The Economic and Financial Crimes Commission (EFCC) has filed a fresh set of criminal charges against former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, over the alleged illegal acquisition of a 753-unit housing estate and billions of naira stashed in proxy accounts.
The eight-count charge, filed before a High Court of the Federal Capital Territory and dated May 30, 2025 (Charge No. CR/350/25), accuses Emefiele of colluding with one Eric Ocheme, currently at large, to unlawfully control and acquire a massive real estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The estate spans 150,462.86 square metres.
The EFCC claims Emefiele violated Section 319(A) of the Penal Code Law, Cap. 89, Laws of the Federation, 1990, and knowingly controlled property and funds reasonably suspected to be proceeds of unlawful activities.
According to the charge sheet, between 2019 and 2022, Emefiele and his alleged accomplice controlled several suspicious transactions amounting to billions of naira through Zenith Bank accounts linked to Kelvito Integrated Services and Ifedigo Integrated Services.
Specific counts detail transactions including:
-
₦167.3 million in 2019
-
₦1.24 billion in 2020
-
₦2.95 billion in 2021
-
₦1.98 billion in 2022
-
₦900 million and ₦600 million in 2021 from another proxy account
In addition to financial misconduct, Count Eight accuses Emefiele of forging a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” to mislead parties into believing it was legitimately authorised.
The EFCC has named 24 witnesses, including bank officials from Zenith Bank and Access Bank, to testify in the case.
The estate in question was previously recovered by the EFCC from a former government official and forfeited to the Federal Government following a High Court ruling. Emefiele had attempted to reclaim the property by filing a motion as an interested party, which the court dismissed. His subsequent appeal is still pending before the Court of Appeal in Abuja.
Despite his legal challenge, the Federal Government has announced plans to sell the estate to low- and middle-income Nigerians. Emefiele has, however, filed an injunction to stop the sale pending the outcome of his appeal.
Emefiele, who served as CBN Governor from 2014 to June 2023, was arrested by the Department of State Services shortly after his suspension and later resigned while in custody.
He is currently facing multiple criminal charges in both Abuja and Lagos High Courts, with investigations into other allegations still ongoing.
