Monday, May 12, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

FG threatens to revoke housing partnerships with erring developers

Simon Osuji by Simon Osuji
March 21, 2024
in Real Estate
0
FG threatens to revoke housing partnerships with erring developers
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


The Federal Housing Authority (FHA) has threatened to revoke its partnership with developers who fail to deliver contracted housing projects on time.

The Managing Director of the agency, Oyetunde Ojo, sounded this warning when he inspected the FHA housing project at Ajoda, Ibadan.

The over 1,000-unit Ajoda project, which spans over 50 hectares, was incorporated four years ago through a private-public partnership and entrusted to six developers with a mandate to complete the project within a specified timeframe.

Addressing newsmen while on the site for inspection, the FHA boss expressed dissatisfaction with the level of work done, saying only one partner out of six was able to deliver at a satisfactory level.

He warned developers using inflation as an excuse for project delays that they may face severe consequences, which include the withdrawal of their contract with the federal government as developers.

He said: “Concerning this project, our level of satisfaction is about 20 to 25 per cent as, out of six partners, only the partner in charge of lots 4 and 5 has actually worked to satisfaction.”

“We should also be very careful of one thing; we knew when inflation started. This was a project with a mandate to deliver in four years. It is a public-private partnership, and that is why I said we would not tolerate land speculators or property speculators.

“If you have given somebody four years to deliver and he can’t deliver, there is no reason that we can’t revoke; it is a straight deal in partnership. We would be forced to revoke. We can’t waste time. Housing is a serious business.”

Speaking further, Ojo was assured of the federal government’s commitment to delivering affordable homes.

“My message to subscribers is that they know the standard of FHA; we deliver affordable quality; the word quality is critically key; it is not just building a house.

“What we want to tell our subscribers in FHA is to be assured of quality, satisfaction, and value for your money because you would provide security, you would provide infrastructure in our facilities, and we would make sure you enjoy all these values for your money,” he added.



Source link

Related posts

NERC Directs DisCos to Compensate Band A Customers

NERC Directs DisCos to Compensate Band A Customers

May 12, 2025
FG Signs Agreement to Provide 24-Hour Electricity to Eight Universities

FG Signs Agreement to Provide 24-Hour Electricity to Eight Universities

May 10, 2025
Previous Post

Europe Is Struggling to Coexist With Wild Bears

Next Post

HII to Support US Intelligence Operations in South Korea

Next Post
HII to Support US Intelligence Operations in South Korea

HII to Support US Intelligence Operations in South Korea

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Apple MacBook Air Deals: The 13- and 15-Inch M2 Models Are on Sale

Apple MacBook Air Deals: The 13- and 15-Inch M2 Models Are on Sale

1 year ago
Bitcoin spot and margin longs push BTC to $85K, but the bottom isn’t in yet

Bitcoin spot and margin longs push BTC to $85K, but the bottom isn’t in yet

2 months ago
Ontario – Illinois sign agreement to boost trade and investment

Ontario – Illinois sign agreement to boost trade and investment

11 months ago
Sage Dental Acquires Tampa-Based Pediatrics Dental Office

Sage Dental Acquires Tampa-Based Pediatrics Dental Office

1 year ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.