Court filings by the Economic and Financial Crimes Commission (EFCC) have identified the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, as the owner of a sprawling property in Abuja recently forfeited to the Federal Government. The estate, located in the Lokogoma District of the capital, covers 150,500 square meters and includes 753 duplexes and other apartments.
The EFCC described the property as its largest single asset recovery since its establishment in 2003. The forfeiture followed a ruling by Justice Jude Onwuegbuzie of the FCT High Court, Apo, on December 2, 2024.
Emefiele’s Alleged Fraudulent Activities
The court documents reveal that Emefiele is under investigation for alleged corrupt practices during his tenure as CBN governor. The EFCC claimed that he used proceeds from kickbacks and other illegal activities to acquire the property through proxies and shell companies. The estate was reportedly intended for mass housing development but has remained largely abandoned since Emefiele’s arrest in June 2023.
According to the EFCC, Emefiele negotiated kickbacks in foreign exchange allocations and received bribes from contractors who secured deals with the CBN. The funds were allegedly funneled through three companies that paid a total of ₦2.2 billion for the property.
Legal Proceedings and Investigations
The EFCC alleged that Emefiele’s cronies, including one Ifeanyi Omeke, played key roles in acquiring and concealing the property. Documents tied to the estate were reportedly recovered during a search of Omeke’s office. The EFCC investigator further revealed that the funds used to acquire the property were not legitimate earnings but proceeds from corrupt activities.
The anti-graft agency had initially secured an interim forfeiture order on November 1, 2024, and published a public notice in FRONTPAGE on November 6, 2024. With no one stepping forward to challenge the forfeiture, the court ordered the permanent forfeiture of the property to the Federal Government.
Emefiele’s Legal Battles
Emefiele is currently facing multiple prosecutions in different courts:
- Before Justice Hamza Mu’azu in Abuja, he is charged with procurement fraud and forgery of former President Muhammadu Buhari’s signature.
- At the Special Offences Court in Lagos, he faces allegations of fraud involving $4.5 billion and ₦2.8 billion.
- In another case in Abuja, he is accused of approving the printing of ₦684.5 million notes at an inflated cost of ₦18.96 billion.
Efforts to obtain a response from Emefiele’s legal team were unsuccessful as of the time of this report.
EFCC Defends Secrecy Around Property Owner’s Identity
The EFCC has faced criticism for initially withholding the identity of the property’s owner. Responding to the backlash, EFCC spokesperson Dele Oyewale explained that the forfeiture proceedings were conducted under Section 17 of the Advance Fee Fraud Act, which permits action against property rather than individuals in cases involving unclaimed assets.
Oyewale emphasized that revealing the identity of the suspect before concluding the investigation would be unprofessional. He assured the public that the agency is committed to transparency and accountability.
Next Steps
The EFCC has pledged to continue its investigation into Emefiele’s activities and ensure that those involved in the alleged fraudulent schemes are brought to justice. Meanwhile, the massive estate remains under the Federal Government’s control, marking a significant victory in the fight against corruption.
