EFCC alleges Emefiele acquired billions in properties through proxies, collected $17m gratification

The Economic and Financial Crimes Commission (EFCC) on Thursday told the Lagos State Special Offences Court in Ikeja how former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, allegedly used associates and corporate fronts to acquire multi-billion-naira properties while in office.

An EFCC investigator, Alvan Gurumnaan, who testified before Justice Rahman Oshodi, alleged that Emefiele exploited his position as CBN governor to create an arrangement that made access to foreign exchange difficult for businesses and individuals, compelling some applicants to resort to special arrangements to obtain the funds.

The testimony formed part of the ongoing prosecution of Emefiele, who is facing a 19-count charge bordering on alleged gratification, corrupt demands, abuse of office and fraudulent property transactions involving approximately $4.5bn and N2.8bn.

His co-defendant, Henry Omoile, is facing three counts bordering on the alleged unlawful acceptance of gifts.

Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN, Gurumnaan said investigations by the special operations team he headed uncovered how companies allegedly made substantial payments to Emefiele through intermediaries in connection with their dealings with the apex bank.

One of the examples he cited involved a company which allegedly paid about $17m through Emefiele’s staff, Monday Osazuwa.

According to the witness, Osazuwa admitted during investigation that he collected the money from the company and handed it to Omoile, who subsequently delivered it to Emefiele.

He also cited the case of Source Computer, alleging that the company’s managing director was compelled to make payments to the former CBN governor before the company could receive money due to it for a contract.

The investigator further told the court that the commission traced several properties to Emefiele which were allegedly acquired through associates because their value was inconsistent with his legitimate earnings as CBN governor.

He identified a lawyer, Ifeanyi Omeke, as one of the alleged intermediaries, saying investigators recovered more than $2m in cash from his office.

Gurumnaan said Omeke, who served as secretary to several companies, admitted during investigation that he acted as a front for Emefiele.

Among the properties he listed were twin duplexes in Lekki Phase 1 and two mansions on Queens Drive, Ikoyi, Lagos.

The witness also disclosed that the commission recovered a factory under construction in Emefiele’s hometown of Agbor, Delta State, which had been forfeited to the Federal Government.

He further alleged that Emefiele acquired a property on Adekunle Lawal Street, Ikoyi, which formerly belonged to the Nigerian Security Printing and Minting Company, where the former CBN governor had served as chairman of the board, and subsequently sold it to himself.

The property, comprising a block of eight flats, has also been forfeited to the government, he said.

Gurumnaan further identified a warehouse in Ogun State, on the outskirts of Lagos, which he attributed to Emefiele.

According to him, the facility contained several containers whose contents were estimated to be worth hundreds of billions of naira.

He also mentioned an 11-storey building under construction, comprising approximately 94 luxury apartments, as well as an estate containing about 750 houses in the Lokogoma district of Abuja.

The witness said several courts had granted forfeiture orders in favour of the EFCC over assets linked to the former CBN governor, with their estimated value running into hundreds of billions of naira.

He maintained that Emefiele had acknowledged ownership of some of the properties during separate court proceedings.

Gurumnaan also told the court that Emefiele was given an opportunity to respond to some of the findings when his statement was recorded during the investigation but failed to address the allegations.

However, lawyers to both defendants, Olalekan Ojo, SAN, and Kazeem Gbadamosi, SAN, respectively, objected to the testimony concerning the properties, arguing that the evidence was irrelevant to the charges before the court.

Justice Oshodi overruled the objection, holding that the defence could challenge the witness’s testimony during cross-examination.

The development is the latest in the protracted prosecution of Emefiele, whose troubles with law enforcement authorities followed his removal from office as CBN governor in June 2023 and subsequent investigations into his activities at the apex bank.

The EFCC initially filed a 26-count charge against him in April 2024, accusing him of offences bordering on abuse of office, receiving gratification, accepting gifts through agents, corrupt practices, fraudulent acquisition of property and conferring corrupt advantages on associates.

The prosecution’s allegations include claims that Emefiele used his position to facilitate financial transactions and obtain benefits through intermediaries, with the disputed transactions valued at about $4.5bn and N2.8bn.

The charges also brought into focus the former CBN governor’s alleged relationship with individuals and companies that reportedly benefited from financial dealings involving the apex bank during his tenure.

However, Emefiele has consistently denied the allegations, pleading not guilty to the charges alongside Omoile.

In one of his earliest legal challenges, the former CBN governor questioned the jurisdiction of the Ikeja Special Offences Court to entertain the charges.

In January 2025, Justice Oshodi upheld part of his objection, striking out counts one to four relating to alleged abuse of office through foreign exchange allocations without competitive bidding.

The judge held that the alleged allocation of foreign exchange without bidding, as framed in those counts, was not an offence defined under any written law.

However, the court rejected his challenge to its territorial jurisdiction over the remaining counts, holding that the prosecution had established sufficient connection between the alleged offences and Lagos State.

Emefiele subsequently continued to contest aspects of the prosecution’s evidence, particularly digital materials allegedly extracted from mobile devices and WhatsApp conversations said to link him and his associates to the transactions.

In September 2025, Justice Oshodi granted his application to engage independent forensic experts to examine the mobile device and digital communications tendered by the EFCC.

The court directed that the exercise be conducted under safeguards to preserve the integrity and chain of custody of the exhibits, with representatives of both parties and their forensic experts participating.

The former CBN governor also challenged the admissibility of statements allegedly made to EFCC investigators, arguing through his counsel that they were obtained involuntarily while he was detained by the Department of State Services for more than 157 days.

His lawyer alleged that Emefiele was subjected to physical and psychological torture and argued that the statements were inadmissible under the Anti-Torture Act, 2017, and relevant provisions of the Evidence Act.

However, in July 2026, Justice Oshodi dismissed the objection and admitted the statements in evidence, agreeing with the prosecution that they were not confessional statements requiring a separate trial-within-a-trial to determine their voluntariness.

The judge held that the statements did not contain an unequivocal admission of the offences for which Emefiele was being prosecuted.

The latest testimony, therefore, represents a continuation of the EFCC’s effort to establish its allegations through evidence linking the former CBN governor to alleged financial benefits, intermediaries and properties.

Meanwhile, the forfeiture of some of the properties identified by the witness arose from separate proceedings and should be distinguished from the determination of Emefiele’s guilt or otherwise in the ongoing criminal trial.

Justice Oshodi adjourned the case until November 13 for continuation of trial.