By John Umeh
In a bold move underscoring its commitment to fighting corruption and recovering looted assets, the Federal Government has officially commenced the auctioning of a massive real estate empire allegedly linked to former Central Bank Governor, Godwin Emefiele. The sprawling estate, consisting of 753 duplexes located in prime areas of the Federal Capital Territory, is now on the market.
According to officials from the Ministry of Justice and the Economic and Financial Crimes Commission (EFCC), the properties—valued at several hundreds of billions of naira—were seized as part of ongoing investigations into alleged financial misappropriation and abuse of office during Emefiele’s tenure at the Central Bank of Nigeria.
The auction is being conducted in phases, with private investors, property developers, and corporate organizations showing keen interest. Government sources confirmed that the proceeds from the sales will be channeled into national development initiatives, including housing, education, and infrastructure, in line with the administration’s asset recovery policy.
“This is part of our broader effort to ensure that no public official can misuse their office without consequence. The sale of these properties represents a step toward accountability and justice,” said an EFCC spokesperson at a press briefing on Monday.
The estate, located in the highbrow areas of Guzape, Maitama, and Katampe in Abuja, includes luxury duplexes outfitted with modern amenities, many of which have never been occupied. Real estate experts estimate that individual units could fetch between ₦300 million to ₦500 million, depending on location and finishing.
Emefiele, who was suspended and subsequently arrested in 2023 over a slew of financial misconduct allegations, has continued to deny any wrongdoing. Legal proceedings against him remain ongoing, even as the government moves forward with asset forfeiture and disposal processes approved by the courts.
Transparency advocates have praised the move, describing it as a litmus test for the government’s anti-corruption efforts. However, they have also called for a transparent and publicly accountable sales process to prevent a repeat of past controversies involving state assets.
As the first batch of units enters the open market, all eyes are on the FG to ensure that the sale process not only adheres to due process but also delivers value to the Nigerian public.
