The Federal Government has announced plans to sell a sprawling 753-unit housing estate in Abuja, recently seized from former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to low- and middle-income Nigerians. But as optimism brews, experts are sounding the alarm over affordability, transparency, and the project’s long-term impact.
Located in the Lokogoma District of Abuja, the estate spans over 60 hectares and was forfeited to the Federal Government following a court order obtained by the Economic and Financial Crimes Commission (EFCC) in December 2024. The EFCC described it as the single largest real estate recovery in its 21-year history.
Despite a fresh lawsuit filed in April by Emefiele to reclaim the property arguing he wasn’t properly notified during forfeiture proceedings the case was dismissed, and legal possession transferred to the government.
On May 20, 2025, EFCC Chairman Ola Olukoyede officially handed over the property to the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, who revealed the estate will be sold under the Renewed Hope Cities and Estates programme championed by President Bola Tinubu’s administration.
Government: Homes for the People
According to the Ministry of Housing, the estate will be made available to Nigerians through flexible payment options including mortgage plans, rent-to-own, and outright purchases. Sales will be handled through the official portal: renewedhopehomes.fmhud.gov.ng.
“The goal is to convert recovered assets into social value by ensuring deserving Nigerians, particularly those in the low- and middle-income brackets, become homeowners,” said the Ministry’s Director of Press, Badamasi Haiba.
Before sales begin, a technical team will assess the estate’s infrastructure and determine the level of work needed for completion, especially as construction had stalled since Emefiele’s arrest in mid-2023.
Reality Check: Overgrown, Unfinished, and Infested
A visit to the estate by NEWS REVIEW painted a stark picture. Most buildings are still under construction, with many units lacking basic finishing such as plumbing, wiring, and painting. Overgrown weeds have overtaken much of the compound, and locals reported frequent snake sightings.
“Since last year, this place has been deserted. We’ve had to chase snakes away from our own gates,” said a security guard at a neighbouring estate.
From outside the locked gates, at least two buildings appeared fully completed, while several others showed varying levels of completion—from roofing to interior fittings. Despite the deterioration, the estate remains surrounded by other high-end residential properties, making it a valuable asset.
Experts Question Affordability
While the government claims the initiative is aimed at making housing accessible, industry experts argue the estate’s design and quality contradict its affordability goals.
“These are four-bedroom duplexes in a prime Abuja district. No one should classify them as low-cost housing,” said Moses Ogunleye, a town planning consultant.
Real estate developer Stephen Eke warned that the cost of completing the estate—estimated at billions of naira—would inevitably push sale prices beyond the reach of ordinary Nigerians.
“You can’t use luxury finishes and then expect low-income earners to afford them,” Eke noted. “It’s either you resell the estate at market value and build affordable homes elsewhere, or redesign the structures entirely.”
Engineer Jeremiah Akinsele also advised against political allocations or backdoor sales. “There must be independent valuation. Transparency is key, or this will end up benefitting the elite,” he said.
Proposed Solutions: Split and Simplify
To make the homes truly accessible, professionals suggest redesigning the estate to fit more affordable models.
“One duplex can be split into three or four mini flats. That way, a wider segment of Nigerians can benefit,” said Adewunmi Okupe, CEO of Ace Hi-Tech Construction.
The Nigerian Institute of Building echoed this sentiment, warning that maintaining large units would also burden buyers with high running costs.
“Even middle-income earners will find it difficult to maintain these homes. The risk is that politicians or wealthy individuals will hijack the scheme,” said spokesperson Godfrey Godfrey.
A cost analysis by the Nigerian Institute of Quantity Surveyors estimated each unit could sell for ₦100 million to ₦200 million—far above what most civil servants or small business owners can afford.
Transparency, Raffles, and a People-First Approach
Housing advocates are urging the government to rethink its strategy. The Real Estate Developers Association of Nigeria called for a tech-driven, publicly accessible application process to avoid manipulation.
Housing Development Advocacy Network (HDAN) proposed an innovative raffle system tied to Bank Verification Numbers, where each entry costs a token fee.
“If one million Nigerians pay ₦10,000 to enter a transparent raffle draw, that’s ₦10 billion generated to fund completion. It’s inclusive and self-sustaining,” said HDAN’s Executive Director Festus Adebayo.
He urged the government to treat the property as a public asset rather than a political favour, emphasizing that allocation should prioritize the vulnerable and not the privileged.
Conclusion
As the Federal Government moves ahead with plans to convert a seized luxury estate into a housing solution, the idea has drawn both praise and skepticism. While it marks a bold attempt to repurpose ill-gotten wealth for public good, many question whether the execution will truly serve the people it claims to help.
Without structural adjustments, clear pricing models, and transparent allocation processes, experts warn the Renewed Hope vision may end up as yet another missed opportunity in Nigeria’s long fight against housing inequality.
Follow News Review on Facebook and X
 Governor, Godwin Emefiele to low- and middle-income Nigerians. But as optimism brews, experts are sounding the alarm over affordability, transparency, and the project's long-term impact.){kind=link}