The Federal Government has officially taken possession of 753 housing units in Abuja recovered by the Economic and Financial Crimes Commission (EFCC) from the former Governor of the Central Bank of Nigeria, Godwin Emefiele. The transfer was made to the Ministry of Housing and Urban Development as part of efforts to repurpose recovered assets for public benefit.
At the handover ceremony, EFCC Chairman Ola Olukoyede vowed to ensure the completion and transparent disposal of the properties. “We will monitor the completion and transparent disposal of the properties,” he said, underscoring the commission’s renewed commitment to fighting financial crimes.
Receiving the assets, Minister of Housing and Urban Development Ahmed Dangiwa praised the EFCC’s efforts and described the development as a major milestone. “This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people,” he stated.
Dangiwa noted that a technical evaluation would be conducted to determine the cost of completing remaining infrastructure such as internal roads, drainage systems, fencing, a police post, shopping and recreational areas, and other amenities.
The event coincided with a one-day conference in Abuja, where the Centre for Fiscal Transparency and Public Integrity (CFTPI), in collaboration with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), urged the EFCC and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to improve strategies for asset recovery and management.
CFTPI’s Executive Secretary, Dr Umar Yakubu, stressed that effective asset recovery was critical to national development and rebuilding public trust. Echoing this concern, GIABA Director General Edwin Harris—represented by Tim Melaye—highlighted the scale of illicit financial outflows from Africa. Citing a report by former South African President Thabo Mbeki under the United Nations Economic Commission for Africa (UNECA), Harris noted that between $88 billion and $94 billion is stolen from the continent annually.
EFCC boss Olukoyede reiterated the agency’s ongoing focus on asset recovery, aligning it with the goals of the Renewed Hope Agenda of President Bola Tinubu’s administration.
Stakeholders at the event called for coordinated institutional reforms, enhanced transparency, and stricter enforcement to ensure that recovered assets are used to improve citizens’ lives.
