In a landmark asset recovery, the Federal Government is set to auction 753 duplex housing units confiscated from former Central Bank Governor Godwin Emefiele.
The Economic and Financial Crimes Commission (EFCC) recovered the estate in December 2024, following a Federal Capital Territory High Court ruling that linked the property to proceeds of unlawful activities.
The estate, located in Abuja’s Lokogoma district and covering more than 150,000 square meters, was officially handed over to the Ministry of Housing and Urban Development on May 20, 2025, by EFCC Chairman Ola Olukoyede. Minister Ahmed Dangiwa confirmed plans to assess the structural integrity of the buildings before selling them to Nigerians, with a focus on affordability for low- and middle-income earners.
Despite the government’s stated intentions, real estate experts doubt the feasibility of selling luxury duplexes to low-income Nigerians. Moses Ogunleye noted, “Considering the value of land and construction costs, low-income earners will not be able to afford these houses”. Stephen Eke recommended selling the estate at market value and using proceeds to fund affordable housing elsewhere.
The estate, however, currently suffers neglect, with construction halted since mid-2023 and the site overrun by reptiles and thick vegetation, raising concerns about maintenance and completion costs.
The Ministry plans to use an online portal for sales, offering flexible payment options like mortgages and rent-to-own schemes, aiming to ensure transparency and prevent political patronage.
Housing advocacy groups have urged the government to convert the estate into subsidized rental units for vulnerable Nigerians, proposing a raffle-based allocation system to ensure fairness.
This initiative forms part of President Bola Tinubu’s Renewed Hope Agenda, aiming to provide homeownership opportunities to ordinary Nigerians while recovering assets from corruption.
