap between premium housing and what many households can realistically afford. As rents increase, tenants are increasingly forced to consider smaller apartments, less central locations or longer commuting distances.

Housing Supply Remains a Major Pressure Point

One of the major factors behind Lagos’ rental increases is the persistent mismatch between housing demand and available supply.

Lagos continues to attract people seeking employment and business opportunities, increasing pressure on existing housing stock. At the same time, new residential developments face high land, financing, construction and infrastructure costs.

These pressures ultimately feed into the price landlords charge tenants.

The situation is particularly pronounced in locations where demand remains consistently high and available properties are limited. According to Nigeria Housing Market’s broader rental analysis, rents have continued to rise across both Island and Mainland neighbourhoods as demand outpaces supply.

Construction Costs Add to Rental Pressure

The cost of developing and maintaining residential property has also become an important factor.

Developers and landlords face higher expenses for building materials, electricity, security, maintenance and facility management. In many Lagos estates, property owners also provide infrastructure and services that would ordinarily be supplied through public systems.

These additional costs can be reflected in both rent and service charges.

For tenants, the headline rent therefore doesn’t always represent the full cost of occupying a premium apartment. Service charges, power costs, security fees and other property-related expenses can substantially increase the annual housing bill.

Affordability Becomes the Bigger Question

The rise in Lagos Island rents raises a broader question about housing affordability in Nigeria.

A growing number of residents are being priced out of central locations and are increasingly looking towards areas farther from major employment centres. While these locations may offer lower rents, the savings can be offset by longer commuting times and higher transportation costs.

This creates a difficult trade-off for households: pay more to live closer to economic opportunities or pay less and absorb the cost of commuting.

The situation also strengthens the argument for greater investment in affordable housing, mass transportation and infrastructure outside the traditional premium districts.

The Market Is Becoming Increasingly Polarised

Lagos’ housing market is increasingly divided between premium properties serving high-income tenants and a much larger population competing for relatively affordable accommodation.

Two-bedroom apartments remain particularly important because they offer a practical option for small families and working professionals. Nigeria Housing Market has previously identified two-bedroom units as one of the strongest segments of the country’s urban rental market.

However, when rents for such units reach millions of naira annually in premium locations, the category becomes inaccessible to a large section of the population.

The challenge for policymakers and developers is therefore not simply to build more houses, but to increase the supply of homes that ordinary households can actually afford.

Without significant improvement in housing supply, infrastructure and access to affordable housing finance, rising rents are likely to remain one of the biggest pressures facing Lagos residents.

The post Two-Bedroom Apartments on Lagos Island Now Rent for ₦17.25m appeared first on Housing TV Africa.

The Real Estate Developers Association of Nigeria (REDAN) has attributed the growing cases of real estate fraud, substandard construction, and building collapses across the country to the activities of unregulated and unregistered property developers. The association called for stricter regulation and enforcement to protect homebuyers, improve construction standards, and restore confidence in Nigeria’s housing sector.

Speaking during an interview, REDAN President Prince Akintoye Adeoye said many of the challenges confronting the real estate industry stem from the absence of effective regulation and the activities of individuals operating outside recognised professional and legal frameworks. He stressed that many fraudulent operators lack the technical expertise and ethical standards required to deliver safe and quality housing projects.

Adeoye noted that patronising unregistered developers exposes buyers to risks such as land fraud, project abandonment, structural defects, and building collapse. He urged prospective homeowners and investors to verify the credentials of developers before making payments or committing to property transactions.

According to him, REDAN has continued to advocate for stronger collaboration with government agencies and regulatory institutions to sanitise the real estate sector. He said improved oversight, stricter compliance with planning regulations, and the enforcement of professional standards would significantly reduce fraudulent practices and improve the quality of housing delivery.

The REDAN president also emphasised the need for all developers to comply with building codes, obtain statutory approvals, and engage qualified professionals, including architects, engineers, builders, and quantity surveyors, throughout the construction process. He maintained that adherence to established standards is essential to preventing avoidable structural failures.

Industry stakeholders believe that strengthening regulation, improving consumer awareness, and enforcing professional standards will help reduce building collapses, discourage fraudulent property transactions, and create a safer, more transparent, and more sustainable real estate market capable of attracting greater investment.

The post REDAN Blames Unregulated Developers for Rising Real Estate Fraud, Building Collapses appeared first on Housing TV Africa.

Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has urged organised labour to broaden its advocacy beyond minimum wage negotiations by demanding the enforcement of existing laws and policies that guarantee affordable housing, healthcare, pensions, and other social welfare benefits for Nigerian workers.

Speaking at a symposium in Abuja held in honour of the late labour activist Dr. Segun Osoba, Falana argued that workers’ welfare extends beyond salary increases. He said labour unions should compel governments at all levels to fully implement social protection programmes that improve workers’ living standards and provide long-term economic security.

Falana specifically called for the implementation of the National Housing Act, noting that workers contribute three per cent of their monthly earnings to the National Housing Fund to facilitate access to affordable homes. He questioned why many contributors have yet to benefit from the scheme despite years of deductions, stressing that labour unions should insist on accountability and effective implementation of the programme.

He also expressed concern over Nigeria’s growing housing shortage, stating that millions of Nigerians remain without access to decent accommodation. According to him, affordable housing programmes must be strengthened to ensure workers can benefit from government-backed housing initiatives and improve their quality of life.

Beyond housing, Falana urged labour leaders to advocate for improved health insurance, prompt payment of pensions, better social protection measures, and increased allowances for workers. He maintained that enforcing existing welfare laws would have a greater impact on workers’ well-being than focusing solely on periodic wage increases.

Stakeholders believe Falana’s position reinforces the need for stronger implementation of housing and social welfare policies as part of broader labour reforms. They argue that improving access to affordable housing, healthcare, and social security would complement wage improvements and contribute to a higher standard of living for Nigerian workers.

The post Falana Urges Labour to Demand Affordable Housing, Social Welfare Beyond Minimum Wage appeared first on Housing TV Africa.

The Lagos State Government has reopened six steel manufacturing companies after they complied with environmental regulations and implemented measures to address pollution concerns. The decision followed inspections that confirmed the companies had met the conditions required to resume operations.

The affected firms were previously shut down by the Lagos State Environmental Protection Agency (LASEPA) over violations relating to environmental pollution and non-compliance with regulatory standards. Following corrective actions by the companies, state authorities approved the reopening of the facilities.

According to the Commissioner for the Environment and Water Resources, Tokunbo Wahab, the companies demonstrated compliance by installing pollution control systems, improving waste management practices, and implementing measures to reduce emissions and protect surrounding communities.

The commissioner stressed that the state government remains committed to balancing industrial growth with environmental sustainability. He warned that companies operating in Lagos must continue to comply with environmental laws or risk fresh sanctions, including closure and prosecution where necessary.

Wahab noted that environmental compliance is essential to protecting public health, preserving ecosystems, and ensuring sustainable industrial development. He added that regulatory agencies would continue routine inspections and monitoring of industrial facilities across the state to ensure adherence to environmental standards.

Industry stakeholders welcomed the reopening, describing it as evidence that regulatory enforcement and business operations can coexist when companies comply with established environmental requirements. They also encouraged manufacturers to invest in cleaner technologies and adopt sustainable production practices to minimise their environmental impact.

The Lagos State Government reaffirmed its commitment to enforcing environmental regulations while supporting responsible industrial development that promotes economic growth without compromising public health or environmental quality.

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