ICPC Traces El-Rufai’s Multi-Billion Naira Egyptiain Luxury Properties

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has reportedly traced six high-value real estate assets in Egypt to former Kaduna State Governor, Nasir El-Rufai, as part of its ongoing probe into alleged financial impropriety during his eight-year administration.

Sources within the anti-graft agency disclosed that the properties, believed to be worth billions of naira (or several million dollars), were allegedly acquired between 2021 and 2023 while El-Rufai was still in office. The assets are situated in upscale districts of New Cairo, a fast-growing suburb of Cairo known for its luxury estates and gated communities.

As previously reported by NaijaChoice News, the former governor has been in ICPC custody since February 18, 2026, following his release from EFCC detention. The latest findings form part of the commission’s wider investigation into claims of massive fund diversion and money laundering during his tenure, which also saw a Kaduna State House of Assembly indictment over N423 billion.

The properties under scrutiny are located in some of New Cairo’s most exclusive residential estates, including Arabella Estate (also referred to as Arabilla), Banafsik Estate, Oriana Estate and Oriana II Estate (near the American University in Cairo), as well as Cairo Festival City.

Investigators revealed that villas in estates such as Arabella and Banafsik reportedly sell for between $1 million and $1.3 million (equivalent to about ₦5.3 billion at current rates), while luxury apartments in Cairo Festival City go for around $500,000 (roughly ₦700 million or 26 million Egyptian pounds).

Specific assets being examined include:

• A villa at House No. 113 in Arabella Estate, Fifth Settlement district.
• A villa at House No. 18 in Banafsik Estate, First Settlement area.
• A villa at House No. 11 in Oriana II Estate.
• Four apartments in Cairo Festival City – Units 514, 515, 516 and 517.
• Two apartments in Oriana Estate – Units 4000 and 4100.

An official involved in the probe told investigators: “We are analysing intelligence reports and attempting to trace the ownership structure of the properties. The process involves verifying property registries and financial trails. Because the assets are located outside the country, diplomatic and legal channels must be followed.”

This latest revelation directly contradicts El-Rufai’s public statement in 2023, where he declared he owned only one house on Danja Street in Unguwan Sarki, Kaduna, and insisted he never siphoned public funds to buy properties abroad.

Officials noted that the investigation involves complex international procedures, including coordination with Egyptian authorities.

Efforts to obtain comments from El-Rufai or his family were unsuccessful at the time of filing this report. The ICPC has also not issued any official statement on the Egyptian assets.

The development comes amid heightened tension, with El-Rufai maintaining his silence during interrogation and insisting the entire probe is politically motivated. He has sued the ICPC, demanding N1 billion in damages over the raid on his Abuja residence and the handling of seized items.