The Federal Government has taken formal possession of 753 housing units in Abuja recovered by the Economic and Financial Crimes Commission (EFCC) from former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The properties, situated in the Federal Capital Territory, were officially handed over to the Ministry of Housing and Urban Development on Tuesday.
The EFCC Chairman, Ola Olukoyede, during the handover, confirmed that the commission will supervise the completion and transparent management of the estates.
He stated that the move is part of efforts to ensure that recovered public assets are directed toward national development and not left idle.
“We will not only recover assets but also ensure they are put to use in ways that reflect transparency and accountability,” Olukoyede said.
Receiving the assets, the Minister of Housing and Urban Development, Ahmed Dangiwa, described the development as a significant milestone in the country’s anti-corruption campaign.
He noted that the ministry will carry out a detailed technical evaluation to determine the cost and scope of work required to complete the infrastructure.
According to the minister, pending work includes the provision of perimeter fencing, internal road networks, drainage systems, power infrastructure, security posts, shopping clusters, and recreational facilities.
“This is a strategic opportunity to convert recovered properties into functional housing units for Nigerians. The ministry will ensure that the delivery of these homes aligns with best practices,” Dangiwa stated.
The asset transfer comes amid growing calls for improved transparency in asset recovery and utilization.
At a separate event in Abuja, the Centre for Fiscal Transparency and Public Integrity (CFTPI), in collaboration with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), engaged relevant stakeholders to enhance accountability in recovered asset management.
Executive Secretary of CFTPI, Dr. Umar Yakubu, emphasized that recovered public wealth should serve as a development tool and contribute to public trust in governance.
GIABA Director General, Edwin Harris, represented by Tim Melaye, raised concerns over capital flight from Africa, referencing a UN-backed report which estimates that the continent loses up to $94 billion annually through illicit financial flows.
The 753-unit development, initially linked to corrupt proceeds, is expected to serve as a model for asset recovery reforms and cross-agency collaboration.
The federal government has not yet provided a timeline for project completion and allocation but confirmed that a framework will be established to ensure fairness, efficiency and value recovery.
The Ministry of Housing is expected to announce further details in the coming weeks.
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