The Federal Government has officially taken possession of 753 housing units in Abuja, originally linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The properties were retrieved by the Economic and Financial Crimes Commission (EFCC) and formally handed over to the Ministry of Housing and Urban Development.
During the handover ceremony, EFCC Chairman Ola Olukoyede emphasized the commission’s commitment to ensuring transparency and accountability in the management of recovered assets. “We will closely monitor the completion and fair allocation of these properties,” he stated.
The development comes amid renewed calls for more effective asset recovery and management in Nigeria. At a recent summit in Abuja, the Centre for Fiscal Transparency and Public Integrity (CFTPI) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) joined forces to advocate for stronger collaboration among anti-corruption agencies.
Minister of Housing and Urban Development, Ahmed Dangiwa, lauded the EFCC for its consistent efforts in asset recovery, describing the handover as a milestone in the federal government’s mission to convert forfeited assets into beneficial public use. He noted that a technical assessment would be carried out to estimate the resources required to complete critical infrastructure such as roads, drainage, security posts, shopping and recreational centers, and other support facilities.
The move aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes transparency and good governance. Olukoyede remarked that the housing recovery represents visible progress in the ongoing battle against financial crimes in Nigeria.
During the one-day conference in Abuja, CFTPI Executive Secretary Dr. Umar Yakubu highlighted asset recovery as a critical component of public trust and national development.
Also speaking, GIABA Director General Edwin Harris—represented by Tim Melaye—drew attention to the broader regional implications of financial crime. Quoting a report by former South African President Thabo Mbeki for the United Nations Economic Commission for Africa (UNECA), Harris revealed that Africa loses between $88 billion and $94 billion annually to illicit financial flows.
Olukoyede concluded by reaffirming the EFCC’s strategic focus on strengthening asset recovery mechanisms and ensuring that reclaimed properties contribute meaningfully to national development.
