FHA Holds Nearly N5 Trillion in Property Assets

Oyetunde Ojo, Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA), revealed that the authority holds property valued at nearly N5 trillion during a media chat broadcast by Arise News TV. The chat focused on FHA's housing projects and financing arrangements.

Ojo stated that between 10,000 and 15,000 housing units are ready for delivery, with the government collaborating with private investors, referencing the MOFI Real Estate Investment Fund (MREIF), which has N200 billion available for investment. He provided updates on housing projects in Abuja, Ibadan, Lagos, Kano, and Cross River State, noting that the FCT Minister, Nyesom Wike, is improving access to developments in Karsana.

Upcoming commissions include 500-600 housing units in Kano and 500 in Lagos. The Federal Government's housing initiative under the Tinubu administration began in February 2024 with the Karsana housing project, which will add to existing units under the Federal Integrated Staff Housing Programme.

The Federal Mortgage Bank of Nigeria is also set to complete 962 housing units in Abuja.