The Economic and Financial Crimes Commission (EFCC) has linked Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), to a sprawling estate in Abuja comprising 753 duplexes. Court filings revealed the property, located in the Lokogoma District of Abuja, spans 150,500 square meters and was allegedly acquired through illicit means involving foreign exchange kickbacks and other corrupt practices.
Justice Jude Onwuegbuzie of the FCT High Court, Apo, ordered the permanent forfeiture of the estate to the Federal Government on December 2, 2024, marking the EFCC’s largest asset recovery since its inception in 2003.
According to the EFCC, investigations revealed that Emefiele and his associates negotiated kickbacks for foreign exchange allocations and received illicit payments from contractors awarded CBN projects. The proceeds were allegedly funneled through three companies that paid a total of N2.2 billion for the estate, initially intended for mass housing development. The directors of the companies have been arrested and provided statements during the investigation.
Court documents detail the uncovering of title documents for the estate during a search of an associate’s office. The property was abandoned in June 2023 following Emefiele’s arrest, with only a guard remaining on-site.
Emefiele, who faces multiple charges including procurement fraud, forgery, and corruption in various courts, has yet to respond to the allegations. His legal team was unavailable for comment at the time of reporting.
Defending its initial decision to withhold the property owner’s identity, EFCC spokesman Dele Oyewale stated that the forfeiture process focused on the property itself rather than individuals, as permitted under the Advance Fee Fraud Act. He emphasized that releasing identities prematurely could compromise ongoing investigations.
The EFCC has now secured permanent ownership of the estate on behalf of the Federal Government. This development underscores its commitment to combating corruption and recovering stolen assets.
