Rising Trend of Politicians Selling Properties to Fund Election Campaigns
There are growing indications that some politicians may be selling their properties in prime locations to fund their election campaigns. According to real estate agents, industry associations, and other informed stakeholders, this has become a recurring trend. The timing of these sales coincides with the upcoming 2027 general elections, which are set to begin their official campaign periods in late 2026.
The Independent National Electoral Commission (INEC) has released a revised timetable for the 2027 general elections. It states that presidential and National Assembly campaigns will start on August 19, 2026, while governorship and State House of Assembly campaigns will commence on September 9, 2026. Campaigns must end 24 hours before election day.
While the exact value of some of the properties being sold is not yet confirmed, reports suggest that many of them are located in high-value areas such as Lekki and Ikoyi in Lagos, as well as Maitama in Abuja.
Confirmation from Industry Experts
Tokunbo Akinhanmi, the Publicity Secretary of the Lagos State branch of the Nigerian Institution of Estate Surveyors and Valuers, confirmed the trend. He said, “I have heard of some politicians liquidating their assets to fund campaign bids and primaries. I know of some in the Lekki axis, and the values are in hundreds of millions of naira.”
Dr Muda Yusuf, Founder and CEO of the Centre for the Promotion of Private Enterprise, explained that due to the high costs of elections in Nigeria, politicians often sell their properties to raise funds. He noted, “Electioneering in Nigeria is very expensive. Not just because of taking the form, but because of mobilising people, circulating people.”
Yusuf also warned that the selling of properties could potentially crash property prices. “If they sell, perhaps it can crash some prices, like properties. We have many of them selling properties, and they do so through what we call distress sales because they need the money urgently,” he said.
Industry Sources Confirm the Trend
An industry source with knowledge of developments in the real estate sector confirmed that a property believed to have been used to finance an election was recently sold in the Lekki axis of Lagos State. “I know of one sold by a politically exposed person for N150m in the Lekki-Chevron area, though the person didn’t say if the proceeds would be used to finance elections,” the source said.
Another massive property in the Ibeju-Lekki area is up for sale, but the owner is still looking for a buyer. “This one is in hectares, but the owner wants to sell it in serviced plots, which is like an estate,” the source added.
Commercialisation of Politics
Toye Eniola, Executive Secretary of the Association of Housing Corporations of Nigeria (AHCN), blamed the trend on the commercialisation of politics in Nigeria. “Because they have commercialised politics, and everyone that is going into politics goes there for what to grab, and they are ready to do anything, to sell whatever property to get in there,” he said.
Eniola admitted that the development has been happening before. “This has been happening, this is not the first time, it has been happening over and over. And that is why I said they have commercialised politics; politics is a commercial venture,” he maintained.
Cyclical Nature of the Trend
Peter Adobamen, Chairman of Exclusive Estates, described the trend as cyclical. “It’s a four-year trend where, when major elections are being held in the country—the presidential, governorship, and legislative elections—we observe that as the trend because politics is capital-intensive,” he said.
He added that Abuja, Lagos, and Port Harcourt are the key markets for such sales. “Where a politician needs urgent cash, it may lead to a drop in price,” he said.
Perspectives from Technology Sector
Israel Ihaza, Founder and CEO of Oikus, a Nigerian technology firm, commented on the trend. “It’s not entirely unusual for individuals seeking public office to liquidate personal assets to fund political ambitions,” he said.
Ihaza highlighted that reports from the 2015 and 2023 election periods showed instances where politicians were offering properties for sale to finance campaign activities. “The more important question is often not whether assets are being sold, but whether campaign financing is transparent, lawful, and properly disclosed,” he stated.
