FHA MD Oyetunde Ojo Overcomes N12bn Deficit to Contribute

Hon Oyetunde Ojo, the Managing Director/Chief Executive of the Federal Housing Authority (FHA), announced significant financial recovery efforts during an award ceremony in Abuja, where he received an excellence award from the Anti Corruption Academy of Nigeria (ACAN). Upon assuming office two years ago, Ojo faced a daunting debt burden exceeding N12 billion, with staff salaries and allowances unpaid.

Through resilience and anti-corruption initiatives, Ojo and his team managed to eliminate the deficit within a year, contributing N3 billion to the federation account in July 2023, with expectations to reach N6 billion by December 2026. Ojo emphasized that the agency has not received federal government subvention, yet staff salaries are now paid regularly.

He noted the importance of leadership in revitalizing the FHA, which was established in 1973, and highlighted the agency's potential, stating that the previous decay was primarily a leadership issue.