FG to auction 753 housing units forfeited by Ex-CBN Gov. Emefiele in Abuja

The Federal Government has announced plans to auction 753 housing units in Abuja, which were successfully forfeited by former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The expansive estate, situated at Plot 109, Cadastral Zone C09, Lokogoma District, covers approximately 150,500 square meters and features a mix of duplexes and apartments.

The Economic and Financial Crimes Commission (EFCC) secured the final forfeiture of the property on December 2, 2024, following a ruling by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court.

The EFCC had alleged that Emefiele and his associates acquired the estate using N2.2 billion in illicit funds derived from foreign exchange kickbacks.

“The Economic and Financial Crimes Commission (EFCC) secured the final forfeiture of the property on December 2, 2024, following a ruling by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court. The EFCC alleged that Emefiele and his associates acquired the estate using N2.2 billion in illicit funds obtained through foreign exchange kickbacks.”

Despite initial anonymity surrounding the property’s ownership, public pressure ultimately led to the revelation of Emefiele’s connection to the estate.

The EFCC had initially defended its decision to withhold the owner’s identity, citing legal procedures under Section 17 of the Advance Fee Fraud Act, which permits action against properties rather than individuals.

Emefiele’s attempt to reclaim the estate was dismissed by the court.

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He had argued that he was unaware of the forfeiture proceedings due to the publication of notices in obscure sections of newspapers.

However, the court ruled that he had ample opportunity to contest the forfeiture but failed to act within the stipulated time frame.

Housing experts have urged the government to leverage this forfeited estate to alleviate Nigeria’s significant housing deficit.

They recommend that the units be auctioned to low-income earners as part of the federal government’s “Renewed Hope Housing scheme.”

The Ministry of Housing and Urban Development is slated to oversee the sale of the estate. Prospective buyers will be able to submit expressions of interest via the “Renewed Hope Portal,” an online platform established by the ministry.

This development represents one of the largest asset recoveries by the EFCC since its inception and underscores the government’s commitment to repurposing recovered assets for the benefit of the public.

For detailed information on the auction process and eligibility criteria, interested parties are advised to visit the official website of the Ministry of Housing and Urban Development.