Ex-PDP chair Muazu admits ownership of Lagos building where EFCC discovered $50m cash 

Ahmadu Adamu Mu'azu

The former governor of Bauchi State, Alhaji Ahmadu Adamu Mu’azu has opened up on the Ikoyi property where the Economic and Financial Crimes Commission, EFCC, recovered huge sum of money on Wednesday.

Officials on Wednesday recovered $43,449,947, £27,800 and N23,218,000 at an apartment, located at flat 7B, No. 13 Osborne road, Osborne Towers, Ikoyi.

In a statement posted on his Facebook account, the former chairman of the Peoples Democratic Party (PDP) admitted that he built the property but noted that all the flats have been sold to prospective buyers in order to pay back the loan with which he built the house.

His statement reads: “My attention has been drawn to the news making the rounds that I own the building on No.16 Osborne Road, Ikoyi, Lagos. I want to state clearly that I built the said property and sold to prospective buyers of individual flats.

“I have been a property developer since 1983 and I have developed and sold several properties all over the world, the property in question happens to be one of them. 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. 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.

“I commend the efforts of the official of the EFCC and the government’s drive at fighting corruption and also the media in informing the public on illicit and corrupt proceeds. 

“My response is not intended to jeopardise or interfere with the ongoing investigation of the anti-graft and security agencies but to clear the misconception that the house in question belongs to me. 

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

A Federal High Court sitting in Lagos on Friday ordered temporary forfeiture of the seized money to the Federal Government.    

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.