Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

The Estate Rent and Commission Agents Association of Nigeria (ERCAAN) has highlighted that the auction of 753 properties seized from former CBN governor Godwin Emefiele could play a crucial role in addressing Nigeria's housing deficit, provided the process is handled with transparency and a focus on affordability.

ERCAAN has recommended that the properties be sold at subsidised prices to Nigerians in genuine need of housing.

This proposal was shared by the association's National President, Godwin Alenkhe, during the first meeting of the association's newly elected executives in Lagos.

He urged the government to offer the properties at below-market rates as a temporary solution to the country's ongoing housing shortage.

By selling the properties at discounted prices, Alenkhe believes that average Nigerians would be able to access these seized luxury homes, making a significant contribution to reducing the housing deficit.

He said:

“It will also do much in reducing the housing deficit in the country. Aside from this one, there are a lot of unoccupied estates dotting the Nigerian landscape that need to be acted on so it will become a rule that since houses are built to be inhabited, anyone who builds without letting it out to the public should be asked why.”

In addition, Alenkhe stressed the importance of involving reputable real estate associations such as NIESV, ERCAAN, and AEAN in the sales process, recommending that they serve as lead agents.

He also pointed out that the rising costs of estate agency fees were being driven by unregistered agents and unscrupulous landlords, causing considerable hardship for citizens, particularly in Lagos.

To address this issue, ERCAAN proposed that the government establish monitoring desks across regions and create a mobile task force to curb these practices.

Reflecting on ERCAAN's role in the industry, Alenkhe emphasised the association's long-standing influence in shaping the real estate profession in Nigeria.

He expressed empathy for those struggling with accommodation, highlighting that shelter is a fundamental human need.

Former Central Bank of Nigeria Governor, Godwin Emefiele, and his associate, Henry Omoile, are currently facing 26 fraud-related charges involving a combined sum of $4.5 billion and N2.8 billion, filed by the Economic and Financial Crimes Commission (EFCC).

Investigations revealed that Emefiele channelled funds into the construction of a massive estate comprising 753 duplexes in the Lokogoma area of Abuja.

In December 2024, the EFCC secured a final forfeiture order from the Federal Capital Territory High Court, leading to the property's official seizure.

Following President Bola Tinubu's directive, the estate was transferred to the Ministry of Housing and Urban Development.

The president also instructed that the estate be completed and made available for public purchase.

Housing Minister Ahmed Dangiwa stated that Nigerians interested in acquiring units from the estate will be able to apply through the Renewed Hope Portal once the homes are fully ready and publicly advertised.

Meanwhile, Legit.ng earlier reported that the EFCC Chairman, Ola Olukoyede, and Dangiwa recently inspected the housing estate said to have been confiscated from Emefiele.

During the visit, Olukoyede emphasised the agency’s commitment to accountability and public confidence, noting that the EFCC’s mandate goes beyond asset recovery to ensuring recovered properties are repurposed for national benefit.

The estate is now set to be absorbed into the Federal Government’s National Social Housing Programme, a move aimed at advancing affordable housing and strengthening governance.

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Source: Legit.ng