EFCC Slams Emefiele with Fresh Charges Over Alleged Theft, Secret Acquisition of 753 Housing Units
The Economic and Financial Crimes Commission (EFCC) has filed a fresh set of explosive charges against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, accusing him of masterminding a high-level property acquisition scandal and laundering billions of naira while in office.
According to court documents filed Friday at the High Court of the Federal Capital Territory, Abuja, Emefiele is now facing eight new counts centered on the unlawful acquisition of a sprawling estate of 753 housing units in the Lokogoma District of Abuja. The estate, located on Plot 109, Cadastral Zone C09, spans a massive 150,462.86 square meters.
The EFCC alleges that Emefiele, in collaboration with one Eric Ocheme—reportedly on the run—secured the estate in August 2021 while still serving as CBN governor. Investigators claim the estate was obtained with illicit funds funneled through front companies and proxy accounts.
The agency had earlier obtained a court order to seize the estate, officially handing it over to the federal government last week. However, in a twist, Emefiele has since approached the Court of Appeal in Abuja to reverse the order, claiming ownership was wrongfully transferred.
Billions in Suspicious Accounts
The charges don’t stop at real estate. The EFCC says Emefiele stored billions of naira in proxy accounts, suggesting a complex web of financial misappropriation:
₦167 million was deposited in a Zenith Bank account in 2019, allegedly under a proxy’s name.
In 2020, ₦1.23 billion was held in an account belonging to Kelvito Integrated Services.
In 2021, that figure ballooned to ₦2.94 billion in the same account.
In 2022, another ₦1.98 billion appeared in Kelvito’s account, also deemed suspicious.
Separately, ₦900 million and ₦600 million were found in accounts linked to Ifedigo Integrated Services.
All of these funds, according to prosecutors, are “reasonably suspected to have been unlawfully obtained.”
A Web of Forgery and Conspiracy
The new charges also include allegations of forgery, with the EFCC accusing Emefiele of fabricating a legal document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited.” The forgery, allegedly committed in January 2021, was reportedly intended to facilitate a shady property deal.
The offences contravene Sections 319, 362, and 364 of the Penal Code, the commission stated.
More Legal Trouble Looms
This is just the latest chapter in Emefiele’s mounting legal woes. He is already battling multiple corruption charges in both Lagos and Abuja. In Lagos, he faces accusations of fraudulent foreign exchange allocations totalling $2 billion.
Other charges include criminal conspiracy, abuse of office, and breach of trust—offences that could carry serious penalties if proven.
Despite the mounting evidence and growing list of witnesses—24 so far—Emefiele has consistently denied all allegations. He claims the charges are politically motivated and maintains his innocence.
Emefiele, who served as CBN governor from 2014 until June 2023, was removed from office by President Bola Tinubu and arrested shortly after by the State Security Services (SSS). He later resigned while still in custody. Read More
