CAC Registrar-General Allegedly Acquired N700 Million Abuja Luxury Duplexes on Official Salary Under N600,000

Newsmen, citing multiple inside sources, has detailed explosive allegations of unexplained wealth against the Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), within two years of his appointment.

According to the report, Magaji, who earns an official monthly salary of approximately N583,000, is alleged to have purchased two high-end duplexes in Abuja’s affluent Jahi district, each valued at N350 million. Sources claim that the cost of furnishing and equipping the properties surpassed the price of the buildings themselves.

Allegations of Asset Accumulation and Undeclared Wealth

· Pre-Appointment Lifestyle: Before his appointment in 2023, Magaji reportedly lived in a rented three-bedroom apartment in the Redbricks Estate and struggled to pay an annual rent of N2 million.
· Post-Appointment Acquisitions: After assuming office, he allegedly purchased the two luxury duplexes from Interactive Property Development Company Limited. The properties are said to feature amenities like sound-proof cinemas, gym equipment imported from China worth N50 million, and German solar systems costing N70 million each.
· Asset Declaration Issues: Sources allege that Magaji delayed submitting his mandatory asset declaration to the Code of Conduct Bureau. They claim this was to first acquire the properties and then list them as previously owned, a potential violation of public service regulations.

Background and Official Record
Documents reviewed by the newsmen confirm Magaji’s monthly salary was N546,186.66 in 2023 and N583,333.33 in 2024. His appointment letter, dated October 18, 2023, shows President Bola Tinubu approved a four-year term for him as CAC Registrar-General.

Further allegations suggest Magaji, a former counsel for Bauchi State, was assisted by associates in securing the position despite allegedly not meeting the ten-year post-call requirement for a Senior Advocate of Nigeria (SAN) in such a role. The sources claim he later distanced himself from these associates.