House of Reps Probes Family Homes Funds Over Alleged Failed ₦1.5 Trillion Housing Scheme

 

The House of Representatives has launched an investigation into Family Homes Funds Limited over what lawmakers describe as a grossly underwhelming performance in delivering the 500,000-unit housing scheme funded by the Federal Government.

 

The probe follows a motion sponsored by Esosa Iyawe lawmaker from Edo State who raised concerns about the alleged mismanagement of the ₦1.5 trillion allocated for affordable housing since 2018.

 

Iyawe accused the government-backed developer of failing to live up to expectations noting that the few houses completed  are in remote locations and priced beyond the reach of low-income earners—the very people the project was meant to help. He warned that the undelivered housing units have effectively  tied up public funds risking economic losses if urgent action is not taken.

 

“The failure of projects like these has fueled the proliferation of slums and informal settlements in Nigeria’s urban centers, worsening the nation’s housing crisis he stated.

 

With mounting public outrage over the alleged inefficiency the House has now mandated its Committee on Public Assets to conduct a full-scale investigation into Family Homes Funds Limited, demanding a comprehensive report within four weeks.

 

This development has sparked fresh concerns over accountability in government-funded projects, raising questions about whether the promised homes ever existed—or if billions of naira have simply disappeared into thin air.