Photo caption: The forfeited estate [Credit: X | #officialEFCC]
*Reptiles overrun estate as housing experts doubt govt’s plan
The Federal Government has concluded plans to sell a sprawling estate linked to a former Governor of the Central Bank of Nigeria, Godwin Emefiele, to low and middle-income Nigerians.
The massive property, comprising 753 housing units, was recovered by the Economic and Financial Crimes Commission in December 2024.
According to the EFCC, it is the largest single asset recovery since the agency’s inception in 2003. It covers over 150,000 square metres and includes duplexes and other apartment types.
The estate was recovered following a final forfeiture order issued on December 2, 2024, by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Abuja.
Court documents filed by the EFCC and obtained by our correspondent linked the property to Emefiele.
In April 2025, Emefiele approached an FCT High Court in a bid to reclaim the estate, which had already been forfeited to the government.
He accused the EFCC of deliberately concealing the forfeiture proceedings from him, despite frequent interactions with the agency regarding other pending charges.
His application was, however, dismissed by the court.
The EFCC Chairman, Ola Olukoyede, on Tuesday, May 20, 2025, officially handed over the 753 housing units to the Minister of Housing and Urban Development, Ahmed Dangiwa.
Speaking with Saturday PUNCH, the Director of Press and Public Relations at the Ministry of Housing, Badamasi Haiba, said the government, in line with President Bola Tinubu’s Renewed Hope Agenda, would ensure that ordinary Nigerians benefitted.
He noted that the estate was still under construction, and the ministry would first conduct structural and integrity assessments before deciding on the modalities of sale and allocation.
“Next would be to profile the houses and decide how they will be sold to Nigerians. However, the intention of the minister has always been homeownership for all categories of Nigerians, including low and middle-income earners – so we should expect to see such intentions play out here, all-inclusive,” Haiba added.
On the mode of selling, he said the ministry’s portal would be used, promising that the payment options would be flexible.
He said, “Homes sold by the ministry will always have flexible payment options, including mortgage, instalment, rent-to-own payment, etc., whether in this case or any other.
“These are just 753 units. The ministry has over 10,000 houses nearing completion nationwide under the Renewed Hope Housing Programme.
“The ministry has a web portal developed where sales of these houses are done – renewedhopehomes.fmhud.gov.ng. The minister has already stated that the same process will be adopted in selling these confiscated houses.”
When asked about the date the portal would be opened for interested Nigerians, he said, “The Housing Ministry will first complete the houses. Construction was ongoing before the recovery by the EFCC.”
He dismissed speculations that the houses would be allocated to those in power.
Haiba said, “People will always speculate, maybe due to experiences from years ago. The present Renewed Hope administration is doing something different in promoting transparency and accountability.
“I can only tell you what the ministry is doing. With the renewedhopehomes.fmhud.gov.ng portal, the ministry has cut off human interference to ensure that the sales process is transparent and all-inclusive.
“Any Nigerian can sit in their home, log onto the portal, browse through the different types of units and locations, select the house they want, select a payment option, submit their application, and get an offer letter right there and then.”
Estate overtaken by reptiles
A visit to the site by Saturday PUNCH revealed that the once-bustling construction site had fallen into disuse and neglect, with bushes encroaching on the uncompleted duplexes.
Overgrown bushes and reptiles, including snakes, have taken over a high-end residential estate in the Lokogoma area of Abuja.
Although security operatives guarding the property denied our correspondent access, a view from outside showed a site overtaken by thick foliage.
Also, another entrance had been covered by bushes.
Two security guards at adjacent estates said they had killed snakes that strayed into their compounds from the abandoned estate.
“When construction was ongoing here, there were nothing like snakes. But since they stopped work, snakes have been coming from that bushy estate. We’ve killed many,” they said.
The guards recalled that work on the estate abruptly stopped in July 2023.
“I am very sure they must have paid for everything needed to complete the construction before stopping. Everything moved at lightning speed. We never saw Emefiele in person, but we knew someone with serious money was behind it,” one of them said.
A check by our correspondent showed that Emefiele’s troubles began in June 2023, when he was arrested by operatives of the Department of State Services in Lagos and flown to Abuja.
Going by the comments of the guards, work stopped on the construction of the duplexes a month after the former CBN governor was arrested by the DSS.
A tour of the estate from outside showed it was completely fenced with a mix of concrete and block structures.
Also, at least two of the duplexes appear completed, while others have reached various stages of development, including plumbing and carpentry works.
Saturday PUNCH further observed that the estate sits among at least five other high-value properties in the Lokogoma axis, further highlighting the prime nature of the seized asset.
Real estate experts doubt plan
A former President, Association of Town Planning Consultants of Nigeria, Mr Moses Ogunleye, doubted the possibility of low-income earners benefitting from the houses.
He said, “If those properties have four bedrooms, I don’t think they can be for low-income earners. Is the Federal Government going to finish those structures before it sell them? If they are going to do so, low-income earners will not be able to afford them. If they want to give them to low-income earners as they are, the buyers are going to be spending a lot of money.
“Maybe what they can do, in addition to the structural integrity test, is a cost analysis. I am not sure the roads have been done, or if water supply and electricity have been provided. What will make the estate habitable? Considering the value of land in that place, we can have an affordable housing development in that location, but it is not going to be a public support housing project. The total cost of completing it is going to be too expensive for low-income earners. I would say maybe middle-income earners may be able to afford it, but no real low-income earner would be able to.”
The President, Fajiri Construction Limited, Stephen Eke, said the government’s plan though noble, was largely impractical.
He said, “This is given the high-end materials and premium construction standards typically associated with such properties. These estates are usually designed for luxury and exclusivity, making them structurally and financially incompatible with the affordability thresholds required for social or middle-income housing. Attempting to convert them for such purposes would either undermine their value or result in minimal cost reductions, defeating the goal of accessibility for the target demographic.
“A more pragmatic approach would be to sell the estate at market value and channel the proceeds into a dedicated social housing fund. This strategy ensures that the high value of the seized property is fully realized and redistributed in a way that has a far greater impact. With the funds, government or development agencies can construct multiple units of affordable housing specifically designed for low and middle-income earners, using cost-efficient materials and designs suited to their needs. This model promotes equity, sustainability, and scale in addressing Nigeria’s housing deficit.
“The fund from the sale of Emefiele’s seized estate should be managed by a consortium of developers experienced in mass housing projects. This approach ensures that the resources are efficiently directed toward building affordable, large-scale housing designed specifically for low- and middle-income earners.”
Also, a former President, Nigerian Institute of Building and Pioneer National President, Building Collapse Prevention Guild, Mr Kunle Awobodu, said the valuation of the property needed to be done.
“Then, they will know whether it will be discounted or not. The government is getting the building almost free of charge, so it means that it is going to be subsidised because of the value of the land and the cost of materials presently.
“It was constructed not too long ago. The government should offer it at a subsidised rate. It should be gradual, like a mortgage. They should go and do a valuation of the buildings and internal calculations before they come out with the necessary prices.”
In the same vein, the Chief Executive Officer of Magnificent Choice Services Project and Engineering Ltd, Jeremiah Akinsele, said the seized estate should be sold strictly at its current market value, determined through a thorough evaluation by professional estate valuers whose reports set the price objectively.
He said, “Attempting to sell such high-value properties at discounted rates to low- and middle-income earners is unrealistic and prone to abuse, as it often leads to resale by wealthy individuals or politicians, undermining the original intent. Moreover, low-income earners simply do not have the financial capacity to purchase or maintain such expensive properties, considering the minimum wage in Nigeria is around N70,000, it is practically impossible for them to afford a plot of land or upkeep a luxurious estate in places like Abuja.
“Selling these estates at market rates ensures transparency and fairness while preventing distortions in the housing market. It also avoids burdening buyers with unsustainable management and maintenance costs that typically accompany high-end properties, costs that low-income earners are ill-equipped to handle. The proceeds from these sales can then be wisely reinvested into building affordable housing tailored specifically for low- and middle-income groups, where costs and designs align with their real financial realities.”
Corroborating this, the Chief Executive Officer of Ace Hi-Tech Construction Co. Ltd., Adewunmi Okupe, said the existing buildings were not affordable for low- and middle-income earners in their current form.
He noted, “Putting the estate up for sale is a good idea, but the existing buildings are simply not affordable for low- and middle-income earners in their current form. To make the estate accessible to this income bracket, there is a need to remodel the properties into smaller, more affordable units. Each large unit on the estate could be subdivided into four or more smaller apartments, significantly increasing the number of affordable homes available.
“This remodeling approach would help bridge the gap between the current luxury design and the financial realities of low- and middle-income buyers. By creating multiple smaller units from each existing building, the estate can better serve the housing needs of a broader population while making efficient use of the available space. This strategy offers a practical pathway to expanding affordable housing without the need for entirely new developments.”
The spokesperson for the Nigerian Institute of Building, Godfrey Godfrey, said the proposed duplex structures were far beyond what the average Nigerian worker could afford.
“We are talking about a duplex in Africa. So, honestly, it is not within the reach of a low-income earner in Nigeria. Even a middle-income earner will not be able to afford this, considering the current economic situation,” he stated.
Godfrey expressed concern that the properties might ultimately be acquired by the political elite through the back door.
“Those in government may end up finding a way to acquire them for themselves. The intended low- or even middle-income earners may never get hold of them because we know political patronage is what thrives in this part of the world,” he added.
To address the concern, Godfrey suggested that the process of allocating the houses should be transparent and inclusive.
Similarly, the General Secretary of the Nigerian Institute of Quantity Surveyors, Azeez Ayodabo, said the pricing of the duplexes renders them inaccessible to their target audience.
“Looking at the cost of those buildings, they may not be less than N100m to N200m per unit at the moment,” he said, adding that such pricing is well beyond the reach of most Nigerians, especially those earning the new minimum wage of N70,000 per month.
“For those working in the private sector, it’s even worse. Affordability is the first issue the government must consider,” Ayodabo noted.
He further proposed that the government explore a structural redesign of the project to make it more inclusive.
“You have duplexes, but what does a low-income earner want to do living there and maintaining it? One duplex can be remodelled into about four flats. That way, low-income earners can afford it and also be able to maintain it,” he advised.
Group seeks transparent sale process
The immediate past President of the Real Estate Developers Association of Nigeria, Aliyu Wamakko, urged the Ministry of Housing to ensure equal access by opening a transparent application process.
He said, “There should be equal opportunity for all Nigerians who are interested in buying these houses. A portal should be opened so that at least people can now apply through that portal, with the respective prices of those completed and those that are yet to be completed.
“So that at least everybody has equal opportunity to get to the website and apply.
“It should not be meant for a section of people. It should be an open bidding; an open competition to all people who want to access or buy a house in Nigeria.”
But the Housing Development Advocacy Network called on the Federal Government to repurpose the estate as a flagship social housing project.
According to HDAN’s Executive Director, Festus Adebayo, the estate should be remodelled into affordable one and two-bedroom units and allocated to young and vulnerable Nigerians through a subsidised rental scheme.
He suggested that the Federal Housing Authority should manage the estate, with rents fixed at below-market rates to ensure sustainability and affordability.
Adebayo said, “The seized property, reportedly consisting of high-value villas, should not be sold to the highest bidders, but rather restructured and retained under public ownership for the benefit of Nigeria’s most disadvantaged population, particularly young people and low-income families. This is a golden opportunity to turn a seized asset into a national solution.”
According to him, the property should be allocated via a digital raffle draw.
Interested participants would purchase a maximum of two online raffle tickets linked to their Bank Verification Number, priced at N10,000 per ticket.
He added that the draw would be conducted publicly, with the minister personally rolling the raffle ball.
Adebayo explained that winners would be notified automatically via SMS and subsequently required to sign tenancy agreements with the estate’s managing agency before moving in.
He further said that the proceeds from the raffle sales could generate as much as N10bn if one million Nigerians participated, which would be sufficient to fund the remodelling and completion of the estate.
“This makes it a self-financing social housing initiative, eliminating the usual challenge of financial viability associated with rental housing,” he added.
Similarly, the Housing Development Advocacy Network called on the Federal Government to convert the estate into a model social housing project dedicated to affordable rental housing.
=== PUNCH ===
