Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA), Hon. Oyetunde Ojo, on Wednesday said he inherited an agency with property assets valued at over N10 trillion but one that could not pay workers’ salaries due to a debt burden exceeding N12 billion.
Hon. Ojo made the disclosure in Abuja after receiving an Award of Excellence from the Anti-Corruption Academy of Nigeria (ACAN), the research and training arm of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), for his contributions to institutional reforms and the fight against corruption.
According to him, the agency was in a dire financial situation when he assumed office two years ago alongside members of the executive management team, with accumulated debts backed by a Supreme Court judgment, as well as unpaid staff salaries and allowances.
“We met over N12 billion deficit. We could not pay salary. That’s the truth. The first month, we didn’t even know where we were to pay salaries from,” he said, adding that the management resolved to revive the organisation without relying on Federal Government subventions.
Hon. Ojo, who observed that the turning point came after the management embraced transparency, staff engagement, and digital reforms, said the reforms began yielding results within three months, leading to revenue surpluses that enabled the agency to clear the N12 billion debt within one year.
He added that the authority remitted N3 billion to the Federation Account in July and expects the figure to rise to N6 billion by December.
While speaking on the reforms initiated under his watch, Hon. Ojo said: “from 1977 to 2003, when we were de-listed from the budget revenue, I said over N500 billion have been invested into the Federal Housing Authority of Nigeria. I said, if it was your father’s business, and your father has put in N500 billion into an investment, will you watch it die? No.
“Now, let’s go back and let’s see a situation where we will now be making profit for the Nigerian government and we say this is return on investment. Initially, it was like a joke. Even some of my Executive Directors did not believe me. But thank God I’ve been in politics, I’ve been in business, I’ve been in academics. So, I have a lot of combinations.
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“We realised the staff must be well taken care of. We decided there will be no department that will not function. When I came, SERVICOM, ACTU never existed. I said, for government to have created an agency or created a department, there must be a reason. I called on the former GM SERVICOM ACTU. I said, ACTU, you are the policeman of this organisation. This organisation has gone so down.
“We will now start doing the police work. You and I will be moving from one office to another. Thank God I have the energy, files, everything. Because we’re about to now start digitalisation. Over a year before, it used to be the analogue style.
I said there’s wastage of revenue. We have to digitalise all our property files, both land and housing. And these are property files that are today in our custody, worth over N10 trillion. That’s the truth. Gwarinpa and Lugbe are enough for you to do the analysis.
“We collect ground rents. We collect building approvals. And somebody who is in custody of over N10 trillion cannot pay salary? Something is wrong somewhere. We started digitalisation. We met with resistance, serious resistance. You know, when change is coming, that’s the most difficult thing. We stood our ground. So digitalisation process could not be achieved until we came.”
Hon. Ojo stressed that the administration adopted a zero-tolerance stance against corruption, arguing that responsive leadership and improved staff welfare are critical to eliminating unethical practices.
Presenting the award, the Provost of the Anti-Corruption Academy of Nigeria, Professor Sheriff Ghali Ibrahim, described Ojo as an intellectually sound administrator whose leadership had transformed the operational environment at the FHA while demonstrating a strong commitment to integrity and institutional reforms.
Ibrahim said the academy found the FHA chief deserving of the honour because of his resolve to partner with the ICPC and ACAN in strengthening ethics and accountability within the authority. “He has showcased a vibrant knowledge as well as resolve to partner with the ICPC and the Anti-Corruption Academy of Nigeria to mitigate corrupt practices, especially within the Federal Housing Authority,” he said.
He added that the recognition was also in appreciation of Ojo’s support for staff capacity building and his contribution to Nigeria’s anti-corruption strategy, national ethics, and integrity policy. “Today, we come to honour Honourable Oyetunde Ojo for his contributions, not only to ICPC and ACAN, but to Nigeria’s anti-corruption strategy, as well as national ethics and integrity policy, which advocates for human dignity, patriotism and professionalism,” Ibrahim stated.