By Victor Benjamin, West / South South Director, YP4T

Nigeria stands at a critical juncture in its journey towards providing adequate shelter for its burgeoning population. The stark reality of a 20 million unit housing deficit casts a long shadow, impacting not just individual well-being but also the nation’s socio-economic progress. Recognising the urgency and scale of this challenge, the administration of President Bola Ahmed Tinubu has unveiled a comprehensive and ambitious strategy under the Renewed Hope Agenda, placing affordable housing within reach for millions of Nigerians. This multi-pronged approach, spearheaded by the Renewed Hope Housing Initiative and bolstered by innovative financing mechanisms, offers a beacon of optimism in a sector long plagued by systemic obstacles.

For too long, the dream of homeownership has remained elusive for a significant portion of the Nigerian populace. Several interconnected challenges have contributed to this protracted crisis. Sky-high property prices, often driven by land speculation and exorbitant construction costs, place housing far beyond the reach of average citizens. Compounding this issue is the underdeveloped state of the mortgage market. Access to long-term, affordable financing remains limited, with high interest rates and stringent eligibility criteria effectively excluding a vast majority of potential homeowners. The informal nature of a significant portion of the economy further complicates matters, as many individuals lack the formal employment and consistent income streams often required by traditional mortgage lenders.  

Furthermore, infrastructural deficits across the country exacerbate the housing problem. Inadequate road networks, unreliable power supply, and limited access to clean water and sanitation not only make new developments more expensive but also detract from the quality of life in existing residential areas. The bureaucratic hurdles and complexities associated with land titling and approvals also contribute to delays and increased costs for developers, ultimately impacting affordability for buyers.  

Against this backdrop of formidable challenges, the Renewed Hope Housing Initiative emerges as a significant and potentially transformative intervention. Its three core components – the Renewed Hope Social Housing Programme, the Renewed Hope Housing Estates, and the Renewed Hope Cities – are strategically designed to cater to different segments of the population and leverage diverse funding models.  

The Renewed Hope Social Housing Programme, with its ambitious goal of constructing 100 units in each of the 774 local government areas within a year of launch, directly addresses the needs of the most vulnerable. By earmarking 80% of these homes for local residents earning a living wage, with monthly contributions capped at a third of their income, the program prioritises affordability and accessibility for low-income earners. The allocation of the remaining 20% to the most vulnerable citizens, free of charge, underscores a commitment to social inclusion and providing a safety net for those most in need. The inclusion of essential amenities like schools, clinics, and security outposts within these estates further enhances their liveability and fosters community development.  

The Renewed Hope Housing Estates, targeting state capitals with a plan to build 250 units in each of the 30 states, represent a crucial step towards providing more affordable housing options in urban centers. Leveraging government budgetary allocations, infrastructure subsidies, and free land from state governments allows for significantly lower pricing, with one-bedroom apartments ranging between N8 million and N9 million. This initiative aims to bridge the gap for individuals and families with modest incomes who aspire to homeownership in urban areas.  

The Renewed Hope Cities, developed through Public-Private Partnerships in seven strategic locations, tap into private sector expertise and capital to deliver large-scale housing projects. While the resulting prices are higher, reflecting the private developers’ investment in land and infrastructure, these cities are expected to offer a wider range of housing options and contribute significantly to reducing the overall housing deficit. The ongoing construction of 3,500 units in Lagos and Kano demonstrates the tangible progress being made under this component.  

Complementing these direct housing programs is the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), a critical enabler for sustainable and affordable housing finance. The successful pilot fundraising, securing N250 billion, underscores the confidence of institutional investors in this innovative approach. MREIF’s ability to provide long-term, low-cost mortgage financing at interest rates as low as 12% with extended repayment tenors up to 20 years directly tackles one of the most significant barriers to homeownership in Nigeria. Furthermore, by offering off-take guarantees to developers, MREIF helps de-risk large-scale projects and unlock crucial financing. The integration of MREIF with commercial banks, mortgage providers, and developers promises to create a more robust and efficient housing finance ecosystem.  

The vision underpinning the Renewed Hope Housing Initiative is one of a Nigeria where decent and affordable housing is not a privilege but a right accessible to all citizens. By adopting a multi-pronged approach that addresses the diverse needs of the population and leverages both public and private sector resources, the government aims to not only bridge the housing deficit but also stimulate economic growth, create jobs, and foster social stability. Empowering low-income earners with affordable housing options can improve their quality of life, provide a foundation for wealth building, and contribute to a more equitable society. Similarly, enabling middle-income families to access affordable mortgages can unlock their economic potential and contribute to overall national development.

While the Renewed Hope Housing Initiative holds immense promise, its success will hinge on effective implementation, transparency, and sustained commitment. Addressing the underlying challenges of land administration, infrastructure development, and bureaucratic efficiency will be crucial for ensuring the long-term sustainability and impact of these programs. Nevertheless, the bold vision and the comprehensive strategy embodied in the Renewed Hope Agenda offer a renewed sense of optimism that Nigeria is finally embarking on a transformative journey towards housing its citizens and building a more prosperous and inclusive future.

The federal government has announced the creation of a high-level committee to streamline and standardise fee payment processes across the country’s tertiary institutions.This move aims to enhance financial operations between Nigerian universities and the Nigerian Education Loan Fund (NELFUND).The Minister of Education, Dr Tunji Alausa, made the announcement in Abuja on Wednesday after a closed-door meeting with vice-chancellors of universities and NELFUND management.Addressing the media, Alausa said that while universities had been receiving funds promptly, there was a pressing need to improve the timelines and efficiency of disbursement and notification processes.He clarified that there was no fraud in NELFUND, contrary to earlier speculations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).“The current processes are working, but we are working to better the system we have now.“The aim is to serve both NELFUND and our citizens more efficiently, and align with the broader agenda of the current administration,” he said.Alausa revealed that one of the major decisions reached during the meeting was the formation of a committee comprising representatives from NELFUND, the Ministry of Education, the National Universities Commission (NUC), and key university officials.According to him, the committee’s primary task will be to standardise the nomenclature for student fees and charges across universities.He explained that while the actual fee amounts might differ by institution, all universities would be required to adopt uniform terminology to ensure transparency.“The committee will determine and publish standard timelines for when NELFUND will disburse funds and when universities must notify students,” he added.Responding to questions about discrepancies between student fees and what NELFUND pays, Alausa attributed the differences to varying service charges by institutions.He said the committee would create a clear framework for fee components to eliminate confusion and ensure accurate disbursements.“Universities will disclose service charges upfront to avoid misunderstandings in refunded amounts,” he noted.The minister reaffirmed the federal government’s commitment to a holistic and student-focused approach to managing educational funding.The committee has been given three weeks to submit its report.After the submission, the finalised guidelines for standardising fee payments across tertiary institutions will be made public.

The trial of Oak Homes CEO, Olukayode Olusanya, over an alleged N152 million fraud has officially commenced at the Federal High Court in Lagos

On Tuesday, an Assistant Superintendent of Police, Egho Amiebelomo, told the court that the ongoing N152 million fraud case against Olusanya, the founder of Oak Homes Limited, and the company itself, involved allegations of fraud, obtaining under false pretence, and stealing.

Olusanya and his company are facing a four-count charge brought by the police, which includes conspiracy, obtaining money under false pretence, fraud, and stealing.

They were arraigned on November 26, 2024, and pleaded not guilty.

According to the police, Olukayode Olusanya conspired with Lynda Umeh—Head of Sales and Marketing at Oak Homes, who is currently at large—to defraud a Nigerian-American engineer, Anthony Ugbebor.

The alleged fraud occurred between November 8, 2017, and August 4, 2020, when they reportedly convinced Ugbebor to pay N152 million for two three-bedroom apartments at Oak Residence in Victoria Island, with a promise to deliver the property by February 28, 2019.

However, the property was never handed over.

At a previous hearing on February 10, 2025, the prosecution attempted to submit both the complainant’s petition and the defendant’s statement as evidence, but the defence objected.

Justice Musa Kakaki had adjourned the ruling on the admissibility of those documents to Tuesday.

At the resumed session, Justice Kakaki ruled on the matter. While the complainant’s petition was admitted and marked as Exhibit A, the defendant’s statement was rejected.

The judge explained: “The petition sought to be tendered is signed. I admit the same in evidence and mark it as Exhibit A.”

Regarding the defendant’s statement, the judge ruled: “The statement is hereby marked as rejected.”

He stated the prosecution had failed to comply with Section 17(2) of the Administration of Criminal Justice Act.

Taking the stand as the first prosecution witness, Amiebelomo testified that he had invited three additional witnesses—Mrs. Kofo Coker, Mr. Seye, and Mr. Shuiabu—during his investigation.

When asked by prosecuting counsel Supol M. A. Omo-Osagie if any of them submitted documents, he replied: “Yes, they tendered the payment receipt and offer letter from the defendant, issued in 2017, which the complainant, Anthony Ugbebor, accepted.”

The judge then adjourned the trial to July 8, 2025, for continuation.

During cross-examination, defence counsel Adeleke Agboola (SAN) asked Amiebelomo when the petition was dated. He responded: “It was dated December 27, 2023.”

He added that the petition was submitted to the Assistant Inspector General of Police, Zone 2, and was assigned to him for investigation on the same day.

Amiebelomo also confirmed that he met Ugbebor in person after the petition was transferred to his department, and that the complainant made and signed a statement in his presence.

When asked to verify the authenticity of the signature on the petition, the officer said: “I’m not a signature expert.”

He further disclosed that the Economic and Financial Crimes Commission (EFCC) had previously handled the case but said he was unaware that Olusanya had refunded N110 million to the EFCC via bank draft.

He also stated that Olukayode Olusanya did not inform him of any partial payment during the investigation.

Under questioning, Amiebelomo said he was unaware of a civil suit—No. LD447LMW/2023—pending before the Lagos State High Court, in which a pre-emptive injunction had reportedly been granted against both the complainant and the EFCC.

“They were not served,” he stated.

Agboola argued that the case was purely civil in nature and pointed to existing court decisions prohibiting police involvement in such matters.

However, the prosecution objected to this line of questioning.

Citing legal authority, Omo-Osagie maintained that civil transactions could become criminal if fraud is involved. He invoked Section 135 of the Evidence Act and urged the court to disregard the defence’s argument.

Counsel for Oak Homes, Mr. E. Jude, later suggested that Amiebelomo’s investigation was inconclusive. The officer responded:

“My investigation was conclusive. When I visited the location, the building was not complete.”

When asked if the defendant offered any explanation during the investigation for failing to deliver the property, Amiebelomo replied: “Yes.”

He added: “The defendant said the price he agreed with Ugbebor was no longer workable for him, as costs had increased, and that he would not go ahead with the initial terms. That was what he told me.”

Asked whether Olusanya mentioned COVID-19 or the sealing of the property by the Lagos State Government as reasons for the delay, Amiebelomo said:

“No, he didn’t mention COVID or the sealing of the building by the Lagos State Government.”

(S) Witnessngr