The Federal Mortgage Bank of Nigeria (FMBN) is aiming to strengthen its capital base to N750 billion as part of efforts to expand housing finance in the country. Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, disclosed this while addressing journalists during an event marking his two years in office.Osidi noted that the bank’s current paid-up capital stands at about N2.56 billion, a...
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that land, buildings and rent are now fully exempted from Value Added Tax (VAT) under the Nigeria Tax Act 2025. Oyedele explained that the new law, which has already commenced, was designed to reduce the cost of housing, encourage investment in real estate and provide relief for tenants and small businesses...
The National Assembly has called for increased and sustained funding for the housing sector, recognising its critical role in economic growth, job creation, and national development. This position was expressed during the 2026 budget defence of the Federal Ministry of Housing and Urban Development before the Senate and House of Representatives Committees. The Senate Committee on Lands, Housing and Urban...
The Banana Island Estate in Ikoyi, Lagos, has halted all short-let operations across the community following a recent security breach linked to suspected criminal activity. In a statement by the executive committee of the Banana Island Property Owners and Residents Association, Lagos, (BIPORAL), the estate said the decision was taken to preserve security, privacy, and the peaceful coexistence of...
Stakeholders in the real estate sector have expressed hope that the sector will witness unprecedented growth, driven by infrastructure expansion nationwide, targeted capital deployment, a shift towards logistics and data-led assets, and deliberate residential development to mitigate existing gaps. This comes as housing and construction leaders maintain that property markets typically grow in areas where...
The Association of Town Planning Consultants of Nigeria has kicked against the inauguration of the Land Use and Allocation Committee for Land Projects by the Office of the Surveyor-General of the Federation, stressing that it is not only unprofessional and unethical but also a clear act of legal and administrative overreach. The association disclosed this in a statement on Wednesday, signed by its...
The Federal Government has unveiled a comprehensive framework aimed at strengthening the maintenance and preservation of public assets across the country. In a post on its website recently, the Federal Ministry of Housing and Urban Development explained that it is driving the initiative through the Department of Federal Public Assets Maintenance. It added that FPAM has developed a framework containing...
The average rent for a three‑bedroom apartment in Ikoyi, Lagos, has surged to about N25m annually, underscoring the mounting cost pressures in Lagos’ prime residential market, according to Volume 3 of the State of Lagos Housing Market report. The report disclosed that the past decade has marked a period of profound transformation for the Lagos real estate sector, particularly within its luxury...
Built environment professionals have urged the Federal Government to embed its housing delivery strategy into the National Housing Policy to ensure sustainability and long-term impact in addressing Nigeria’s housing deficit.They advised the Ministry of Housing and Urban Development to systematically gather data and feedback from the ongoing Renewed Hope Estates initiative and use the findings to...
Data centres have become the fastest-growing real estate asset class in Lagos, according to the Lagos Real Estate Development Pipeline Report 2025/2026 Edition published by Estate Intel.The report projects that Lagos’ total data centre capacity will exceed 218 megawatts (MW) by 2030, representing more than 3.7 times the current capacity of 78.6MW. This growth reflects a structural shift in Nigeria’s...