Politicians sell assets ahead of 2027 elections

There are indications that some politicians may have opted to sell their properties in prime locations to fund their election campaigns, as various real estate agents and associations, as well as other informed stakeholders, have stated that it’s now becoming a recurring trend.

This is coming a few months before the official flag-off of the 2027 general election campaigns.

A revised timetable released by the Independent National Electoral Commission stated that official campaigns for the 2027 general elections are expected to commence on August 19, 2026, for presidential and National Assembly elections, while those for governorship and State House of Assembly elections will begin on September 9, 2026. INEC also stated that campaigns must end 24 hours before election day.

While the value of some of the properties that have been put up for sale may not be confirmed at the moment, The PUNCH gathered that some of them are located in places like Lekki and Ikoyi in Lagos, as well as in Maitama, Abuja.

Confirming the information, the Publicity Secretary of the Lagos State branch of the Nigerian Institution of Estate Surveyors and Valuers, Tokunbo Akinhanmi, 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. People buy properties all the time for investment and wealth retention. And like any other investment, you can sell to disinvest if there is a need for funds to meet needs or fund a project.”

The Founder and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, an economic policy and advocacy organisation, Dr Muda Yusuf, maintained that due to the cost implications of elections in Nigeria, politicians do sell their properties to fund campaigns.

“Yes, it’s not new. Because once we are in this kind of season, politicians mobilise a lot of resources. So whatever assets they have, they use to mobilise resources. It could be property, it could be shares, it could be that serious. Because electioneering in Nigeria is very expensive. In the context of positions, you know what it costs. Not just because of taking the form, but because of mobilising people, circulating people,” Yusuf said.

“You can see it all over the news now, how they are going about empowering people. So, it’s not new. That has been the trend because of the very costly electoral process that we have,” he added.

Yusuf stressed that the selling of properties may likely crash property prices.

“The implications are that 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. And if somebody needs money urgently, it cuts the price of that asset. But whether it will have a macro effect depends on the number of properties you are talking about,” Yusuf said.

According to him, the development may have a general effect on property prices. “Otherwise, it will just be isolated cases here and there. So, it’s a reflection of the electoral process, how costly it is and the way people are desperate to win elections,” he said.

Also confirming the development, an impeccable source knowledgeable about developments in the industry pointed out that a property believed to have been used to finance an election was sold in the Lekki axis of Lagos State recently.

“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.

“However, I gathered that the owner wants to reinvest the money. Another massive property that is up for sale is in the Ibeju-Lekki area, but that is still tentative. This one is in hectares, but the owner wants to sell it in serviced plots, which is like an estate. The owner is yet to find a buyer for it. There are some others in choice locations in Abuja,” the source said.

Also speaking, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola, blamed the development on what he described as 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, and they know that when they get in, they are going to recoup their money. That is why you see what is happening, because they need money to be able to get followers, and to be able to get into that position,” Eniola said.

He 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. It is a business, people see it as business, and because they see it as business, so it is a risk that people think that they can gamble. It is not new; it has been happening over and over,” Eniola maintained.

The AHCN ES maintained that the development will continue until politics becomes less profitable and attractive to the people.

The Chairman of Exclusive Estates, Mr Peter Adobamen, added that the trend has become cyclical in the sector.

“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. So, the trend is to store monetary value in real estate. Then, when it’s time for elections, they tend to sell, and there are a lot of properties that come into the market, at times at reduced prices.

“So, it’s a four-year cycle; we confirm that, and I think it’s like that. Politicians tend to see real estate as an asset to store value; it appreciates and grows in value. So every four years, they tend to bring those properties into the market for sale for them to have the needed capital to finance their political ambition,” he said.

He added that Abuja, Lagos and Port Harcourt are the key markets, stressing that where a politician needs urgent cash, it may lead to a drop in price.

“Maybe the Abuja market, Lagos market, or Port Harcourt market—those are the key markets. You have one or two instances where a particular person or politician really wants cash. So, in those instances, the prices seem to go quite low because they just want cash. So, in those cases, some people get some opportunities during that period.

“I confirm that, but it’s not a general trend. Of course, when there’s a lot of supply in the market, prices tend to come down. But in one or two instances where the particular individual really wants cash to pursue some of their campaigns, they could offer considerably low discounts,” he added.

Also speaking, the Founder and Chief Executive Officer of Oikus, a Nigerian technology firm, Israel Ihaza, said, “It’s not entirely unusual for individuals seeking public office to liquidate personal assets to fund political ambitions.

“In business, entrepreneurs often raise capital through personal savings, asset sales, loans, investors, or institutional funding to pursue opportunities they believe in. Similarly, political candidates may rely on a combination of personal resources, fundraising, party support, and donor contributions to finance campaigns.”

Ihaza added that there have been reports over the years suggesting that some Nigerian politicians have sold real estate assets to raise campaign funds, particularly during election cycles when campaign expenses increase significantly.

He highlighted that reports from the 2015 and 2023 election periods highlighted instances where politicians were said to be 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. Selling a personal asset to fund a campaign is generally different from using public resources or undisclosed funds. Ultimately, transparency, accountability, and compliance with electoral regulations are what matter most in assessing the integrity of campaign financing,” he stated.(Punch)