In a historic move symbolizing Nigeria’s deepening fight against corruption and drive for public accountability, the Federal Government has announced plans to auction 753 duplexes originally linked to embattled former Central Bank Governor, Godwin Emefiele. The luxury estate, sprawling over 150,000 square meters in the high-demand Lokogoma District of Abuja, was formally handed over to the Ministry of Housing and Urban Development by the Economic and Financial Crimes Commission (EFCC) on Tuesday.
According to an official statement released by the Ministry, the estate—once a secretive asset acquired through alleged illicit financial activities during Emefiele’s tenure at the CBN—will now be sold to Nigerians through a transparent and competitive process. The initiative, authorities say, reflects President Bola Tinubu’s renewed hope agenda and zero-tolerance stance on corruption.
The Minister of Housing and Urban Development, Ahmed Dangiwa, praised the EFCC for the recovery, stating that the estate would be repurposed to provide urgently needed housing stock for Nigerians.
“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people,” said Dangiwa. “We will conduct integrity and structural assessments to confirm the estate’s habitability, and follow up with technical evaluations to complete infrastructure like roads, drainage systems, perimeter fencing, and security posts.”
Dangiwa added that the sale would be conducted via the ministry’s Renewed Hope Portal, where Nigerians can submit Expressions of Interest once the auction is live. Some units will also be reserved for government institutional use.
EFCC Chairman, Ola Olukoyede, emphasized the symbolic importance of the handover, calling it a turning point in the agency’s commitment to ensuring looted assets are returned for public use—not recycled back into private hands.
“It is important for us to demonstrate to Nigerians that the application of recovered proceeds of crime will be transparent,” he said. “We will monitor the ministry’s work on this estate and provide periodic reports directly to President Tinubu.”
Olukoyede further revealed that the estate was acquired through kickbacks from foreign exchange allocations and contracts issued during Emefiele’s time at the helm of the CBN.
In November 2024, the Federal Capital Territory High Court in Apo issued an interim forfeiture order on the property. A final forfeiture ruling followed in December, with Justice Jude Onwuegbuzie declaring the estate as proceeds of crime under reasonable suspicion. Emefiele challenged the ruling, arguing ignorance of the forfeiture process, but the court in April 2025 dismissed his appeal, asserting that due process had been followed.
With all legal hurdles cleared, the EFCC on May 20 officially transferred ownership of the estate to the Ministry of Housing. This marks one of Nigeria’s largest single-asset recoveries in recent history.
Despite the federal government’s assurances, stakeholders in the housing and construction sector are urging extreme transparency in the auction process to avoid another cycle of elite capture.
Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria, commended the decision but issued a cautionary note.
“The public deserves access to these properties since public funds were used to acquire them,” he told our correspondent in an exclusive interview. “However, I hope the units don’t end up in the hands of the same government elites or their cronies.”
Construction experts like Adewunmi Okupe, CEO of Ace Hi-Tech Construction Co. Ltd., proposed that the massive duplexes be remodeled into smaller, affordable units to maximize their benefit.
“These houses should be divided into at least four units each, giving us about 3,012 homes,” Okupe suggested. “Proceeds from the sale could establish a revolving housing fund to build low-cost housing annually.”
Stephen Eke, President of Fajiri Construction Ltd., expressed skepticism, saying, “There is still a strong possibility that the properties will be recycled among the elite, bypassing everyday Nigerians who need housing the most.”
Seyi Amusan, CEO of Space Button Architecture, echoed similar concerns, questioning the affordability of the units and the fairness of the auction.
“If true value is used for the auction, will average Nigerians be able to compete? Or is this merely an exercise in optics?” he queried. “The number and types of units allocated for government use must also be publicly disclosed.”
The recovery and resale of the Lokogoma estate come at a time when Nigeria is battling a worsening housing deficit estimated at over 28 million units. With Abuja ranking among the most expensive cities for real estate, the availability of over 700 homes—if truly affordable—could significantly alleviate housing pressure for middle-income and low-income families.
Beyond housing, the auction also marks a bold step in asset recovery strategy, potentially setting a precedent for future repurposing of properties seized through anti-graft operations.
As Nigeria moves to recover from years of economic mismanagement and institutional decay, the transformation of Emefiele’s seized estate into a national asset could prove symbolic and practical. But the ultimate test lies in implementation.
Will the auction genuinely serve the masses or perpetuate cycles of elite capture? Nigerians—and the world—will be watching.