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 property comprising 753 duplexes in Abuja’s Lokogoma District.
EFCC’s Largest Asset Recovery
The EFCC announced on Monday that the estate, spanning 150,500 square meters, is the largest asset recovery in its history. The recovery followed a December 2, 2024 ruling by Justice Jude Onwuegbuzie of the FCT High Court in Apo.
Allegations of Corruption
The EFCC accused Emefiele of using kickbacks from foreign exchange allocations and contracts to acquire the property through cronies. Three companies reportedly paid a total of ₦2.2 billion to secure the estate. Investigators uncovered documents linking Emefiele to the transactions during a search of an associate’s office.
Legal Battles
Emefiele faces multiple charges in separate courts, including procurement fraud, forgery, and misappropriation of funds totaling $4.5 billion and ₦2.8 billion. He is also accused of approving the printing of ₦684.5 million notes at a cost of ₦18.96 billion.
Property Abandoned
The estate, originally intended for mass housing, has been deserted since Emefiele’s arrest in June 2023. The EFCC claims it obtained permanent forfeiture of the property due to its link to illegal activities.
Public Criticism and EFCC’s Defense
Responding to criticism for withholding the property owner’s identity, EFCC spokesman Dele Oyewale clarified that the forfeiture process targets assets rather than individuals when ownership is disputed.
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