The Federal Housing Authority (FHA) has issued a stern warning to land buyers and real estate investors to steer clear of dubious land offers in Festac Town, Lagos, describing such offers as fraudulent and unauthorized.
In a recent statement, the agency expressed concern over the activities of New Festac Property Development Company Limited, which has allegedly been issuing fake offer letters for plots of land in New Festac Town Phase II District. According to FHA, the company is demanding as much as ₦49,151,645 for a single residential plot measuring approximately 651.178 square meters.
The FHA categorically denied any involvement in these transactions, clarifying that it is the sole authority empowered by the Federal Government to allocate land in Festac Town. The agency added that it holds the global Certificate of Occupancy (C-of-O) for all land in the area, making it the only body legally permitted to issue letters of allocation.
“Any legitimate land allocation in Festac would be formally issued and signed by the FHA’s Managing Director and Chief Executive,” the agency stated.
According to the FHA, while it had previously entered into a partnership arrangement with New Festac Property Development Company Limited for part of the development in Festac Phase II, that project has not yet been finalized. Currently, only sand filling and preliminary work are taking place, and no binding agreements or approved pricing have been established.
The FHA further discredited a provisional offer letter signed by one Simon Egodigwe, allegedly on behalf of New Festac Property Development Company Ltd, which requests payments into a Wema Bank account. The agency emphasized that this offer is unauthorized and unverified, urging the public to disregard such communications and refrain from engaging in any transactions based on them.
“The management of the Federal Housing Authority wishes to warn the general public, especially unsuspecting land buyers and investors, that any land offers not directly issued by the FHA are invalid,” the statement read.
The FHA concluded its advisory by encouraging members of the public to carry out proper due diligence and consult with its official offices before committing to any land-related agreements within Festac Town.
This development comes amid growing concern over land fraud and title manipulation in Nigeria’s urban real estate sector. The FHA’s proactive stance is intended to protect buyers from falling victim to real estate scams that can result in legal disputes, financial loss, and personal distress.
