Housing experts have lent their voices to the discourse generated by the recently forfeited 753 units of duplexes in the Lokogoma District of the FCT, Abuja.
According to them, the houses should be auctioned to low-income earners as part of the federal government’s effort to boost housing delivery through the Renewed Hope Housing scheme.
Daily Trust reports that on December 2, 2024, Justice Jude Onwuegbuzie ordered the final forfeiture of an expansive estate in Abuja, spanning 150,500 square meters and comprising 753 duplexes and other apartments, located on Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.
This ruling marks the largest asset recovery by the Economic and Financial Crimes Commission (EFCC) since its establishment in 2003.
The EFCC, invoking the Advance Fee Fraud and Other Fraud Related Offences Act alongside the Nigerian Constitution, secured a court ruling in its favour, with the property now forfeited to the federal government. This legal milestone is a decisive victory in Nigeria’s ongoing fight against corruption.
Commenting on the development, the Executive Director of the Housing Development Advocacy Network (HDAN), Festus Adebayo, applauded the court ruling ordering the forfeiture of the 753 properties tied to corruption, describing it as a significant milestone in the fight against graft.
He raised concern about the impact of illicitly funded projects on Nigeria’s real estate sector. Adebayo questioned how a single developer could construct 753 housing units without scrutiny, arguing that honest developers, burdened by high-interest loans and limited resources, cannot compete against those using laundered funds.
The organisation called on the government to implement stricter regulations for the real estate sector, including mandatory identification of developers and verification of funding sources.
Adebayo also expressed concern over the growing corruption in various agencies, describing it as a major obstacle to addressing Nigeria’s housing challenges.
The HDAN boss lamented that even routine processes like building approvals and other real estate transactions, are now tainted by corrupt practices, with staff members allegedly demanding payments into personal accounts alongside official government fees.
HDAN urged the government to “Ensure that the recently seized estate does not follow the same opaque path as previous forfeited assets, where little is known about their management or allocation.
“Subsequently, the estate should be handed over to the Federal Ministry of Housing, which should be held accountable for its proper use,” he said
Alternatively, he suggested selling the estate to Nigerians in the diaspora, many of whom have been victims of fraudulent real estate schemes, as that approach, he argued, would both generate substantial revenue and restore trust in the system.
Adebayo emphasised the importance of ensuring that proceeds from such sales are deposited into the federal treasury or channeled towards developing social housing for Nigerian workers who are struggling with the existing housing options.
“The forfeited properties should be repurposed for public good, which includes converting them into housing for medical professionals or selling them to Nigerians in the diaspora, with proceeds returned to the national treasury. These properties are national assets, and their use should reflect the needs and priorities of Nigerians,” Adebayo stated.
Also speaking on the issue, the President of the Real Estate Developers Association of Nigeria (REDAN), Prince Akintoye Adeoye, noted that the reasons behind money laundering in the sector include the fact that real estate is not being regulated.
According to him, “Before one becomes a lawyer, he or she is called to the bar, before anyone becomes a certified estate surveyor and valuer, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has to certify him, but for the real estate, anybody can call himself a developer because there is no regulation and that is why money laundering persists as people launder money to invest in the sector.”
On what should be done with the seized duplexes, he said the property was built on a mass housing land, as such it should be auctioned to middle- and low-income Nigerians.
“If you look at it, the duplexes were built on mass housing land which is typically done for low- and middle-income Nigerians who have been deprived of affordable housing for years. Therefore, we will advise President Tinubu to auction the houses to them through the Federal Mortgage Bank of Nigeria so that they can do more in terms of providing affordable housing.
“Furthermore, the bank should be recapitalised so they can do more in providing mortgage loans to low-income earners at an affordable rate,” he further explained.
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