The Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), is facing questions over the alleged acquisition of two luxury duplexes in Abuja’s Jahi district, valued at about N350 million each, within two years of assuming office, despite earning a reported monthly net salary of about N583,000.
Multiple sources told SaharaReporters that Magaji allegedly purchased the properties, both reportedly built by Interactive Property Development Company Limited (IPDC), and furnished them with items said to cost more than the value of the houses. The homes are also alleged to be equipped with soundproof cinemas, imported solar power systems valued at about N70 million per building, and gym equipment reportedly sourced from China at about N50 million.
Sources said that before his appointment in 2023, Magaji lived in a rented three-bedroom apartment at Redbricks Estate along Katampe Road, Abuja, and struggled to pay an annual rent of N2 million. They claimed that within two years of becoming Registrar-General, he moved out of the apartment and acquired the two Jahi duplexes. He was also said to have purchased a three-bedroom bungalow for his mother and relocated her from Jos to Abuja.
One source familiar with Magaji’s career said he began work as a State Counsel in Bauchi State in 2009, resigned in 2020, and later moved to Abuja, where he was eventually conferred with the rank of Senior Advocate of Nigeria. The source further alleged that individuals who supported his emergence as CAC Registrar-General later fell out with him after a brief working relationship.
Concerns have also been raised over Magaji’s asset declaration. By law, public officers are required to declare their assets with the Code of Conduct Bureau (CCB) upon assumption of office. Sources alleged that Magaji delayed submitting his asset declaration form, enabling him to acquire the properties and later declare them as pre-owned assets. According to one insider, he reportedly made initial payments to developers while construction was ongoing, obtained property documents, and then submitted the declaration.
Additional allegations include the purchase of an official vehicle reportedly worth about $200 million in December last year, and the acquisition of another Lexus LX 600, allegedly valued at over N400 million, during a recent trip to Canada for an International Bar Association conference.
Documents obtained by SaharaReporters, including CAC pay advice for December 2023 and 2024, indicate that Magaji earned a net salary of N546,186.66 in 2023 and N583,333.33 in 2024. An appointment letter dated October 18, 2023, signed by the Secretary to the Government of the Federation, Senator George Akume, confirmed his appointment as CAC Registrar-General for an initial four-year term, effective October 12, 2023, in line with the Companies and Allied Matters Act, 2020.
Magaji has not publicly responded to the allegations as of the time of filing this report.
