Abuja, Nigeria’s capital city, is known mainly as the seat of government, where the country’s major political institutions are located. It is not a commercial or industrial hub like Lagos or Kano, but surprisingly, the city’s real estate market continues to grow at a very fast pace. Many residents and observers are now asking tough questions about how properties in Abuja are being sold for hundreds of millions of naira, with some even priced in millions of dollars.
In recent years, the prices of houses and lands in the Federal Capital Territory have gone up significantly, even though the city is not known for heavy commercial activity or tourism. Unlike cities with large factories or business centres, Abuja’s real estate is not being driven by the normal forces of demand and supply that are seen in productive economies.
Several agencies that are supposed to investigate and monitor financial crimes such as the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Code of Conduct Bureau (CCB) have all been mentioned as responsible for keeping an eye on illegal wealth. However, many Nigerians believe that these institutions are not doing enough. Despite the visible signs of corruption, such as public officers owning mansions that clearly exceed their known income levels, investigations and sanctions are rare.
Residents and experts are pointing fingers at public servants who appear to be the major players in the Abuja real estate market. Many believe that some politicians and civil servants are using public funds to buy expensive houses in high-end parts of the city. Questions have been raised about how officials earning less than ₦20 million a year can afford properties worth ₦100 million and above.
The Minister of the Federal Capital Territory, Mr. Nyesom Wike, has not yet made any major moves on this issue, and the Federal Government has remained largely silent. This silence is adding to public frustration, especially as politicians are now seen openly giving out large amounts of money at events, sometimes in billions, with no one questioning the source.
Critics argue that while the law requires proof of property ownership to be simple and straightforward, the process has now become unnecessarily difficult, particularly when it involves high-ranking government officials. The country’s anti-corruption institutions seem unable to carry out simple verification or audit of asset declarations, which could help check corruption in public service.
Another disturbing trend is the increasing number of vacant houses in Abuja. In many new estates across the city, large buildings sit empty for years because their prices are set so high that average Nigerians cannot afford them. In the Central Business District and other developed parts of the city, there are unoccupied buildings that do not generate income, yet their owners are not bothered. Financial experts say this is not normal, as business-minded investors typically want returns on investment and do not tie up money in unproductive assets.
Many believe that this real estate boom in Abuja is being powered by corruption. The large sums flowing through the system are believed to be connected to inflated government contracts, procurement fraud, and political patronage. The Bureau of Public Procurement, which is supposed to oversee government spending, has also been criticised for not doing enough to stop this flow of illicit money.
Some have also expressed worry about the state of key government institutions. They say the Independent National Electoral Commission (INEC) and even the judiciary are no longer trusted by the public to act without bias. This lack of trust is deepening the concerns that the country’s governance system is being hijacked by a few powerful individuals who now control both the economy and law enforcement.
Until the responsible agencies take bold action and begin to trace the sources of funds used to acquire properties, the problem may continue. Many Nigerians are watching to see whether the current administration will back its anti-corruption promises with real action, or whether the Abuja real estate mystery will remain unsolved.
