The federal government of Nigeria has been told to convert the 753-unit housing estate which the Economic and Financial Crimes Commission (EFCC) seized from former Central Bank of Nigeria (CBN), Godwin Emefiele, to rental social housing for less privileged Nigerians.
The EFCC, earlier in the week, handed over the estate to the federal ministry of housing. Ahmed Dangiwa, the minister of housing and urban development, visited the estate recently in the company of Ola Olukoyede, the EFCC chairman.
The chairman said the visit was a follow-up to the handover of the estate to the ministry, adding that although 753 housing units were initially declared, the number might increase after remodelling and valuation.
Housing Development Advocacy Network (HDAN), a frontline affordable housing advocacy group, hailed the hand over of the seized estate to the housing ministry, but urged the government not to sell the houses which comprise duplexes and mansions to ‘men of means.’
According to the group, government should rather have the houses restructured and retained under public ownership for the benefit of Nigeria’s most disadvantaged population, particularly young people and low-income families.
“This is a golden opportunity to turn a seized asset into a national solution; we are proposing that the estate be remodelled into 1- and 2-bedroom apartments and allocated as heavily subsidized rentals to Nigerians through a transparent and equitable process,” Festus Adebayo, HDAN’s Executive Director, advised.
The EFCC chairman had, during the visit, hinted that the houses would be remodelled, saying, “although 753 housing units were initially declared, the number might increase after remodelling and valuation.”
On his part, the housing minister assured that Nigerians would benefit from that seizure, hoping that “many more recoveries are ongoing, and we assure Nigerians that we will see more of such results; Nigerians will be better for it.”
Adebayo suggested that the properties should be allocated via a digital raffle draw where interested participants would purchase a maximum of two online raffle tickets linked to their Bank Verification Number (BVN) and priced at ₦10,000 per ticket.
Read also: EFCC transfers Emefiele’s 753 forfeited homes to government
“The draw would be conducted publicly, with the minister personally rolling the raffle ball. Winners would be notified automatically via SMS and subsequently required to sign tenancy agreements with the estate’s managing agency before moving in,” he said.
He explained that the proceeds from the raffle sales could generate as much as ₦10 billion if one million Nigerians participate, which would be sufficient to fund the remodelling and completion of the estate.
Adebayo hopes that this process would make the conversion of the estate a self-financing social housing initiative, eliminating the usual challenge of heavy financial outlay associated with rental housing.
“We at HDAN are recommending that the Federal Housing Authority (FHA) be designated as the manager of the estate, which should be preserved as a long-term social housing project. Rents should be set at approximately 50 percent below current market rates. This is aimed at of ensuring affordability while generating enough income for estate maintenance and management.
We want young people as beneficiaries because they represent the most disadvantaged segment of the population in terms of access to decent housing. This is an opportunity to not only address an urgent housing need, but also restore trust in government-led housing initiatives,” he explained.
He emphasized that the focus on rental housing is strategic and long overdue, pointing out that Nigeria needs to start building a portfolio of well-managed, publicly owned social rental housing as the estate presents a zero-cost entry point for the government to do just that.
“We believe that when the estate is converted, it could deliver up to 2,000 rental units, a significant addition to Nigeria’s critically undersupplied affordable housing stock. Moreover, it will send a strong message that seized public assets can be repurposed for the collective good, rather than recycled into private hands.
“This approach will not only ensure fairness, transparency, and efficiency, but also set a precedent on how we handle recovered assets going forward, turning lost wealth into social dividends,” he said.
