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Ex-PDP CHAIR MU’AZU: Yes I built apartment where EFCC found N18bn stash but…



A former chairman of the People’s Democratic Party (PDP) Alhaji Adamu Mu’azu has admitted a connection with the Ikoyi property where the EFCC discovered about N18billion Naira in cash on Wednesday.

Mu’azu in a statement on Friday, explained that he actually developed the property using a bank loan, but thereafter sold the individual flats to different people of whom he has no knowledge or interest.

It would be recalled that the EFCC said it found $43.4m, £27,800 and N23.2m in cash at a residential building on the 7th Floor of a four – bedroom apartment at Osborne Towers located at 16, Osborne road Ikoyi, Lagos.

A search of the property on the internet showed that it was constructed by Cappa And D’alberto Plc, while Etco (Nigeria) Limited, an Electrical and Mechanical Engineering Contracting firm had carried out Electrical, ELV, Plumbing, Fire Fighting and Air Conditioning work on the property.

Read also: Court orders forfeiture of Ikoyi stash uncovered by EFCC to FG

Etco listed Alhaji Adamu Muazu as its client on the construction work carried out on the property.

However, Mu’azu in his statement said, “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 queation 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 inorder 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”, he said.


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