What I know about Ikoyi house where EFCC found over N13 billion – Former PDP Chairman

N13Billion Ikoyi money
N13Billion Ikoyi money

A former chairman of the People’s Democratic Party, Adamu Mu’azu on Friday explained his connection to the Lagos property where the anti-graft EFCC found over N13 billion hidden in an apartment.

Mr. Muazu said although he built the property, it was no longer his.

Operatives of the EFCC, acting on a tip off on Wednesday, found $43,449,947, £27,800 and N23,218,000 hidden inside an apartment at Osborne Towers, Ikoyi.

The recoveries were valued at N13 billion based on prevailing exchange rate set by the Central Bank of Nigeria.

The EFCC circulated photos and video footage of the moment the hidden money was recovered, sparking nationwide outrage.

There have been media reports that the money belonged to Mr. Mu’azu because the property was linked to him in public records.

On Friday, the former Bauchi State governor acknowledged links to the property, but said he wasn’t the owner of the suspicious funds found therein.

In a statement to PREMIUM TIMES, he explained that he built the property with a credit facility he acquired from a bank, but had since sold out all the apartments in the building.

“I acquired the land and jointly develop it using a bank loan, I obtained about nine (9) years ago.

“However, all the flats have been sold to prospective buyers in order to pay back the loan,” Mr. Mu’azu said.

“I do not own or occupy any of the apartments.

“I sold all the apartments through established estate agents as such I have no knowledge or interest in who purchases or rents any of the flats,” he added.

Mr. Mu’azu, who said he’d been a real estate developer of international repute since 1983, commended the EFCC for its vigorous war against corruption.

“I strongly believe that the efforts being made will surely unveil the real owner of such flat and the monies recovered,” he stated.

The Lagos Division of the Federal High Court on Thursday granted an order to tentatively forfeit the recovered sum to the Nigerian government.

Nobody has come out to claim the money and the judge gave any claimant until May 5 to do so or the money would be permanently forfeited to the federal government.


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  • Lanre

    …when politicians steal public monies…they do not spend the monies directly. They approach a Bank for a Bank loan, and then begin to develop a property and then sell the property and claim they PAID back the bank loan with the sales…but in actual fact they have just succeeded in washing their dirty money in the real estate market and make it look clean. Can Mr Muazu publish the names of the agents who sold the apartments and the sales prices as well as the collateral for obtaining such a loan from the Bank? Corruption everywhere. It was always clear from the beginning that the house will be owned by a thief – a politician. Even an inexperienced Babalawo should have known that.

  • new republic

    What is the name of the agency that help you to sell the house?From there efcc will get the buyer of the APPT;

    • Tunji Olarewaju


  • Osakue


  • Julius

    Thank you Buhari !! Our ex Phd president didn’t believe that stealing is corruption.

    • abodes_124

      Because stealing is stealing, like the one going on now and corruption is corruption like the one also going on now.
      check your dictionary for the definition of those words

      • Julius

        I bet you have a Phd too ! smdh !!

    • Mizch

      Sir, Would you like to remind us of the context he said so, so that he is not quoted out of context?

      • Julius

        You do know that the man is still alive and you can contact him or his media representatives for your answer since you are now interested in knowing when he said that. I guess you weren’t born then or perhaps you were asleep and just woke up.

        • Mizch

          Intellectuals deal with contexts. What was the context where he said it? Does it fit in the context you quote him? Instead of citing his context, you begin to insult “your student.”

          • Julius

            lol@intellectuals…there you go. I doubt if you even know what that word means. Puleeze !!

    • Wilson Ogenna

      Julius am sorry I have to say this but you are one of those few that need to die for Nigeria to go forward…… Is the issue Jonathan or the past administration???? With all the power this present Government has at its disposal they can’t tell Nigerians the owner of a property in such a place as Ikoyi…. God. And you are here talking about the past Government….

      • Julius

        Mumu, did you read the story at all or you are too blinded by hatred ? It says the money was authorized by the past president/government. Read it again, monkey !. May you live forever in your delusional ignorant existence . Amen !!

  • Tunji Olarewaju

    Thief! Ole!! So you are ready to go to jail for my money?My money, fa? Chai, this world don spoil finish. EFCC, don’t mind him o jare, the money is mine. Please, contact me for my bank details, thanks in advance for your cooperation . (And you, Bright, don’t contact me, i don’t like thieves)

    • amazing2012

      Thieves !

    • abodes_124

      Look let us not fight over this money . three of us have declare soo far. let us agree it belongs to us and share the money. please if not already done so register as APC members in your wards. I did so many months ago. They say when there is a new dance you have to learn the steps.

      • Tunji Olarewaju


    • Tunsj


  • lawiri

    Ole (thief) ! Come back to Nigeria and explain these to the authorities if you are saying the truth.

  • growthengine

    How did whistle blower lead EFCC to the flat if whistle blower doesn’t know the owner. Crap. EFCC knows the owner of the loot. They are busy looking for a scapegoat to hang the loot on.

    • Otunba

      There are some amazing stories coming out of this country that make one to chuckle! Your observation made the most sense and you can only imagine how these people see us the masses. What a bunkum! Before anybody acts as a whistle blower, he or she has known inside out what goes on around in the environment where the whistle is going to be blown. So…….tell us a new thing and stop the prevarication.

    • abodes_124

      You presume EFCC is smart ?. Any operative would normally lie low, keep watch on the flat and catch the person using the flat . Better still find the person renting the flat trail the person , plant bugs etc and gather strong evidence to help a future iron clad prosecution. No instead they invite newsmen and raid the flat immediately. As a strategy for fighting crime you could not find a more comical set than Magu and his boys. Any way, an official is only as good as the person who appoints him and continues to have full confidence in him despite his continuous failings and failures

      • growthengine

        That is a good point you raised about surveillance. From their action, it appears they knew there was that kind of money in there. A real whistle blower would be someone who helped the owner carry the money, such person knows the owner. And the owner would have directly supervised the movement of such money.

        Its beginning to look like they planted the money and staged the raid to impress Nigerians that the anti corruption is working. Which ghost has the liver to move that kind of money around, and why do they always find the money without an owner. Why didn’t they wait for the ghost to come and deposit more money.

        • abodes_124

          Of course everyone who has an ounce of sense knows that this is Magu’s new stratagem for trying to burnish his image having failed woefully in going round and freezing peoples accounts and trying to seize the money without preparing the grounds for doing so. He will hopefully stop this circus when it dawns on him that people are laughing at him again.

        • dareolu1

          you’re confused…better stop titilating yourself with conspiracy theories, they are making a lot of people mentally deficient this days…

  • amazing2012

    We, the nigeria masses are the owners of the money. Please release it to us for development.

    • abodes_124

      INigerian mass . it is my money. Magu give me my money.

  • abodes_124

    Abeg it is my money. it fell out of my helicopter into the flat. I am goin to court on Tuesday to claim my money back. Before you ask the said money is an accumulation of monies from friends and well wishers.

    • absam777

      My friend, We go fight o! How can the money be yours when I have officially claimed it. Na gifts from my friends which includes you. I go give you your money back you some when I collect am.

    • Otitokoro

      Lolz all the way for your victory.

  • abodes_124

    Hmm Magu the indomitable. I bet there will be another find of money belonging to no one next week. The man should be promoted to head the DSS.

    • concerned child


      President Muhamadu Buhari is
      now running a completely corrupt government with billions of Naira stolen every
      day. Ayo Fayose has tweeted that the 14 billion Naira found stolen and hidden
      in the Ikoyi apartment is owned by Buhari’s Minister of Transport Rotimi Amaechi.
      People ask if that’s why the EFCC is not serious looking for the thief.

      Few months ago,
      a Buhari appointee called Osita Aboloma as D-G Nigerian Standards Organization of
      (S.O.N), reportedly issued authorization to certain importers to bring in five (5)
      billion Naira worth of fake or defective car tyres into Nigeria. The tyres were then shipped
      in and made to legally pass through Customs because the importers had S.O.N certification
      on quality approval. We know that private profit is the motive of economic and financial crimes.
      We do not need to ask how much bribe was paid by importers.

      • Rommel

        And your source of information is Ayo Fayose I presume,do you now understand why your life is screwed?

  • El Patron

    This guy thinks he is talking to children. First of all i am glad he has admitted the property belongs to him after his aide had previously said otherwise(Thank God for public records and the website of the construction company which clearly shows Muazu is the owner). Now for the real issue at hand, if truly he sold all the apartments then surely there is a record of the buyers. Claiming that he doesn’t know the buyers is ridiculous. Is he saying that he may have sold some apartments to ritualists, 419 boys and/or kidnappers? Besides selling apartments in the building doesn’t mean the property still isn’t yours. The hallways, space in the compound outside, gate and gatehouse etc and all the facilities that are not in the sold apartments belong to muazu. He should come up with a better excuse. Nigerian politicians lie so easily and freely it is very very scary

    • The facts

      Firstly the aide did not lie because his boss is not by law the owner of the property. Secondly he said that the property was sold through property agents therefore he doesn’t need to know who bought the property.

  • Mizch

    I am still shaking over this news. What is the purpose of keeping such amount of money in this world? Insanity? Cruelty?
    Supposing the “owners,” if they earned it, put it into industries, or empowered some people with the money, to improve the society? How is it that the United States print their currency and Nigerians buy it over and hoard in their rooms? Can someone help here to explain what is going on? What a scornful people!
    Now would EFCC tell us the truth about the “owners?”

    • Champ

      They won’t just as Nigeria custom refuse to tell you who imported those two surveillance jets few months ago

  • Champ

    When it was Yakubu we knew the owner, Balogun market no owner, now this one no owner… another surveillance craft Nigeria custom alleged they don’t know the importer is in the making. No matter how you paint it this FG Govt is also corrupt

  • tunde008

    So EFCC do not investigate before blowing their whistle? This shows EFCC is very ineffective in doing their job.A detective will investigate to find who owns the house,the owner of the money,who is depositing the money in the house,how often and when is the money being brought to the house.The EFCC could have waited for the person coming to deposit or withdraw and arrest such individual.For not doing these things I enumerated above the EFCC will never win any high proflie case and will continue to loose cases. Magu should be replaced immediately he is making a mockery of corruption war.This is not how to fight corruption at all.Three occasions money discovered without anybody being connected to so much huge amount. Magu should be sacked immediately he has proven to be very very ineffective,he was asked by senate how much money he has recovered so far,he could not answer that question.I have already given up on Buhari,now I have given up on Magu.

    • Dapo

      @tunde008…..I understood your point,but the corruption happening in this country has gone far more than what we hearing from the media. You think the EFCC official don’t know the owner of this loot fund? Sir,I think it’s better for us to stop investigating and all we need is to recover the loots funds and get the country back to the right feet. This same fight was fought over Senator Saraki,please tell me what was the result? Once an individual is been pointed at and the president think he want to fight and get the person prosecuted,this next thing you hear is “MEDICAL LEAVE” for my dear president. Just leave magi alone and let him recover as many looted fund as he can. Nigerians need this money not those crazy and son of a goat politicians.

    • Mufu Ola

      You mean EFCC should have waited till somebody come & deposit more money there even if it takes 5 years? Some weird thinking you’ve got!

  • Adeoye Balogun

    You can all see mow that Magu is a dollar and a ‘looser’.

  • Mary Abie

    Woeeeeeeeeeeee.!!!.Black monkies in the order of primates. A generation of lepers. Worse than Sodom and Gomora. Nigerian Govt thieves and looters run but you can never hide. No bank to keep such money! You can begin to build ya own bank in the clouds. Oloshies. Descendants of thieving lepers! May God punish all of these looters.

  • Mary Abie

    It is time these people begin to face the firing squad. Capital death for all looters!

  • Ogidiolu

    The tall stories will now begin, long tale of denials and counter denials. All their nonesense this and that. We’re only paying lip service to corruption. We want EXECUTION for all looters including backdating offenses…..lip service I say. No light, no water, terrible health care, extreme poverty etc etc. Yet $43 million quietly chopped. Dizeani is still there, OBJ, IBB. We are in hell. Patience “teef teef” Jonathan still there. Countless others still there. I wish the people will rise up and hunt down these people because we are making zero progress

  • sanusaliyu

    Honestly am not a subscriber of firing squad, but with the current situation in the country am in for that option. A special Court for looters and no appeal .