How CAC RG Magaji Allegedly Acquired N700m Abuja Duplexes Within 2-Years

The CAC RG Magaji allegedly acquired N700m Abuja Duplexes within two years despite his N583,000 Monthly Salary.

Brand News Day Nigeria reports that Sahara Reporters made known that multiple sources have told SaharaReporters that the Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), allegedly acquired vast wealth and luxury assets within two years of assuming office.

According to the sources, Magaji bought two duplexes in the upscale Jahi area of Abuja, each valued at about N350 million.

They further claimed that the furnishings in the houses cost more than the buildings themselves. Before his appointment in 2023, Magaji was reportedly living in a rented three-bedroom apartment at Redbricks Estate along Katampe Road and struggled to pay N2 million annual rent.

The sources alleged that both duplexes were developed by Interactive Property Development Company Limited and equipped with luxury facilities, including sound-proof cinemas.

They claimed Magaji installed solar systems imported from Germany worth about N70 million in each house and gym equipment from China valued at N50 million.

One source said Magaji, who previously worked as a Bauchi State counsel before moving to Abuja, was supported by associates to secure the CAC job despite not being ten years post-call at the time.

The source alleged that after assuming office, Magaji distanced himself from those who helped him, later buying the Jahi properties and relocating his mother to Abuja.

The sources further alleged that Magaji delayed declaring his assets with the Code of Conduct Bureau to first acquire the properties and then list them as pre-owned, in violation of public service rules.

Pay advice documents obtained by SaharaReporters showed Magaji earned N546,186.66 monthly in 2023 and N583,333.33 in 2024.

His appointment letter, dated October 18, 2023, confirmed a four-year term as CAC Registrar-General approved by President Bola Tinubu.