Former Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, bought a $765,000 property in Silver Spring, Maryland, United States, about six months after leaving office, according to property records reviewed by investigative publication Secrets Reporters.

The property, located at 8509 2nd Avenue, was purchased on November 20, 2023. The deed was recorded seven days later and listed Ahmed and her husband, Shamsuna Ahmed, as joint buyers.

Ahmed left office on May 29, 2023, after serving in the administration of former President Muhammadu Buhari. The purchase took place approximately five months and three weeks after her departure from the Federal Government.

$593,000 mortgage used to finance purchase

The property records show that the couple obtained a $593,000 mortgage from Bank-Fund Staff Federal Credit Union to finance part of the purchase.

The difference between the $765,000 purchase price and the mortgage was $172,000.

The mortgage agreement carried a 30-year repayment period, with a maturity date of December 1, 2053.

However, the records cited in the investigation do not establish the source of the $172,000 paid outside the mortgage or provide a complete picture of the couple’s financial resources.

The property was acquired under a joint ownership arrangement known in Maryland as tenants by the entirety, a form of ownership available to married couples.

Former minister resold property for $850,000

The house did not remain in the couple’s ownership for long.

According to a subsequent deed dated April 27, 2026, and recorded the following day, Ahmed and her husband sold the property to Afolabi Emmanuel Olowookere and Eniola Abosede Olowookere for $850,000.

The sale price was $85,000 higher than the original purchase price, representing an increase of about 11.1 per cent over approximately 29 months.

The transaction records establish the purchase and subsequent sale, but do not provide details of any renovation costs, taxes, fees or other expenses that may have affected the financial return.

Questions over asset declaration

The acquisition has also drawn attention to the asset declaration rules governing Nigerian public officers.

The Fifth Schedule of the 1999 Constitution requires public officers to declare their assets and liabilities to the Code of Conduct Bureau when they assume office, at the end of every four years and when they leave office.

The rules cover assets held outside Nigeria and include specified assets and liabilities belonging to spouses and unmarried children below 18.

However, Ahmed purchased the Maryland property after leaving office. The available records do not establish whether the transaction involved any breach of the constitutional provisions or whether there was an outstanding declaration obligation relating to the property.

They also do not establish that the money used for the purchase came from public funds or any unlawful source.

What remains unanswered?

The documents cited by Secrets Reporters establish that Ahmed and her husband bought the property for $765,000, obtained a $593,000 mortgage and later sold it for $850,000.

But they do not reveal the source of the $172,000 difference between the purchase price and the mortgage.

They also do not provide a complete account of the couple’s finances or establish whether any relevant asset declaration issue arose from the transaction.

Ahmed’s response to the questions raised by the report was not included in the publication reviewed by Yaro Insider.

The former minister should be given an opportunity to explain the source of the funds used for the purchase and address any questions concerning her financial disclosures.

As for now, the property records establish a significant overseas real estate transaction. They do not, on their own, prove wrongdoing.

Also read: Bala Mohammed’s Bauchi government spends ₦22.53bn on security vote in nine months