FHA Clears N12bn Debt, Remits N3bn to FG in 3 Months

Oyetunde Ojo, the Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA), reported that the agency cleared a debt exceeding N12bn within three months of the current management's tenure and remitted N3bn to the Federal Government's Consolidated Revenue Fund. Ojo made this announcement during a press conference in Abuja after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria.

He explained that the FHA faced significant financial challenges, including a debt backed by a Supreme Court judgment, which hindered salary payments. The management decided not to rely on government funding for recovery, focusing instead on digitalizing operations, particularly property records, which improved revenue generation.

Ojo emphasized the importance of staff welfare, promotions, and training, noting that staff in the building construction sector had not received training for over 15 years. The agency's financial turnaround was achieved through these initiatives, resulting in a surplus within three months.