Reps to Probe FG’s Real Estate Investment Fund Over Transparency

ABUJA — The House of Representatives has announced a probe into the Federal Government’s Real Estate Investment Fund. Vanguard confirmed the House’s decision on Wednesday. Lawmakers cited concerns about transparency, accountability, and the proper use of public funds in the management of the investment vehicle.

The Real Estate Investment Fund was established to mobilise capital for affordable housing development across Nigeria. However, House members said they have received concerns about how the fund is being managed, who the beneficiaries are, and whether the properties being funded are genuinely serving the affordable housing mandate.

The Committee on Housing and Urban Development will lead the investigation. Committee Chairman Hassan Saleh said the probe will examine the fund’s governance structure, financial records, contract awards, and the status of properties funded. He said the committee will summon all relevant officials to testify.

Nigeria’s Housing Crisis

Nigeria faces a housing deficit estimated at 28 million units. Affordable housing for low and middle-income Nigerians is one of the country’s most acute development challenges. Funds established to address this deficit must be managed with maximum transparency and accountability.

Civil society groups welcomed the House probe. They said government housing funds in Nigeria have a poor track record of delivering on their mandates. Too often, resources meant for affordable housing end up financing projects that serve middle and upper-income groups or disappear into administrative overhead and corruption.

The Ministry of Works and Housing said it will cooperate fully with the House investigation. A ministry spokesperson said the fund is being managed in accordance with its enabling legislation and that officials welcome the opportunity to demonstrate transparency to lawmakers and the public.