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.
This estate, containing 753 housing units made up of duplexes and other apartment types, was seized by the Economic and Financial Crimes Commission (EFCC) in December 2024. Located in Abuja’s Lokogoma district, the property covers over 150,000 square metres and is regarded by the EFCC as its biggest single asset recovery since its creation in 2003.
The final forfeiture was ordered by Justice Jude Onwuegbuzie of the FCT High Court on December 2, 2024. Emefiele later tried to reverse the ruling in April 2025, accusing the EFCC of not informing him about the legal process despite their ongoing communication on other charges. The court dismissed his application.
On May 20, 2025, EFCC Chairman Ola Olukoyede officially transferred the property to the Minister of Housing and Urban Development, Ahmed Dangiwa. According to Badamasi Haiba, the ministry’s spokesperson, the estate will be sold to ordinary Nigerians in line with President Bola Tinubu’s Renewed Hope Agenda. He noted that structural inspections would precede the actual sale.
The sales will be managed through the ministry’s web portal, renewedhopehomes.fmhud.gov.ng, and the pricing will include flexible payment options such as mortgage, installment plans, and rent-to-own schemes. Haiba stressed the government’s goal of preventing any preferential treatment in the allocation process, stating that transparency will be maintained.
However, during a visit to the site, reporters found that the estate had become overrun by vegetation and reptiles, particularly snakes. Construction reportedly stopped in July 2023, shortly after Emefiele’s arrest by the Department of State Services.
Experts have raised doubts about the estate’s suitability for low-income earners. Town planning consultant Moses Ogunleye said the cost of completing and maintaining such homes could be too high for that demographic. Similarly, real estate developer Stephen Eke suggested selling the estate at market rates and using the funds to build truly affordable housing.
Other professionals like builder Kunle Awobodu and surveyor Azeez Ayodabo proposed a property valuation and remodeling plan to convert the large duplexes into smaller, cost-effective units. Jeremiah Akinsele, a construction firm CEO, echoed this view, warning that selling luxury properties at subsidized prices could lead to abuse by political elites.
Meanwhile, Festus Adebayo of the Housing Development Advocacy Network proposed a unique solution—using a digital raffle system to allocate the homes fairly, with subsidized rent rates managed by the Federal Housing Authority.
Calls for transparency remain strong. The former president of the Real Estate Developers Association of Nigeria, Aliyu Wamakko, urged the ministry to allow open competition via an online application portal.
