How we are helping low-income Nigerians own homes without deposits — CHUJELUX

Folalumi Alaran in Abuja

A new savings-based property ownership model, TumoSave, has provided an opportunity for Nigerians in the real estate sector.

This, specifically, the firm has bypassed the rigid deposit structure that has long kept low- and middle-income Nigerians out of the real estate market.

The initiative, developed by CHUJELUX Properties and Enterprise, was created in response to what its founder described as the inaccessibility of conventional installment plans in the country’s housing sector.

Speaking in an interview with newsmen in Abuja, the CEO, CHUJELUX Properties, Elekwachi Chukwudi, said:

“My major inspiration was when I discovered that even after real estate companies offer payment by installments, the poor and middle class still cannot afford the initial deposit.

“That is why I decided to invent a system where they don’t have to make an initial deposit. Just save as much as it is convenient for you. No targets, no pressure.”

He said the scheme was also influenced by the reality of many Nigerian civil servants who spend decades in service but retire without owning a home.

“A civil servant can spend half of his entire life working only to retire without a house. With TumoSave, that dream can be achieved sooner than expected.”

Although the scheme started in Abuja, adoption has expanded beyond the Federal Capital Territory, with more users now located outside the capital.

According to the founder, digital reach and formal documentation have helped build confidence among savers nationwide.

“We actually have more TumoSavers outside Abuja than we do in Abuja. The internet doesn’t have boundaries, and when you present what people can trust, they will adopt it. TumoSave has the required security and documentation through Chujelux Properties, so it is easy for people who are not even in Abuja to entrust their money to the system.”

Beyond property access, the scheme also enforces saving discipline by restricting cash withdrawals once contributions begin.

“Someone even asked me, ‘Hope I won’t have access to the money? Because if I can withdraw the money, it means I can’t save.

“Once your money enters TumoSave, the next thing you are expecting is a property, not cash again.”

He added that contributions are protected in the event of death.

“Your money can be given to your next of kin in the event of a demise,” he said.

On affordability, CHUJELUX said it currently owns estates in areas including Guzape, Kuje, Kyami, Pyakasa, Delta, Imo, Enugu and Abia, Lagos, but only sells plots where documentation is fully completed.

“As a company with integrity, we are not rolling those ones out for sale because the necessary documentation has not been completed,” the founder explained.

He added: “We are only selling where buyers can move to site or resell immediately.”

He further stated that the firm deliberately subsidises property prices to keep them within reach of low-income earners.

“We are not aiming to just solve our financial problems through real estate but to solve that of the poor and middle class too. One way to solve the problem of the poor is to subsidise prices of goods and services, and this is exactly what we are doing.”

Describing early operational challenges, the founder noted that funding and market dominance by larger developers posed major hurdles.

“Without finance, it would be difficult to navigate through this process,” he said, adding that early support from angel investors and pioneer customers helped to stabilise the initiative.

Looking ahead to 2026, the company plans to scale TumoSave beyond housing.

“By 2026, we want to partner with other companies and integrate TumoSave into their systems,” he said.

He revealed that a mobile application is also scheduled for launch in 2026 to improve accessibility and transparency, while a separate platform is being developed for Nigerians in the diaspora.

“We have created a system that will benefit Nigerians abroad to own properties back home with Chujelux Properties.

“They can tap into the current dollar-to-naira rate to buy lands that are safe and secure back home,” he added.

Speaking further he said “JEC-LUXURY HOMES, Lugbe Abuja and CHAMPIONS GARDEN ESTATE, Idu Abuja are the locations currently selling.”

Assuring that the prices are low, he gave a detailed breakdown as: “250sqm is going for N3m
300sqm is going for N4m
400sqm is going for N5m
500sqm is going for N8m”