Rivers Launches 2,000-House Mini-City Near PH Airport

Rivers State Government has partnered with a private investor to launch a multi-billion naira housing estate near Port Harcourt International Airport, targeting high-net-worth executives who abandoned the Garden City in recent years.

The PH-AirportCity project, unveiled Wednesday at Hotel Presidential in Port Harcourt, aims to reverse the exodus of top professionals who fled the state capital, citing security concerns and inadequate world-class residential options.

The initiative, coming as Governor Sim Fubara consolidates control after months of political turbulence, signals renewed confidence in Rivers State‘s investment climate and economic prospects.

The estate will deliver 2,000 houses in phases, sitting on 80 hectares of land with certificates already prepared for investors, according to project organizers.

The scheme represents a partnership between the Rivers State Government through the Greater Port Harcourt City Development Authority and Masta Services Company Limited, headed by Ugo Ohuabunwa, a construction expert with 40 years of industry experience.

A Special Purpose Vehicle known as Masta-Rivers Development Company Limited drives the project, with 70 percent equity held by Masta Services Company Limited and 30 percent by GPCDA on behalf of the state government.

The unveiling attracted a large audience that filled the venue, with representatives from Federal Mortgage Bank of Nigeria, Stanbic IBTC Bank, and Standard Chartered Bank present to discuss financing arrangements.

Adebayo Adeoshun, consultant for brands and marketing, described the launch as “a great dawn in Rivers State,” saying what had just happened was no easy breakthrough given the state’s recent political and security challenges.

In his presentation, Ohuabunwa explained that concerned developers were aggrieved that Port Harcourt was undergoing infrastructure decay, requiring urgent action—hence the idea of creating a mini-city within the city.

“People fled Port Harcourt not only because of insecurity but due to a lack of world class residential homes for the topmost executives who work hard. Such people deserved a decent location of residence to rest and feel safe,” he stated.

His observation touches on a painful reality for Port Harcourt. The city that once attracted Nigeria’s best professionals during the oil boom years has watched many relocate to Lagos, Abuja, and even abroad as infrastructure deteriorated and violence increased.

Ohuabunwa emphasized Port Harcourt’s unique strategic location in Africa, noting its connectivity to Aba in Abia State, Uyo in Akwa Ibom State, Owerri in Imo State, Onitsha in Anambra State, and Yenagoa in Bayelsa State—all reachable within one to two hours.

“We want to change that; we want to create a mini-city in the main city for the highest class. This will free space for the middle class,” he explained, suggesting the project could ease housing pressure across Port Harcourt’s residential zones.

The strategic location near Port Harcourt International Airport offers convenience for executives who travel frequently, reducing commute time to and from the airport while providing proximity to the state capital’s business districts.

Ohuabunwa mentioned affordability as a key strategy despite targeting high-net-worth individuals. “Luxury is affordable,” he declared, outlining the financing arrangements that make the project accessible.

To achieve the initiative, the company secured land directly from its government partner, loan opportunities for buyers from the Federal Mortgage Bank of Nigeria, and additional funding from Stanbic IBTC Mortgage company.

The CEO described the houses as ranging from one-bedroom units to five-bedroom residences, all equipped with electronic security systems, CCTV surveillance, shopping malls, comprehensive road networks, stormwater drainage, central sewage systems, gas-to-power infrastructure, cooking gas, fiber optic connectivity, and four fire stations.

The minimum rate may be N32 million, he revealed, adding that this approach has not been implemented in Nigeria before “because the buyer’s money is not needed at the initial stage to build the houses.”

This financing model differs from typical Nigerian real estate development, where buyers pay upfront or in installments during construction. The project’s structure allows houses to be built first, with buyers accessing mortgage financing upon completion.

Melody Ukwa, Port Harcourt branch manager of the Federal Mortgage Bank of Nigeria, confirmed the institution’s participation. “There is the category of Rent-to-Ownership scheme; there is the renovation scheme; there is the individual construction loan; there is the Diaspora fund; there is the National Housing Fund, etc.,” she explained.

All loans extend for not more than 30 years, she added, making monthly payments potentially manageable for professionals earning steady incomes.

The Diaspora fund option is particularly significant given the number of Rivers State indigenes living abroad who might invest in quality housing in their home state if financing and security concerns are addressed.

Bennett Chu, an architect serving as acting Director-General of the Greater Port Harcourt City Development Authority, told newsmen the state government was keen to provide massive housing opportunities.

He explained that the Authority serves dual roles as both regulator and partner in the project, carefully verifying every proposition to ensure quality and compliance with standards.

“The Authority suggested some of the features in the SPV because the state wanted the best for buyers and investors,” Chu said, indicating government involvement extended beyond merely providing land.

The project’s timing is noteworthy. Governor Fubara’s return to full control after months of political warfare with his predecessor, Nyesom Wike, appears to have unlocked investment initiatives that may have stalled during the uncertainty.

Investors typically avoid commitments during political instability, particularly in real estate projects requiring multi-year timelines. The PH-AirportCity launch suggests confidence that Rivers State has stabilized politically.

However, security concerns that drove many executives away in recent years have not entirely disappeared. While violence has decreased compared to previous periods, potential buyers will need assurance that investments in Port Harcourt remain secure.

The project’s electronic security features, CCTV systems, and gated community design address these concerns at the micro level. But broader perceptions about Rivers State‘s security environment will ultimately determine whether high-net-worth individuals return, as developers hope.

The 80-hectare land size suggests significant expansion potential beyond the initial 2,000 houses. If the first phase succeeds, additional residential, commercial, and recreational developments could follow, genuinely creating a city within the city.

Shopping malls, fire stations, and comprehensive infrastructure indicate ambitions beyond merely constructing houses. The developers envision a self-contained community where residents access services without leaving the estate.

For Rivers State, attracting back top executives and high-net-worth individuals carries economic benefits beyond real estate transactions. Such residents pay taxes, patronize local businesses, and often invest in other sectors once they establish roots.

Their departure in recent years hollowed out Port Harcourt’s middle- and upper-class neighborhoods, reducing consumer spending and business activity. Reversing this exodus could catalyze broader economic revival.

Whether PH-Airport City succeeds in luring back these professionals depends on execution quality, sustained security improvements, and overcoming skepticism among those who abandoned the Garden City after painful experiences.

The unveiling represents a bold statement of confidence in Rivers State‘s future. Now comes the harder work of delivering on promises, maintaining security, and proving that Port Harcourt can once again be the thriving, attractive city it was during Nigeria’s oil boom decades.