Multiple sources have disclosed to SaharaReporters “explosive details” of how the Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), allegedly acquired staggering wealth and luxury assets within just two years of assuming office.
Relying on insiders familiar with the matter, the report said that Magaji purchased two duplexes in the Jahi district of Abuja, each valued at N350 million.
The opulence did not end there. Sources said the furniture installed in the properties “cost more than the price of the houses themselves,” raising further questions about the source of the funds.
According to the report by SaharaReporters, before his appointment in 2023, Magaji was living in a three‑bedroom rented apartment at Redbricks Estate by Urban Shelter on Katampe Road, struggling to pay N2million in rent.
Yet within two years of becoming Registrar‑General, he allegedly bought two luxury duplexes in Jahi, both reportedly constructed by Interactive Property Development Company Limited (IPDC).
Sources insisted that the extravagant furnishings alone exceeded the N350 million value of each house.
One source told SaharaReporters that Magaji “bought full solar systems from Germany worth N70 million” for each building, and also purchased “gym equipment from China worth N50 million.”
Both homes, SaharaReporters was told, were equipped with sound‑proof cinemas.
A source told SaharaReporters that Ishaq was a friend of theirs.
“He is a friend of associates, and together with him, we helped him secure the position of Registrar General. Ishaq started working with Bauchi State as a State Counsel pupil in 2009. In 2020, he resigned from that job and moved to Abuja, where he was later confirmed as a Senior Advocate of Nigeria.
“When he first arrived in Abuja, he struggled to find a place to stay. We helped him get an apartment at Redbricks Estate on Katampe Road, near Urban Shelter. At the time, in 2021, he was struggling to pay N2 million in rent. Later that year, he became the CAC Registrar General.”
The source said, “When the Registrar General position became available in October, our friend informed us, and we discussed potential candidates. Since he was a lawyer but not yet ten years post-call, he suggested Ishaq Hussaini Magaji. We met with Ishaq, and he agreed, assuring us that all involved would benefit equally.
“Since stepping into office, however, Ishaq only engaged with our friend for a few months, eventually making him Chief of Staff before abandoning him. Our friend resigned this year. Meanwhile, Ishaq left the apartment where he was staying and bought two houses — each valued at N350 million —in Jahi.
“He also bought his mother a three‑bedroom bungalow and relocated her from Jos to Abuja,” the source said
As required by law, public officers must declare their assets with the Code of Conduct Bureau (CCB) immediately upon assuming office.
But sources said Ishaq deliberately delayed filling and submitting his asset declaration form so he could first acquire the controversial properties and then declare them as already‑owned assets — a direct breach of the Code of Conduct for public officers.
One insider told SaharaReporters that when the Code of Conduct Bureau gave him the form, he delayed filling it.
Ishaq reportedly sourced a little money, gave it to the developers, and they gave him the papers of the houses even while construction was still ongoing.
He then filled the forms, claiming he had already bought the houses and submitted them.
“Before buying these houses, he delayed filling the Court of Conduct Bureau form, a strategic move that allowed him to acquire the properties through easier means. Once the houses were under construction, he provided some funds, obtained the papers, and then filled in the form, claiming ownership. As of now, the houses are furnished with items exceeding the value of the property itself.
“For instance, he imported solar systems from Germany worth over N70 million for each house, despite struggling to pay N2 million in rent just before entering office.
“In December last year, he purchased an official vehicle for himself worth $200 million. Last week, during his trip to Canada for the International Bar Association conference, he bought another Lexus LX 600 valued at over N400 million and parked it in his office,” the source explained.
Meanwhile, in the Corporate Affairs Commission’s Pay Advice for December 2023 and 2024 belonging to Hussaini, Ishaq Magaji (SAN) and obtained by SaharaReporters, Magaji’s net salary for 2023 was N546,186.66, while his 2024 net salary was N583,333.33.
Also, in an appointment letter obtained by SaharaReporters, signed by Sen. George Akume, Secretary to the Government of the Federation, dated October 18, 2023, with reference number SGF.6/S.17/VI/621, Hussaini Ishaq Magaji was appointed as the Registrar-General of the Corporate Affairs Commission.
The statement read, “I am pleased to inform you that His Excellency Bola Tinubu, President, Federal Republic of Nigeria has approved your appointment as Registrar -General, Corporate Affairs Commission for an initial term of four (4) years in accordance with the provisions of Section 9 (1) of the Companies and Allied Matters Act, 2020.
“This appointment is with effect from 12th October, 2023 and your emoluments and other conditions of service shall be as provided under” The Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc) (Amendment) Act, 2008″.
“Please accept my congratulations and best wishes on your appointment.”
