FG to sell 753-unit estate recovered from former CBN Governor Emefiele to Nigerians
The Federal Government has announced plans to sell a 753-unit housing estate in Abuja, recovered from the embattled former Central Bank Governor, Godwin Emefiele, to interested Nigerians.
The Minister of Housing and Urban Development, Ahmed Dangiwa, disclosed this in a statement, noting that the estate comprising duplexes and apartments on the outskirts of the capital, Abuja, which is still at various stages of completion, will now be developed and made available to the public.
The estate, located in Lokogoma District, was handed over by the Economic and Financial Crimes Commission (EFCC) to the Ministry of Housing and Urban Development.
According to the Ministry, the housing estate described as the single largest asset recovered by the EFCC since its inception in 2003 sits on Plot 109, Cadastral Zone C09, and spans 150,500 square metres.
EFCC asset recovery
Dangiwa, commended the EFCC’s asset recovery efforts and emphasized the government’s intention to put the property to productive use.
“This marks a significant milestone in our collective determination to ensure that recovered assets are used in ways that directly benefit Nigerians,” Dangiwa said.
He added that a joint technical tour of the estate would soon be conducted to carry out integrity and structural assessments on all the buildings and infrastructure.
On the planned sale, the Minister assured that the process would be transparent and inclusive.
“We will adopt a competitive and transparent process, including nationwide advertisement and use of the Renewed Hope Portal, where interested Nigerians can submit Expressions of Interest,” he stated.
Speaking during the handover, EFCC Chairman Ola Olukoyede said the move reinforces the Commission’s commitment to ensuring that recovered assets benefit the public.
“We must show Nigerians that proceeds of crime will be transparently recovered and repurposed for the public good. We will not allow looted assets to be looted again,” Olukoyede said.
What you should know
The forfeiture was based on provisions in Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.
- The EFCC argued that the estate was acquired with proceeds of unlawful activity.
- The final forfeiture followed an earlier interim order secured in November 2024.
- Justice Onwuegbuzie, in his ruling, stated that the respondent failed to justify ownership of the estate, which was “reasonably suspected to have been acquired with proceeds of unlawful activities.”
- The Ministry has not yet announced the timeline for the sale, but is expected to provide more details once the assessment of the estate is completed.
