The Economic and Financial Crimes Commission (EFCC) has linked Godwin Emefiele, the immediate past Governor of the Central Bank of Nigeria (CBN), to a massive property in Abuja comprising 753 duplexes and apartments located in the Cadastral Zone, Lokogoma District.
Largest Recovery in EFCC’s History
On December 2, 2024, the EFCC announced that it had recovered the property, describing it as the largest single recovery in its fight against corruption since the agency’s establishment in 2003.
The recovery was based on a ruling by Justice Jude Onwuegbuzie of the FCT High Court in Apo. Court documents link Emefiele to the sprawling 150,500-square-meter property, identified as Plot 109, Cadastral Zone C09.
Allegations of Corruption and Fraud
According to the EFCC’s filings:
- Emefiele allegedly engaged in “monumental fraud”, receiving kickbacks for foreign exchange allocations and contracts awarded by the CBN.
- The former CBN Governor reportedly used three companies to pay ₦2.2 billion for the acquisition of the property.
- One company paid ₦900 million.
- Another paid ₦700 million.
- The third paid ₦600 million.
These funds were allegedly derived from unlawful activities, including corrupt enrichment and abuse of office.
Linked Properties and Associates
The EFCC alleged that Emefiele worked with associates, including Ifeanyi Omeke, who facilitated the purchase and documentation of properties in high-end areas of Abuja and Lagos. Documents recovered from Omeke’s office reportedly revealed details of the Lokogoma property, which had been abandoned since Emefiele’s arrest in June 2023.
Emefiele’s Legal Troubles
Emefiele faces multiple charges across different courts, including:
- Before Justice Hamza Mu’azu (FCT High Court, Abuja)
- Procurement fraud.
- Forgery of former President Muhammadu Buhari’s signature.
- Before Justice Rahman Oshodi (Special Offences Court, Lagos)
- Alleged fraud involving $4.5 billion and ₦2.8 billion.
- Before Justice Maryann Anenih (FCT High Court, Abuja)
- Approving the printing of ₦684.5 million notes at an inflated cost of ₦18.96 billion.
Court Forfeiture Order
On November 1, 2024, the FCT High Court issued an interim forfeiture order for the Lokogoma property. Following the publication of the order in The PUNCH on November 6, no claims to the property were made, prompting the court to issue a permanent forfeiture order on December 2.
EFCC’s Defense Against Criticism
Responding to criticism over its initial anonymity regarding the property’s owner, EFCC spokesperson Dele Oyewale explained:
- The forfeiture process was conducted under Section 17 of the Advance Fee Fraud Act, a civil proceeding targeting property rather than individuals when assets are unclaimed.
- Public disclosure of suspects’ identities was deemed premature due to ongoing investigations.
Public and Legal Reactions
Efforts to obtain comments from Emefiele’s legal team were unsuccessful at the time of reporting. Critics, however, have questioned the agency’s handling of the case and its decision to initially conceal the identity of the property owner.
