The Federal Government, through the Ministry of Housing and Urban Development, has announced plans to sell 753 housing units forfeited by former CBN Governor Godwin Emefiele to low and middle-income Nigerians. The estate, located in Lokogoma, Abuja, was seized by the EFCC following a court order in December 2024 and is considered the commission’s largest single asset recovery.
EFCC Chairman Ola Olukoyede formally handed the estate over to Housing Minister Ahmed Dangiwa earlier this week. The government says it will conduct structural assessments before initiating sales through the renewedhopehomes.fmhud.gov.ng portal, promising flexible payment options including mortgages and rent-to-own plans.
However, real estate experts have raised doubts about the viability of the plan. Many argue that the luxurious nature of the duplexes, reportedly worth between N100m to N200m each, makes them unaffordable for the target demographic. Experts have suggested alternative strategies, such as remodeling the buildings into smaller units or selling at market value to fund mass social housing projects.
Meanwhile, the estate remains in a dilapidated state, overtaken by bush and reptiles since construction halted after Emefiele’s arrest in mid-2023.
Critics are also urging the government to ensure transparency in the allocation process, amid concerns that the properties could be acquired by political elites.
Housing advocates have proposed a digital raffle system as a fairer distribution method.
