EFCC Links Ex-CBN Governor Emefiele to Multi-Billion Naira Abuja Estate

The Economic and Financial Crimes Commission (EFCC) has implicated former Central Bank of Nigeria (CBN) Governor Godwin Emefiele in the ownership of a massive estate comprising 753 duplexes and apartments in Abuja’s Cadastral Zone.

EKO HOT BLOG reports that this revelation was detailed in court documents obtained by Punch on Tuesday.

According to the EFCC, the estate spans 150,500 square meters and is identified as Plot 109, Cadastral Zone C09, Lokogoma District. The property, described as the agency’s largest single recovery since its inception in 2003, was recovered following a December 2, 2024, ruling by Justice Jude Onwuegbuzie of the FCT High Court in Apo.

The EFCC alleged that Emefiele engaged in “monumental fraud” during his tenure as CBN governor, acquiring properties through kickbacks and illegal deals. Court documents claim he received bribes in exchange for allocating foreign exchange to companies and collected kickbacks from contractors awarded CBN projects.

The agency further disclosed that Emefiele used proxies, including Ifeanyi Omeke, to purchase and manage properties in Lagos and Abuja. Documents linked to the Abuja estate were reportedly found in Omeke’s office during a search. Investigators, with help from the Abuja Geographical Information Systems, located the property on September 17, 2024.

The EFCC stated that the estate, initially intended for mass housing, was abandoned after Emefiele’s arrest in June 2023. Investigators traced ₦2.2 billion in payments for the property to three companies allegedly used to launder proceeds of illegal activities. One company paid ₦900 million, another ₦700 million, and a third ₦600 million.

The directors of these companies have been arrested, with their statements recorded. The EFCC insists that the funds used to acquire the estate were not legitimate earnings but proceeds of corruption, gratification, and abuse of office.

An EFCC investigator, in an affidavit, stated, “The funds used in the acquisition of the property are proceeds of unlawful activities, including corrupt enrichment and abuse of office.”

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