The Economic and Financial Crimes Commission (EFCC) has exposed a vast estate allegedly acquired through illicit funds by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and his associates.
Spanning 150,500 square meters, the estate in Abuja's Cadastral Zone comprises 753 duplexes and apartments. The EFCC described it as one of its largest corruption-related recoveries since its inception in 2003.
Court documents revealed that the estate was acquired using funds suspected to be kickbacks from foreign exchange allocations and contracts during Emefiele's tenure as CBN governor.
The EFCC alleges that Emefiele orchestrated “monumental fraud” involving the diversion of public funds to acquire multiple properties, including this estate. Investigations also uncovered that he used three companies to pay a total of ₦2.2 billion for the property, with payments layered to obscure their illicit origins:
- ₦900 million from the first company
- ₦700 million from the second
- ₦600 million from the third
The directors of these companies have been arrested and reportedly cooperated with investigators.
According to EFCC findings, Emefiele negotiated kickbacks from businesses desperate for foreign exchange and contractors awarded CBN projects. A key associate, Ifeanyi Omeke, allegedly managed the purchase and legal documentation of properties for Emefiele. During a search of Omeke's office, documents linked to the Abuja estate were discovered.
The property has reportedly been abandoned since June 2023, following Emefiele’s initial arrest.
Emefiele faces multiple charges across three courts, including procurement fraud, forgery, and misappropriation of funds amounting to $4.5 billion and ₦2.8 billion. He is also accused of approving the printing of ₦684.5 million in currency notes at an inflated cost of ₦18.96 billion.
The EFCC secured a temporary forfeiture of the Abuja estate on November 1, 2024, and later obtained a permanent forfeiture order after no one challenged the interim ruling.
The revelation has reignited public debate over corruption in high offices and its impact on national development. The EFCC has urged Nigerians to remain vigilant and report suspicious activities to help curb corruption.
