………Commends FMBN Funding, PPP Arrangement.
As part of his ongoing nationwide assessment of housing projects, the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, PhD, on Thursday, June 11, 2026, inspected the Lagos Renewed Hope City Project located in Ibeju-Lekki, Lagos State.
The inspection visit was aimed at assessing the progress of the project, which comprises a total of 2,084 housing units, ahead of its planned commissioning in October.
The project is one of the flagship Renewed Hope City developments being delivered under a Public-Private Partnership (PPP) arrangement between the Federal Government and private sector developers.
The Minister described the PPP model as a strategic approach to accelerating housing delivery across the country.
He commended the Federal Mortgage Bank of Nigeria (FMBN) for its role in advancing affordable housing through the funding of 1,500 housing units at the Renewed Hope City Project in Ibeju-Lekki, Lagos.
Darma noted that the FMBN financing would provide shelter for thousands of Nigerians, describing the intervention as a demonstration of the Bank’s commitment to delivering on its mandate.
Expressing satisfaction with the level of work completed, Engr. Darma stated that the project was nearing readiness for offtake.
“I have seen more than 80 percent completion. In fact, I can say between 85 and 90 percent because all of the houses already have fittings. Some of them are ready for occupation,” he said..
“With FMBN financing these 1,500 units, it means they have now housed about 6,000 Nigerians. They are certainly delivering on their mandate,” the Minister added.
He further noted that housing projects such as the Ibeju-Lekki development contribute significantly to economic growth through job creation and increased activity across the construction value chain.
Speaking during the inspection, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, reaffirmed the Bank’s commitment to delivering affordable housing solutions and ensuring that completed homes reach their intended beneficiaries.
Osidi urged developers to adopt faster delivery timelines to enable beneficiaries to take possession of completed housing units without unnecessary delays.
The FMBN Managing Director also emphasized the need for a phased completion approach, where completed units are delivered progressively instead of waiting for the entire project to be completed before allocation.
He further applauded Legrande Properties for maintaining high standards in the delivery of the Ibeju-Lekki project, stressing that quality construction and timely delivery remain essential to providing lasting value to beneficiaries.
“The housing units are being delivered through a cross-subsidy model designed to enhance affordability for low- and middle-income Nigerians across the different categories of beneficiaries to access decent housing under the project,” Osidi stated.
The Minister had earlier undertaken similar inspection visits to the Renewed Hope City projects in Karsana, Abuja, Federal Capital Territory, and Lambu along Gwarzo Road in Kano State.
Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, the Federal Government plans to develop six Renewed Hope Cities—one in each of the country’s six geo-political zones—as part of efforts to expand access to affordable housing and bridge Nigeria’s housing deficit.
In addition to the Renewed Hope Cities, the Ministry is implementing the Renewed Hope Estates Programme, with housing estates currently under construction in 12 locations across the country—two states in each geo-political zone. The Minister has already inspected projects in Katsina and Yobe States.
Following his assumption of office and comprehensive briefings from the Ministry’s departments and agencies, Engr. Darma immediately commenced inspection visits to project sites nationwide to personally assess the pace and quality of ongoing work.
According to the Minister:
«“The essence of these inspection visits is to personally assess the status of the projects, ascertain their levels of completion, identify challenges where they exist, and determine the necessary steps required to ensure their timely completion in line with the objectives of the Renewed Hope Agenda of President Bola Ahmed Tinubu.”»
He added that the initiative is designed not only to increase access to affordable housing for Nigerians but also to stimulate economic growth through job creation and enhanced socio-economic opportunities.
The Minister reaffirmed the commitment of the Tinubu Administration to providing decent and affordable housing for Nigerians and pledged to deploy his experience and leadership toward ensuring the successful delivery of the Ministry’s housing programmes.
Badamasi Haiba, Fsca, mnipr
Director, Press and Public Relations
