FHA clears N12bn debt, remits N3bn to FG, says MD

The Federal Housing Authority (FHA) in Nigeria has successfully cleared a debt burden exceeding N12 billion within its first three months under new management, according to Managing Director and Chief Executive Officer Oyetunde Ojo. Furthermore, the agency has remitted N3 billion to the Federal Government's Consolidated Revenue Fund.

Ojo revealed these achievements during a press conference in Abuja, following an award ceremony. He stated that the FHA inherited significant financial challenges, including a debt backed by a Supreme Court judgment, which hampered its ability to meet basic obligations like salary payments. "When I was appointed, and we got here, we met over 12 billion naira deficit. We could not pay salaries," Ojo said.

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So when I was appointed, and we got here, we met over 12 billion naira deficit. We could not pay salaries.

The new management's strategy focused on reviving the agency without relying on government funding. "The first thing we told them, and I personally stood my ground that I would not take one naira from the Federal Government," Ojo declared. He credited the financial turnaround to the digitalization of operations, especially property records, which significantly boosted revenue generation. The FHA manages property files, including land and housing, valued at over N10 trillion, collecting ground rents and building approval fees.

Despite initial resistance, the digitalization process, which replaced an "analogue style" prone to revenue wastage, began yielding results within three months. Ojo also emphasized prioritizing staff welfare, including clearing promotion backlogs and improving the working environment. "We met people who had remained stagnant," he noted, highlighting the need for better management of investments and resources. The FHA's success demonstrates a significant financial turnaround, moving from a deficit to a surplus within a short period.

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The first thing we told them, and I personally stood my ground that I would not take one naira from the Federal Government.