FHA’s restructuring, commercialisation panel inaugurated

The Minister, who is the Chairman of the Committee, said the setting up of the panel was informed by the need to involve all relevant stakeholder groups in the efforts to bridge the nation’s housing deficit put at about 16 million.Noting that although the deficit figure was disputable in view of the lack of a […]

The Minister, who is the Chairman of the Committee, said the setting up of the panel was informed by the need to involve all relevant stakeholder groups in the efforts to bridge the nation’s housing deficit put at about 16 million.
Noting that although the deficit figure was disputable in view of the lack of a reliable housing census, figures the Minister, said there was no doubt that a huge deficit existed especially in the provision of housing for low income earners.
She said her Ministry had designed some products to address the need in that segment of the society and expressed hope that improvement would be noticed in the coming years.
The Minister said The Federal Housing Authority was established over 40 years ago to deliver mass housing to Nigerians but expressed regret that it had not been able to deliver satisfactorily on its mandate.
She blamed this failure on poor internally generated revenue base, poor corporate governance, lack of internal cohesion, high cost of its housing units among other reasons.
To address these issues, she said she set up a special committee to restructure the Authority in May 2012 and that the panel recommended a holistic overhaul of the Authority while another body was set up which come up with an action  plan for the implementation of the recommendations of the restructuring committee.
Following the approval of the President, the Minister said a Technical Board was set up in January this year to oversee the restructuring and commercialization of the FHA.
Over 14 professionals were drawn from different fields  as members of the committee, with the minister as the Chairperson.
Other members include Mr. Ayeni Olatunde, Chairman Skye Bank plc, Mr. Chinelo Amagu, Ag. DG PenCOM, Mr. Benjamin Dikko,DG Bureau of Public Enterprise and Oyinloye Adekunle CEO, Infrastructure Bank Plc.
Also as members are, Mr Olabode Afolayan, National President, Real Estate Developers Association of Nigeria REDAN and representative of the ministry of Justice, NACCIMA and labour officials.