EFCC Names Ex-CBN Head In Alleged Money Laundering Scheme Linked To Abuja Real Estate

EFCC Names Ex-CBN Head In Alleged Money Laundering Scheme Linked To Abuja Real EstateThe Economic and Financial Crimes Commission (EFCC) has connected Godwin Emefiele, the immediate-past Governor of the Central Bank of Nigeria (CBN), to a massive property in Abuja, which includes 753 duplexes and other apartments in the Cadastral Zone. This information was revealed in court documents filed by the EFCC and obtained by Punch on Tuesday.....KINDLY READ THE FULL STORY HERE▶

On Monday, the EFCC confirmed the recovery of this large-scale property from a former high-ranking government official, describing it as the largest single recovery made since the commission’s inception in 2003. The recovery followed a ruling issued on December 2, 2024, by Justice Jude Onwuegbuzie of the FCT High Court in Apo.

The EFCC’s court documents link Emefiele to the vast 150,500-square-meter property, identified as Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The documents allege that Emefiele, during his tenure as CBN governor, committed “monumental fraud” with the help of his associates, which enabled the acquisition of this estate and other properties.

The EFCC’s statement reads, “During the investigation into the alleged monumental fraud committed by the former CBN Governor and his associates, several properties suspected to have been acquired or developed using proceeds from unlawful activities were discovered, including the property listed in Schedule A of this application.”

The EFCC claims that Emefiele facilitated kickbacks in exchange for foreign exchange allocations to businesses in need. It also alleges that he received bribes from contractors awarded CBN contracts.

The investigation further revealed that Emefiele collaborated with several cronies, including one Ifeanyi Omeke, who was tasked with acquiring properties and securing title documents in both Lagos and Abuja. Omeke’s office was searched, and the documents for the Abuja property were found. Using coordinates from the Abuja Geographical Information Systems, the EFCC located the property on September 17, 2024.

The EFCC noted that the property has been abandoned since June 2023, after Emefiele’s arrest, with only a security guard stationed on-site.

According to the EFCC, the land, originally intended for mass housing development, was purchased for ₦2.2 billion through three companies controlled by Emefiele. These companies made payments totaling ₦2.2 billion, with one paying ₦900 million, another ₦700 million, and the third ₦600 million. The EFCC claims these companies were involved in criminal activities designed to conceal the illegal origin of the funds.

The EFCC investigator’s affidavit states, “The funds used to acquire this property are not legitimate earnings of Godwin Emefiele but were obtained through corrupt practices, including bribery, kickbacks, and abuse of office.”

The agency has arrested the directors of the companies involved and gathered statements from them during the investigation. The EFCC is now seeking the forfeiture of the property, claiming it was acquired using proceeds from unlawful activities.

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