Conversion of seized 753 duplexes could deliver 2,000 rental units —HDAN boss

MAKING strong case for the conversion of the seized 753 duplexes in Abuja, Executive Director of Housing Development Advocacy Network (HDAN), Festus Adebayo, said the housing estate could deliver 2,000 rental units, thereby increasing the nation’s housing stock.

Adebayo proposed to the Federal Government to convert the recently seized housing estate by the Economic and Financial Crimes Commission (EFCC) from the former Central Bank of Nigeria, Governor, Godwin Emefele, to a model social housing project dedicated to affordable rental housing.

The estate was last week handed over to the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa.

The conversion of the 753 duplexes to rental houses, he said, would send a strong message that seized public assets can be repurposed for the collective good, rather than recycled into private hands.

This approach not only ensures fairness, transparency, and efficiency, but it also sets a precedent for how we handle recovered assets going forward, turning lost wealth into social dividends,’ he said.

Justifying need for rental housing, the executive director of HDAN called on the Federal Ministry of Housing and Urban Development, EFCC, FHA, and other stakeholders to give serious consideration to the model, describing it as a landmark opportunity to institutionalize social housing in Nigeria.

Adebayo urged that the seized property, reportedly consisting of high-value villas, should not be sold to the highest bidders, but rather 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 remodeled into 1- and 2-bedroom units and allocated for heavily subsidized rental to Nigerians through a transparent and equitable process,” he said.

According to HDAN’s proposal, the properties should be allocated via a digital raffle draw.

“Interested participants would purchase a maximum of two online raffle tickets linked to their Bank Verification Number (BVN), priced at N10,000 per ticket. 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.

Adebayo explained that the proceeds from the raffle sales could generate as much as N10 billion if one million Nigerians participate, which would be sufficient to fund the remodeling and completion of the estate.

This makes it a self-financing social housing initiative, eliminating the usual challenge of financial viability associated with rental housing, he added.

The advocacy group recommends 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, they suggest, should be set at approximately 50 percent or less of current market rates, with the goal of ensuring affordability while generating enough income for estate maintenance and management.

Why young people? Adebayo asked. 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 emphasized that the focus on rental housing is strategic and long overdue. We need to start building a portfolio of well-managed, publicly owned social rental housing. This project presents a zero-cost entry point for the government to do just that,” Adebayo said.

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