Key Points

• EFCC hands over Abuja estate in major asset recovery effort.

• Ministry to conduct safety checks before public sale.

• Asset recovery remains a critical anti-corruption tool.

The Economic and Financial Crimes Commission has officially handed over a 753-unit housing estate in Abuja to the Ministry of Housing and Urban Development.

The estate, which spans over 150,000 square meters in the Lokogoma District, was traced to former Central Bank Governor Godwin Emefiele and forfeited to the federal government after a court ruling.

During a handover ceremony at the ministry’s headquarters in Abuja on Tuesday, EFCC Chairman Ola Olukoyede said the transfer reflects the commission’s commitment to transparency in asset recovery.

He emphasized that repurposed assets should serve the public good and warned against the re-looting of recovered properties.

“This gesture is to demonstrate that the proceeds of crime will be transparently managed,” Olukoyede said. “We must not allow looted assets to be looted again.”

The estate was forfeited through a court ruling in December 2024 after the suspect failed to prove lawful acquisition.

Ministry to assess estate before public sale begins

The Minister of Housing and Urban Development, Ahmed Dangiwa, confirmed the ministry’s receipt of the estate.

He described the event as a significant milestone in the country’s anti-corruption effort and praised the EFCC’s commitment to recovering public assets.

Dangiwa said the ministry would conduct a structural and integrity assessment of the estate before putting the housing units up for sale.

He noted that the sale would be carried out through a transparent process, including public advertisements and use of the Renewed Hope Portal for expressions of interest.

“The ministry will offer the units for sale to the public and for special government needs,” Dangiwa stated. “We aim to ensure recovered assets directly benefit Nigerians.”

He also announced a joint inspection of the estate with the EFCC to evaluate its condition.

Asset recovery seen as vital tool in anti-graft fight

The estate represents the EFCC’s largest single-asset recovery since its inception in 2003. The agency traced the estate to Emefiele through court documents during the forfeiture process.

A Federal High Court ruling described the property as “reasonably suspected to have been acquired with proceeds of unlawful activities.”

The EFCC followed legal due process in securing both interim and final forfeiture orders under applicable laws, including the Advance Fee Fraud and Other Related Offences Act.

Olukoyede stressed that asset recovery remains a central part of the commission’s anti-corruption strategy, highlighting its effectiveness in depriving individuals of illicit wealth.

“If you allow suspects access to stolen funds, they will use them to fight back,” he recently told lawmakers.