Two national newspapers covered the same groundbreaking at Lekki Aviation Town, Ibeju-Lekki, on 30 October 2026. They reported different projects.
| Vanguard, 30 October | Leadership, 31 October | |
|---|---|---|
| Scale | 5,000 units | 2,000 units |
| Locations | Granville, The Parliament, Lekki Aviation Town | Lekki Aviation Town |
| Entry cost | ₦5.5 million equity | ₦100,000 initial deposit |
| Financing | Mortgage up to 90% of value | Balance over 25 years through FMBN |
| Rate | “single-digit” | not stated |
| Term | 15 to 30 years | 25 years |
Both are describing the Renewed Hope Housing Development at Ibeju-Lekki, delivered through a public-private partnership. Both name Harmony Gardens & Estate Development. They cannot both be right about the two numbers that matter most: how many homes are being built, and what a buyer must pay to get one.
Why this is the story
₦5.5 million and ₦100,000 are not variations. They are different products.
An equity contribution of ₦5.5 million implies a unit around ₦55 million if it represents 10% against a 90% mortgage – and a monthly repayment somewhere between ₦297,000 and ₦502,000 depending on rate and term. That is a product for a senior civil servant or a diaspora buyer.
An initial deposit of ₦100,000 with the balance over 25 years through the Federal Mortgage Bank suggests entry aimed at the people named in the Leadership report: teachers, police officers, nurses, civil servants, young entrepreneurs and Nigerians in the diaspora. On a ₦55 million unit, a ₦100,000 deposit would be 0.2% – which no lender funds.
So either the scheme has tiers priced very differently, or one of the two reports has the terms wrong.
The arithmetic, and why I am now cautious about it
An earlier version of this article led with the ₦55 million figure. That was my calculation from Vanguard’s ₦5.5 million equity and 90% mortgage – labelled as modelled, not quoted. Leadership’s report of a ₦100,000 entry is a direct challenge to it, and I would rather say so than leave a modelled number standing as though it were settled.
What survives the disagreement:
- The project exists and groundbreaking took place on 30 October 2026 at Lekki Aviation Town.
- It is a federal Renewed Hope scheme, with Harmony Gardens as a partner.
- Units are two- and three-bedroom.
- Financing runs through FMBN.
- The Minister of Housing, Muttaqha Rabe Darma, said success would be measured by delivery and affordability rather than by the ceremony.
What does not survive: any confident statement of unit price, monthly repayment, or even unit count.
What a buyer should do
Get the terms in writing before paying anything. Not a brochure, not a speech at a ceremony – a document that states the unit price, the deposit, the rate, the term and the monthly payment. If those five numbers are not on paper, you do not know what you are buying.
Ask which phase you are being sold. If 5,000 units are planned across three locations, the ₦100,000 entry may apply to a specific block or a specific buyer category. The headline deposit is worthless if your category is priced at ₦5.5 million.
Treat ₦100,000 as marketing until FMBN confirms it. The figure came from the developer’s managing director at a ceremony. FMBN is the institution that would actually lend; their published terms are the ones that bind.
Do not pay a deposit to a third party. Renewed Hope payments go through the programme and FMBN. Anyone collecting ₦100,000 in cash against a promise of allocation is not part of that.
What is not established
Whether the project is 2,000 or 5,000 units; whether the entry cost is ₦100,000 or ₦5.5 million; whether either figure applies to all buyers or to specific categories; what the unit price is; what the interest rate is; and what the allocation timetable is.
Neither report states the total project value, the number of phases, or the eligibility criteria. The two accounts were published a day apart, which suggests the difference is not a correction but two different briefings of the same event.
Frequently asked questions
How much do the Renewed Hope homes at Ibeju-Lekki cost?
Unresolved. One report says ₦5.5 million equity against a 90% mortgage; another says a ₦100,000 initial deposit with the balance over 25 years. Get the terms in writing from the programme or FMBN.
How many homes are being built?
Reported as 5,000 units across three locations by one outlet, and 2,000 units at Lekki Aviation Town by another. They may be describing different phases.
Who is the developer?
Harmony Gardens & Estate Development Limited, in partnership with the Federal Ministry of Housing and Urban Development. The Leadership report also names Metroscape Development Company.
Is ₦100,000 a deposit I can rely on?
Not until it appears in programme documentation or FMBN terms. It was stated by the developer’s MD at the groundbreaking, not published as policy.
What size are the units?
Two- and three-bedroom homes.
Last updated: 31 October 2026. This article was revised after a second report of the same event gave materially different figures. The 5,000-unit count, ₦5.5 million equity, 90% mortgage, single-digit rate and 15–30 year term are from Vanguard, 30 October 2026. The 2,000-unit count, ₦100,000 initial deposit, 25-year balance through FMBN, two- and three-bedroom unit types and the buyer categories are from Leadership, 31 October 2026. The ₦55 million unit price and all monthly repayment figures are calculated from the Vanguard figures only and are not published by the scheme; the Leadership report casts doubt on them. Neither price nor rate has been confirmed by FMBN.
