The Federal Government plans to sell a vast estate linked to former Central Bank Governor, Godwin Emefiele, to low- and middle-income Nigerians. The estate, comprising 753 housing units, was recovered by the Economic and Financial Crimes Commission (EFCC) in December 2024 and is considered the agency's largest single asset recovery since its inception in 2003. Situated on over 150,000 square metres, the estate includes duplexes and other apartments.
Justice Jude Onwuegbuzie of the Federal Capital Territory High Court issued a final forfeiture order on December 2, 2024. Emefiele had challenged the forfeiture in April 2025, claiming the EFCC concealed the proceedings. His case was dismissed.
On May 20, 2025, EFCC Chairman Ola Olukoyede formally handed over the estate to the Minister of Housing and Urban Development, Ahmed Dangiwa. The ministry’s Director of Press, Badamasi Haiba, said the estate, though still under construction, would undergo structural assessment before sale. He emphasized that the project aligns with President Bola Tinubu’s Renewed Hope Agenda for inclusive homeownership.
Haiba noted that sales would be conducted via the ministry’s web portal — renewedhopehomes.fmhud.gov.ng — and include flexible payment options such as mortgage, instalment, and rent-to-own schemes. He assured the public of transparency and dismissed fears of political interference.
A site visit by DIP CONNECTS ONLINE NEWS revealed the estate in disrepair, overrun by bushes and reptiles. Security guards nearby confirmed work ceased around July 2023, shortly after Emefiele’s arrest by the Department of State Services in June.
Real estate experts, however, questioned the feasibility of making the high-end duplexes affordable to low-income Nigerians. Former Association of Town Planning Consultants president Moses Ogunleye and Fajiri Construction's Stephen Eke said the estate’s luxury nature makes it unaffordable. They proposed selling it at market value and investing the proceeds in true low-cost housing.
Other experts, including Kunle Awobodu and Jeremiah Akinsele, advocated for a proper valuation and potential remodelling into smaller, affordable units. Some warned against political hijacking of the allocation process, urging transparency.
The Nigerian Institute of Building’s spokesperson, Godfrey Godfrey, and Quantity Surveyors' Azeez Ayodabo both said duplexes are out of reach for low- and middle-income earners, suggesting redesigns into flats.
The Real Estate Developers Association’s former president, Aliyu Wamakko, called for an open application and bidding process via the ministry’s portal to ensure equal access.
Meanwhile, the Housing Development Advocacy Network (HDAN) proposed converting the estate into a social housing project. Executive Director Festus Adebayo recommended remodelling the estate into one- and two-bedroom rental units managed by the Federal Housing Authority. He suggested a digital raffle system for allocation, where participants purchase tickets linked to their BVN. Proceeds, he noted, could fund the estate’s completion, making it a self-sustaining social housing initiative.
In sum, while the government aims to make the estate accessible to ordinary Nigerians, experts and stakeholders continue to express concerns about affordability, transparency, and feasibility.
ADEOLA KUNLE
