By Yusuf Danjuma Yunusa
An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered a portfolio of high-value properties in Egypt allegedly belonging to former Kaduna State governor, Nasir El-Rufai.
Sources familiar with the inquiry told Daily Nigerian that the assets, estimated to be worth billions of naira, were acquired in upscale districts of New Cairo between 2021 and 2023. The properties are located in some of the capital’s most exclusive gated communities, including the Arabella, Banafsek, and Oriana Estates, as well as the Cairo Festival City development.
According to investigators, the assets under scrutiny include a villa at House No. 113 in Arabella Estate in the Fifth Settlement district, another villa at House No. 18 in Banafsek Estate in the First Settlement area, and a property listed as House No. 11 in Oriana II Estate near the American University in Cairo. The commission has also traced four apartments—identified as Units 514, 515, 516, and 517—within the high-end Cairo Festival City development, in addition to two further apartments numbered 4000 and 4100 in Oriana Estate.
Real estate listings in the area, as reported by Daily Nigerian, indicate that villas in these developments can range from 50 million to 200 million Egyptian pounds (approximately ₦5.3 billion), while apartments sell for around 26 million Egyptian pounds (about ₦700 million).
One official involved in the case stated that the investigation is focused on unraveling the ownership structure of the properties. “We are analyzing intelligence reports and attempting to trace the ownership structure of the properties,” the source said. “The process also involves verifying property registries and financial trails. Because the assets are located outside the country, there are diplomatic and legal channels that must be followed.”
The sources, who spoke on condition of anonymity as they were not authorized to discuss the matter publicly, declined to provide further details due to the sensitive nature of the probe.
Attempts to reach Mr. El-Rufai or his representatives for comment were unsuccessful as of the time of this report. The ICPC has not yet issued an official statement regarding the alleged properties or the status of its investigation.
