Officials from several banks have been listed among witnesses in a fresh case filed by the Economic and Financial Crimes Commission (EFCC) against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The case involves alleged fraud totaling N7.8 billion and the acquisition of 753 housing units on 150,462.86 square meters of land in Abuja.

Details of the case are contained in a suit filed before the High Court of the Federal Capital Territory, marked CR/350/25 and obtained by Nairametrics on Friday.

Key Allegations

Emefiele and his associate, Eric Ocheme (currently at large), face an 8-count charge, including unlawful possession and control of properties situated at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The site in question contains 753 residential units.

According to the EFCC, Emefiele knowingly held and managed property suspected to be acquired through illegal means—an offense under Section 319(A) of the Penal Code Law.

The charges also allege that Emefiele facilitated suspicious bank transfers totaling N7.8 billion into an account held by Kelvito Integrated Services with Zenith Bank Plc. The transfers occurred between 2019 and 2021 and included the following sums:

• N167.3 million (2019)
• N1.24 billion (2020)
• N2.95 billion (2021)
• Additional sums of N1.98 billion, N900 million, and N600 million

One charge further accuses Emefiele of falsifying a legal document titled “Irrevocable Power of Attorney between MG Properties Limited and H and Y Business Global Limited,” with the intent to mislead others into believing it was authorized by H and Y Business Global Limited. This act is said to violate Sections 362(a) and 364 of the Penal Code.

EFCC’s Legal Strategy

Led by Senior Advocate of Nigeria (SAN), Rotimi Oyedepo, the EFCC’s legal team has assembled several witnesses, including representatives from Zenith Bank and Access Bank. These individuals are expected to provide documents and testify regarding the acquisition and development of the Lokogoma estate.

Background on the Property

According to an earlier EFCC statement, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, personally inspected the 150,500-square-meter estate, which includes duplexes and apartments.

The property was recovered following a final forfeiture order issued by Justice Jude Onwuegbuzie of the FCT High Court on December 2, 2024. The court found that Emefiele failed to prove legitimate ownership of the estate, which was suspected to have been acquired through unlawful means. The ruling was based on Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.

The Ministry of Housing is expected to announce further details on the estate’s sale after completing a comprehensive assessment.

Next Steps

While Emefiele has filed an appeal against the forfeiture ruling, the current EFCC charges introduce a criminal angle to the case. As proceedings continue, decisions by the High Court and potential appeals in higher courts will determine the outcome.