The Economic and Financial Crimes Commission (EFCC) has formally handed over 753 housing units, previously seized from former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Ministry of Housing and Urban Development.
The handover ceremony took place at the ministry’s headquarters in Abuja, where EFCC Chairman, Mr. Olanipekun Olukoyede, presented the documents to the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa.
The seized properties, located in various parts of the country, were part of assets forfeited following a court ruling which found Emefiele unable to justify the acquisition of the properties during his tenure as CBN Governor from June 2014 to June 2023.
Minister Dangiwa, while receiving the documents, assured Nigerians that the allocation and auctioning of the housing units would be conducted transparently and in accordance with due process. He said the move is part of efforts to address Nigeria’s housing deficit and ensure that recovered assets serve public interest.
“We are committed to ensuring that these houses go to deserving Nigerians. We will not allow these properties to be cornered by privileged individuals or powerful interests,” the minister stated.
Emefiele, who once oversaw Nigeria’s apex bank, has been the subject of several corruption allegations. In 2024, a Federal High Court in Lagos ordered the final forfeiture of properties and funds linked to him, amounting to over N12.18 billion. This included $4.7 million, N830 million in local currency, and several luxury properties.
He was also arrested by the Department of State Services (DSS) following allegations of abuse of office, including fraudulent foreign exchange allocations amounting to $2 billion. His controversial bid for the 2023 presidential ticket under the All Progressives Congress (APC) and the abrupt redesign of major currency notes further marred his tenure, sparking public outrage and economic hardship nationwide.
The then-Minister of Finance, Mrs. Zainab Ahmed, had publicly criticized Emefiele for failing to consult her ministry before proceeding with the currency redesign, which economists and international observers say worsened the country’s economic woes.
The EFCC said the handover is part of its commitment to ensuring that proceeds of corruption are returned to benefit the Nigerian people.
“We are proud to see that these assets, once illegally acquired, are now being repurposed for public good,” said EFCC Chairman Olukoyede. “This is the essence of justice and restitution.”
The Commission urged the Ministry of Housing to resist pressure from interest groups and politicians in the allocation of the properties, while civil society organizations have called on the EFCC to expedite similar cases pending before it.
Analysts say the scandal underscores the urgent need for reforms in public accountability and oversight mechanisms, especially in key financial institutions such as the CBN.
Emefiele’s case continues to stir debate around governance and institutional integrity, with critics questioning how he secured a second term in office despite controversies that surrounded his first tenure.
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