GMH Luxury protected client funds through naira crisis, refunded over ₦4bn
By Aboki Forex —
GodMade Homes Limited (GMH Luxury) refunded more than ₦4 billion to clients between 2023 and 2025, choosing to absorb the shock of Nigeria's currency crisis rather than push extra costs onto customers. The real estate firm said all eight off-plan developments affected by the naira float remained active, with quality standards maintained.
How the naira crisis tested GMH
In 2023, GMH had eight major off-plan developments underway in Gbagada, Lekki and Ikoyi, built on commitments made before the sharp devaluation of the naira. As the currency fell, imported material costs surged and budgets became detached from reality, a challenge felt across Nigeria's real estate industry.
The company faced two options. One was to ask existing clients to absorb part of the added costs, a path that was financially compelling and increasingly common. GMH instead chose to protect clients who had completed payments and offered those still paying a full refund if they chose not to continue under the new economic realities.
Between 2023 and 2025, GMH refunded over ₦4 billion to clients who opted out of their payment plans. The company borrowed, not to expand, but to honour commitments some developers would have renegotiated, while sourcing fresh capital in a market where many were slowing projects.
Trust over short-term profit
Managing Director and CEO Ayoolanrewaju J. Kuyebi said: “It’s in the moment that you face your deepest weakness that you receive the chance to forge your greatest strength.”
Every one of the eight affected developments remained active, and none saw its quality standards diminished. Where compromise proved unavoidable, GMH chose delivery timelines over construction quality, reasoning that schedules can be recovered but reputation cannot.
Today, two flagship developments in Lekki and Ikoyi are being delivered to the standards originally envisioned. Kuyebi added: “Buildings are temporary achievements. Trust is the permanent foundation upon which every enduring institution is built.”
What it means for the market
GMH’s eleven-year growth reflects a market where developers that protect client commitments can retain investor confidence even during severe economic pressure. The refunds show that integrity, though costly in the short term, can be a sound long-term investment in a sector where trust is the currency that matters most.