Developer urges Wike to allocate repossessed lands for affordable housing
The Managing Director of Abuja-based real estate firm, Big Homes Limited, Mr. Topsy Essien, has appealed to the Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike, to allocate lands recently repossessed from individuals to credible developers to support the delivery of affordable homes in the nation’s capital. Speaking on Thursday at the commissioning […]
The Managing Director of Abuja-based real estate firm, Big Homes Limited, Mr. Topsy Essien, has appealed to the Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike, to allocate lands recently repossessed from individuals to credible developers to support the delivery of affordable homes in the nation’s capital.
Speaking on Thursday at the commissioning of Ivy’s Court, a Big Homes project in Mabushi, Essien said the high cost of land—constituting more than 60 per cent of construction expenses in the FCT—remains the biggest obstacle to addressing Nigeria’s housing deficit.
He urged the Federal Capital Territory Administration (FCTA) to prioritise allocating reclaimed lands to reputable real estate companies under transparent arrangements aimed at affordable housing development.
According to him, the current trend where private individuals acquire land at minimal cost and later resell at inflated prices makes it difficult for ordinary Nigerians to access housing.
“If government can bear the cost of land alone, the issue of the housing deficit will be greatly reduced. It becomes unfair when individuals get land for free and then sell at outrageous prices,” he said.
Essien disclosed that Big Homes has successfully delivered houses to about 100 families, adding that the firm focuses on quality locations and partnership-driven project models rather than mass housing schemes.
He also called on mortgage banks to expand their intervention efforts, insisting that Nigerians should be able to access loans substantial enough to purchase a home.
“Mortgage banks can be of great help. The amounts people access should be tangible. You cannot give someone a loan that isn’t enough to buy any house,” he noted.
Essien further urged the federal and state governments to introduce housing subsidies, similar to policy support provided to other sectors, to stimulate real estate development.
He commended the FCT Minister for ongoing infrastructure projects and encouraged the ministry to channel repossessed lands to certified developers under clear public-private partnership (PPP) frameworks.
“Government can define the type of houses it wants. Repossessed lands should be given to developers already in agreement with authorities to deliver affordable homes,” he said.
He explained that removing the cost of land acquisition—which accounts for a major portion of project expenses—would significantly reduce housing prices.
“Sixty per cent of the cost of building is land. If government takes care of that, what remains is the cost of blocks, plastering and finishing. We can deliver affordable houses. Some developments that cost ₦50 million today would be far cheaper if the land component is removed,” he added.
Essien warned that without government intervention, land speculation and racketeering will continue to push housing prices beyond the reach of many Nigerians.