FHA's Ojo Reveals N12 Billion Debt Cleared in One Year

Hon. Ojo, the Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA), stated that upon his appointment two years ago, he inherited an agency with property assets valued at over N10 trillion but faced a debt burden exceeding N12 billion, which hindered salary payments. This disclosure was made in Abuja after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria for his contributions to institutional reforms and anti-corruption efforts.

Ojo noted that the FHA was in a dire financial situation, with accumulated debts and unpaid staff salaries. He emphasized that the management aimed to revive the organization without relying on Federal Government subventions.

By embracing transparency, staff engagement, and digital reforms, the agency cleared its N12 billion debt within one year and remitted N3 billion to the Federation Account in July, with expectations to increase this to N6 billion by December.