“N700m Duplexes, Private Jet, OML 40, CCB Declaration Delay” — Unexplained Wealth, Conflict-Of-Interest Allegations Trail CAC Registrar-General Magaji, SAN

Explosive allegations of unexplained wealth and potential conflict of interest have surfaced against Hussaini Ishaq Magaji (SAN), the Registrar-General of the Corporate Affairs Commission (CAC), just over two years after his appointment by President Bola Tinubu in October 2023.

According to multiple anonymous sources cited in reports by SaharaReporters, Magaji has allegedly amassed significant luxury assets disproportionate to his official salary. Insiders claim he purchased two duplexes in Abuja’s upscale Jahi district, each valued at approximately N350 million (totaling N700 million), along with extravagant furnishings reportedly exceeding the properties’ value. These include imported solar systems from Germany (N70 million each), gym equipment from China (N50 million), and sound-proof home cinemas.

Prior to his 2023 appointment, sources describe Magaji as struggling financially residing in a rented three-bedroom apartment in Abuja’s Katampe area and facing difficulties paying N2 million annual rent. One insider, claiming to have assisted in securing his position through political connections, alleged Magaji also bought a three-bedroom bungalow for his mother, relocating her from Jos to Abuja, and acquired luxury vehicles, including a Lexus LX 600 worth over N400 million.

Magaji’s disclosed net salary is modest: N546,186 in 2023 and N583,333 in 2024, per pay documents reportedly obtained by the outlet. Sources further accuse him of delaying his mandatory asset declaration to the Code of Conduct Bureau (CCB) to retroactively include the properties, potentially violating public officer conduct rules.

In a separate but related allegation, Magaji is accused of quietly lifting a 2023 court-ordered restriction on corporate filings for companies linked to Oil Mining Lease (OML) 40, an asset connected to billionaire businessman Emeka Offor through Starcrest Nigeria Energy Limited and a joint venture with Seplat Energy Plc (via Elcrest Exploration and Production). The restriction stemmed from internal disputes at Seplat, blocking board changes and resolutions.

Insiders claim the previous Registrar-General upheld the court order, but Magaji allegedly reversed it shortly after taking office without public notice or explanation following alleged meetings facilitated by influential figures, including a Senior Advocate of Nigeria (Joe Kyari Gadzama, SAN). This reportedly enabled sensitive transactions protecting Offor’s interests. Sources further allege Magaji received lavish hospitality, including private jet travel, security convoys, and a sponsored chieftaincy title from entities tied to OML 40, raising conflict-of-interest concerns.

These claims build on prior controversies, including a December 12, 2025, petition to the National Assembly probing alleged tampering with records of Jonah Capital Nigeria Ltd.

Magaji, appointed for a four-year term under the Companies and Allied Matters Act, has overseen CAC reforms such as digitalization. The commission has previously dismissed similar accusations as “baseless” and “intimidation tactics,” urging complainants to approach anti-corruption agencies with evidence.

No official response from Magaji or the CAC to these specific December 13 allegations was available at press time. The reports remain unverified independently, relying on SaharaReporters anonymous sources.

The post “N700m Duplexes, Private Jet, OML 40, CCB Declaration Delay” — Unexplained Wealth, Conflict-Of-Interest Allegations Trail CAC Registrar-General Magaji, SAN appeared first on TheNigeriaLawyer.