The Economic and Financial Crimes Commission (EFCC) has filed new charges against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the alleged illegal acquisition of a 753-unit housing estate in Abuja. The EFCC also accused him of controlling billions of naira suspected to have been acquired through questionable means.
The charges, marked CR/350/25 and dated May 30, 2025, were filed before the High Court of the Federal Capital Territory. Emefiele was named as the sole defendant in an eight-count charge that also mentions one Eric Ocheme, who is said to be at large. The EFCC claims the estate in question, located at Plot 109, Cadastral Zone C09, Lokogoma District, was acquired with funds of suspicious origin.
Emefiele Battles to Stop Sale of Recovered Estate
The estate, which spans over 150,000 square meters and contains 753 units, had been previously recovered from a former unnamed top official. The court granted a forfeiture order to the federal government, which has since announced plans to sell the estate to low- and middle-income Nigerians. However, Emefiele filed a notice of injunction asking the government to halt any further action pending his appeal.
Through his lawyer, A.M. Kotoye (SAN), the former CBN governor appealed the High Court’s decision at the Court of Appeal in Abuja after his motion to be heard as an interested party was dismissed. The EFCC, however, remains resolute, moving forward with a new set of charges aimed at exposing the alleged financial fraud under Emefiele’s tenure.
Billions Allegedly Laundered Through Shell Accounts
According to the charge sheet, Emefiele and his alleged accomplice moved billions through proxy companies. One of the accounts, belonging to Kelvito Integrated Services at Zenith Bank, allegedly received ₦167.3 million in 2019, ₦1.23 billion in 2020, and ₦2.94 billion in 2021. In 2022 alone, the account reportedly handled ₦1.98 billion.
Another firm, Ifedigo Integrated Services, also allegedly served as a vehicle for suspicious transfers, with the EFCC stating that ₦900 million and ₦600 million were moved through its Zenith Bank account in 2021.
Count Eight of the charge alleges that Emefiele forged a legal document in January 2021 titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” in an attempt to deceive third parties and disguise the true ownership of the property.
EFCC Gathers Witnesses for Trial
To prosecute the case, the EFCC has named 24 witnesses, including representatives of Zenith Bank and Access Bank, who are expected to provide testimony during the trial. The case highlights what may become one of Nigeria’s most high-profile corruption trials involving a top financial figure.
Godwin Emefiele, who served as CBN governor from 2014 until his suspension and subsequent arrest in 2023, remains entangled in multiple criminal proceedings. His resignation came while he was in DSS custody. The EFCC is pursuing other cases against him in both Abuja and Lagos.
EFCC Files Fresh Charges Against Emefiele Over 753-Unit Estate
The EFCC has intensified its case against Godwin Emefiele with fresh charges that centre on the alleged acquisition of a 753-unit housing estate and billions traced to proxy accounts. The anti-graft agency’s actions appear aimed at securing full accountability for what it says was widespread abuse of public office.
The trial promises to test Nigeria’s justice system and determine whether powerful former officials can truly be held accountable when wealth is in question.
