Fresh allegations have emerged surrounding the Registrar-General of the Corporate Affairs Commission, Ishaq Hussaini Magaji (SAN), over how he alleged
Fresh allegations have emerged surrounding the Registrar-General of the Corporate Affairs Commission, Ishaq Hussaini Magaji (SAN), over how he allegedly acquired high-value properties in Abuja within a short period, despite earning a modest monthly salary as a public officer.
Sources familiar with the matter alleged that Magaji purchased two luxury duplexes in the Jahi area of Abuja, each valued at about N350 million, bringing the total estimated cost to N700 million. The properties are said to be located in one of the city’s upscale districts and were reportedly developed by Interactive Property Development Company Limited.
According to multiple insiders, the acquisitions happened within about two years of Magaji assuming office. This timeline has raised questions, especially when compared with his earnings as Registrar-General. Pay advice documents for December 2023 and 2024 reportedly show that his net monthly salary stood at N546,186.66 in 2023 and N583,333.33 in 2024.
Before his appointment, sources said Magaji lived in a rented 3-bedroom apartment at Redbricks Estate along Katampe Road in Abuja. At the time, he was allegedly struggling to meet an annual rent of N2 million. Insiders claimed that friends and associates assisted him in securing the apartment due to financial difficulties.
The sudden shift from renting a modest apartment to owning two luxury duplexes has drawn attention. Sources alleged that beyond the purchase of the houses, the level of furnishing and installations in the properties appeared far above the value of the buildings themselves. According to the claims, each duplex was fitted with imported solar power systems from Germany valued at about N70 million. Gym equipment allegedly sourced from China at an estimated cost of N50 million was also installed in each home. The properties were further described as having private soundproof cinema rooms.
One source familiar with the developments claimed that Magaji also bought a 3-bedroom bungalow for his mother and relocated her from Jos to Abuja. This acquisition reportedly occurred within the same period he purchased the Jahi properties.
Concerns have also been raised about compliance with asset declaration laws. By law, public officers are required to declare their assets with the Code of Conduct Bureau immediately upon assumption of office. However, sources alleged that Magaji delayed submitting his asset declaration forms. According to one insider, the delay allegedly allowed him time to make payments to property developers, obtain ownership documents while construction was ongoing, and later declare the properties as already owned assets.
An insider explained that once the houses were under construction, Magaji reportedly provided initial funds to the developers, secured documents showing ownership, and then proceeded to complete his asset declaration. The source alleged that this approach was deliberate and aimed at avoiding scrutiny over the timing of the acquisitions.
Further allegations include the purchase of luxury vehicles. One source claimed that in December 2024, Magaji acquired an official vehicle worth about $200,000. It was also alleged that during a recent trip to Canada for the International Bar Association conference, he purchased a Lexus LX 600 valued at over N400 million and brought it back to Nigeria.
Official records show that Magaji was appointed as Registrar-General of the Corporate Affairs Commission by President Bola Tinubu. An appointment letter dated October 18, 2023, and signed by the Secretary to the Government of the Federation, Senator George Akume, confirmed his appointment for an initial term of 4 years, effective from October 12, 2023. The letter stated that his salary and allowances would be guided by the relevant public service remuneration laws.
While the allegations continue to circulate, no official response has been made by Magaji or the Corporate Affairs Commission, CAC, as of the time of this report.
