By George Ozalla
The Economic and Financial Crimes Commission (EFCC) has handed over a 753-unit housing estate recovered from former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to the Ministry of Housing and Urban Development. The estate, valued at millions of naira, was built on a 150,500 square meter land in Lokogoma District, Abuja, and comprises duplexes and other apartment units.
The EFCC investigation revealed that the estate was acquired with illicit funds obtained through kickbacks from foreign exchange allocations and contracts awarded during Emefiele’s tenure at the CBN. A court ordered the final forfeiture of the estate in December 2024, after Emefiele failed to prove that the property was acquired lawfully.
EFCC Chairman Olanipekun Olukoyede emphasized the significance of the handover, stating that it demonstrates the government’s resolve to fight corruption and ensure transparency in managing recovered assets. “It is essential for us to demonstrate to Nigerians that whatever proceeds of crime we have recovered will be put to productive use in ways that directly benefit the Nigerian people,” he said.
Minister of Housing and Urban Development Ahmed Dangiwa praised the EFCC’s efforts, describing the recovery as a significant milestone in the fight against corruption. The ministry plans to conduct thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation. The units will be offered for sale to the public and special government needs through a transparent and competitive process.
This development highlights the deep-rooted corruption that occurred during Muhammadu Buhari’s administration, particularly in the CBN under Emefiele’s leadership. The EFCC’s actions demonstrate its commitment to accountability and transparency in managing recovered assets, ensuring that looted funds are not reused for personal gain. The recovered estate will now be utilized for the benefit of Nigerians, aligning with President Bola Tinubu’s Renewed Hope Agenda.
