The Federal Ministry of Housing and Urban Development has announced its acquisition of a 753-unit housing estate in Abuja, previously linked to former Central Bank Governor, Godwin Emefiele. The estate, comprising duplexes and other apartments spread across over 150,000 square meters of land located in Lokogoma District, was recovered by the Economic and Financial Crimes Commission (EFCC) following allegations of illicit acquisition using funds obtained through kickbacks from foreign exchange allocations and contracts awarded during Emefiele’s tenure. This transfer marks a significant step in the government’s ongoing anti-corruption efforts and signals its commitment to repurposing recovered assets for public benefit. The Ministry plans to conduct thorough assessments of the estate’s structural integrity and infrastructural needs before offering the units for sale to the public and for specific government requirements.
The handover of the estate from the EFCC to the Ministry of Housing and Urban Development signifies a crucial moment in the fight against corruption and the pursuit of asset recovery. The EFCC Chairman, Olanipekun Olukoyede, emphasized the importance of transparency in the process, assuring the public that the application of recovered proceeds would be open and accountable. This move aims to prevent re-looting of recovered assets and ensure that they are utilized for the benefit of Nigerians. The EFCC has committed to monitoring the Ministry’s progress in completing the estate and providing regular reports to President Bola Tinubu. This ongoing oversight demonstrates a dedication to accountability and reinforces the government’s commitment to combating corruption.
The Ministry, under the leadership of Ahmed Dangiwa, plans to undertake a comprehensive evaluation of the estate, including structural and integrity assessments of the buildings and infrastructure. This evaluation will inform the scope of work required to complete the estate, encompassing perimeter fencing, roads, drainage, security posts, shopping, and recreation centers. Dangiwa outlined a transparent sales process for the public, involving nationwide advertisements and the use of the Renewed Hope Portal for submitting Expressions of Interest. This open approach underscores the Ministry’s commitment to ensuring fairness and equitable access to the housing units. This process will serve as a model of accountability, transforming a symbol of alleged corruption into a resource that benefits the Nigerian people.
The case against Emefiele revolves around allegations of receiving kickbacks in exchange for allocating foreign exchange to companies and awarding contracts during his time at the CBN. The EFCC’s investigation traced the illicit funds to the acquisition of the substantial estate. Following an interim forfeiture order in November 2024, a final forfeiture order was granted by the Federal Capital Territory High Court in December 2024. Emefiele’s subsequent attempt to reclaim the estate was dismissed by the court in April 2025, paving the way for the official handover to the Ministry of Housing and Urban Development in May 2025.
While the planned public sale of the recovered estate is widely lauded as a positive step, industry stakeholders have stressed the need for utmost transparency to prevent the properties from falling into the hands of government officials or cronies. Concerns have been raised about the potential for the units to be acquired by individuals connected to the former CBN governor, thereby perpetuating the very corruption the government aims to eradicate. Suggestions for ensuring equitable distribution include remodeling the larger units into smaller, more affordable apartments, creating a revolving fund from the sales proceeds to finance lower-cost housing projects, and publicly disclosing the criteria and process for allocating units to government needs. These measures aim to maximize the public benefit derived from the recovered assets and contribute to reducing the housing deficit in Nigeria.
Furthermore, questions remain about the affordability of the units, particularly for average Nigerians. Experts recommend considering the construction cost in determining the sale price and ensuring a level playing field for potential buyers. The call for transparency extends to the government’s acquisition of some units, with demands for public disclosure of the intended use and the number of units required. This open approach would dispel any concerns about potential misuse and reinforce the government’s commitment to ethical governance. The overall success of this initiative lies in its ability to demonstrably benefit ordinary citizens seeking affordable housing, thereby truly transforming a symbol of alleged corruption into a resource for public good.
