The Economic and Financial Crimes Commission (EFCC) has linked a 150,500-square-metre property in Abuja to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and his associates.
Emefiele is facing charges before Justice Maryann Anenih of the FCT High Court in Abuja. He is accused of approving the printing of N684.5 million notes at a cost of N18.96 billion.
According to court documents, Emefiele and his associates allegedly committed large-scale fraud during his time as CBN governor. This fraud reportedly allowed them to acquire multiple properties, including a massive estate.
The EFCC stated that during its investigation, it discovered several properties believed to have been purchased using funds from illegal activities. One such property has now been seized.
The commission claimed that Emefiele demanded bribes from companies needing foreign exchange and also received kickbacks from contractors awarded CBN projects.
Emefiele allegedly worked closely with associates, including Ifeanyi Omeke, who handled property purchases and title document arrangements on his behalf.
The EFCC recovered documents related to an Abuja property from Omeke’s office. Investigators located the property on September 17, 2024, with help from Abuja Geographical Information Systems.
The commission revealed that the property, which has been deserted since June 2023, was being guarded by one security personnel. The property became abandoned following Emefiele’s arrest.
Reports indicate that Emefiele was arrested by the Department of State Services (DSS) in Lagos the day after his suspension by President Bola Tinubu.
In October, the EFCC arrested Emefiele shortly after he was released by the DSS.
The EFCC alleged that the property, initially intended for mass housing, was bought by Emefiele using three companies, which paid a combined total of N2.2 billion.
The property’s seller reportedly received payments of N900 million, N700 million, and N600 million from the three companies linked to Emefiele.
The EFCC arrested the directors of the companies and obtained their statements, revealing that the funds used for the property purchase were proceeds of illegal activities.
An EFCC investigator stated in court that the funds used for acquiring the property were not legitimate earnings but were instead obtained through corruption, bribes, and abuse of office.
The court had earlier granted a temporary forfeiture order for the property on November 1, 2024. The EFCC advertised the order in The PUNCH on November 6, 2024, but no one contested it.
As no one challenged the interim order, the court has now permanently forfeited the property to the Federal Government.
The EFCC disclosed that the Abuja property includes 753 duplexes and other apartments in the Cadastral Zone. It is reportedly the largest single asset recovery by the commission since its establishment in 2003.
Court documents revealed that the property belonged to Emefiele and his associates.
Emefiele is facing separate charges in three different courts. He is being tried for procurement fraud, forging former President Muhammadu Buhari’s signature, and other offenses before Justice Hamza Mu’azu.
He is also accused of $4.5 billion and N2.8 billion fraud in a case before Justice Rahman Oshodi at the Special Offences Court in Lagos.
