Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), has been linked to an expansive property in Abuja containing 753 duplexes and apartments, following investigations by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency announced on Monday that the property, located in the Cadastral Zone of the capital city, represents its largest asset recovery since its inception in 2003.
The estate, spanning 150,500 square metres in Lokogoma District, was permanently forfeited to the Federal Government by a ruling on December 2, delivered by Justice Jude Onwuegbuzie of the FCT High Court. The EFCC alleges that the property was acquired through funds derived from kickbacks and fraudulent activities during Emefiele’s tenure at the CBN.
The recovery is the latest development in a series of legal troubles for Emefiele, who is facing multiple corruption charges across three courts. He is accused of procurement fraud, forging former President Muhammadu Buhari’s signature, and misappropriating funds through currency printing contracts.
According to court filings, Emefiele allegedly collaborated with associates to launder money through shell companies, funnelling ₦2.2 billion to acquire the estate. The property, initially intended for mass housing, has remained deserted since his arrest in June 2023.
Documents reveal that the EFCC uncovered the property during a search of an associate’s office and verified its details with the Abuja Geographical Information Systems. Investigators described the acquisition as part of a broader network of illicit dealings linked to kickbacks from contractors and the manipulation of foreign exchange allocations.
The EFCC’s probe has also implicated three companies used to channel payments for the property, with the funds allegedly originating from “unlawful activities.” The directors of these companies have been questioned, though the anti-graft agency declined to disclose further details, citing ongoing investigations.
Critics have raised questions about the EFCC’s initial decision to withhold Emefiele’s name during the property’s temporary forfeiture process in November. The agency defended its actions, explaining that forfeiture proceedings often target assets rather than individuals when ownership is disputed or unclear.
Efforts to obtain comments from Emefiele’s legal team were unsuccessful, with senior lawyer Matthew Burkaa declining to respond.
The revelations have intensified scrutiny of Nigeria’s anti-corruption efforts, particularly in light of its economic challenges. Forfeiture of the Abuja estate underscores the scale of alleged malfeasance under Emefiele’s watch, adding to the broader conversation about transparency and governance in the country.
