Court filings by the Economic and Financial Crimes Commission (EFCC) have implicated former Central Bank of Nigeria (CBN) Governor Godwin Emefiele in the acquisition of a massive estate comprising 753 duplexes and apartments in Abuja’s Cadastral Zone.
The anti-graft agency announced the recovery of the estate on Monday, calling it the largest single asset seizure since its establishment in 2003. This followed a ruling by Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo on December 2, 2024.
Documents obtained by journalists on Tuesday detail the EFCC’s findings that link Emefiele to the estate, spanning 150,500 square meters and located at Plot 109, Cadastral Zone C09, Lokogoma District.
The EFCC alleges that Emefiele and his associates used kickbacks from foreign exchange allocations and other corrupt practices to acquire the property, originally intended for mass housing development.
“The commission, while investigating the alleged monumental fraud carried out by the immediate past governor of the CBN and his cronies, traced and discovered several properties reasonably suspected to have been acquired or developed with proceeds of unlawful activities,” the EFCC stated in court.
It further claimed that Emefiele negotiated kickbacks from contractors awarded CBN contracts and companies in need of forex, funneling these funds into real estate purchases.
The EFCC disclosed that the property in question was purchased for ₦2.2 billion through three shell companies. Investigators recovered documents for the estate during a search of the office of one of Emefiele’s alleged associates, Ifeanyi Omeke, who facilitated transactions.
The funds were reportedly layered through these companies, with payments split as follows: ₦900 million by the first company, ₦700 million by the second, and ₦600 million by the third. The directors of these firms have been arrested and their statements obtained.
“The funds used in the acquisition of the property are not legitimate earnings of Godwin Emefiele but proceeds of unlawful activities, including corrupt enrichment, receiving gratification, and abuse of office,” the EFCC affidavit stated.
On November 1, 2024, the FCT High Court issued an interim forfeiture order for the estate after reviewing evidence provided by the EFCC. Following the expiration of the forfeiture notice published in The PUNCH on November 6, 2024, and the absence of any legal challenge, the court permanently transferred ownership of the estate to the Federal Government.
Emefiele is currently facing three separate trials for alleged corruption. He is charged with procurement fraud and forgery before Justice Hamza Mu’azu in Abuja, fraud involving $4.5 billion and ₦2.8 billion before Justice Rahman Oshodi in Lagos, and the approval of ₦684.5 million notes printed at ₦18.96 billion before Justice Maryann Anenih in Abuja.
The EFCC alleges that Emefiele abandoned the estate in June 2023 following his arrest. A guard has reportedly been the sole occupant of the property since then.
Responding to criticism over its initial decision to withhold the identity of the estate’s owner, EFCC spokesman Dele Oyewale explained that the agency acted in accordance with Section 17 of the Advance Fee Fraud Act, which permits civil action against properties rather than individuals in cases of unclaimed assets.
Oyewale added that the EFCC would release names only after concluding its criminal investigation. “Revealing identities before investigations are complete would be unprofessional,” he stated.
Attempts to obtain a response from Emefiele’s legal representatives were unsuccessful as of press time. Senior Advocate of Nigeria Matthew Burkaa did not answer calls or respond to text messages seeking his comment.
