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 sprawling property in Abuja comprising 753 duplexes and apartments.
The property, located on Plot 109, Cadastral Zone C09, Lokogoma District, spans 150,500 square meters and is described as the largest single asset recovery in the EFCC’s history.
The recovery followed a December 2, 2024, ruling by Justice Jude Onwuegbuzie of the FCT High Court in Apo.
The EFCC described the estate as one of several properties allegedly acquired by Emefiele using proceeds from fraudulent activities during his tenure as CBN governor.
According to court documents, Emefiele is accused of engaging in “monumental fraud” with accomplices to secure kickbacks from contractors and foreign exchange allocations.
The EFCC stated that kickbacks were negotiated with companies desperate for foreign exchange, while some contractors allegedly paid bribes in exchange for contracts awarded by the CBN.
The EFCC also named Ifeanyi Omeke as one of Emefiele’s associates, alleging he facilitated property purchases and document acquisitions. Investigators reportedly discovered title documents for the Lokogoma property during a search of Omeke’s office and used geographic data to locate the abandoned estate in September 2024.
Ongoing Prosecution
Emefiele is facing multiple charges across different courts. Before Justice Hamza Mu’azu at the FCT High Court, he is being tried for procurement fraud and forgery, including falsifying former President Muhammadu Buhari’s signature.
At the Special Offences Court in Ikeja, Lagos, Emefiele is charged with fraud involving $4.5 billion and ₦2.8 billion. He is also accused before Justice Maryann Anenih of approving the printing of ₦684.5 million notes at an inflated cost of ₦18.96 billion.
EFCC’s Investigative Findings
The EFCC alleged that the former CBN governor used proceeds of unlawful activities to acquire multiple high-value properties in Abuja and Lagos. In the case of the Lokogoma estate, the property had reportedly been abandoned since June 2023, shortly after Emefiele’s arrest.
“The commission traced and discovered several properties reasonably suspected to have been acquired or developed with proceeds of unlawful activities,” the EFCC stated.
It emphasized that the Lokogoma estate was among the properties recovered, reinforcing the agency’s fight against corruption and misuse of public office.
Emefiele’s legal team has yet to respond to these allegations.
