By Nicholas Walter
The Economic and Financial Crimes Commission (EFCC) has finalized the forfeiture of an expansive estate in Abuja, allegedly linked to corruption and forex kickbacks involving the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The estate, located in the Lokogoma District’s Cadastral Zone C09, comprises 753 duplexes and spans over 150,500 square meters.
A Federal High Court in Apo, presided by Justice Jude Onwuegbuzie, issued the final forfeiture order on December 2, 2024. The ruling follows an interim order issued in November, granting the EFCC permission to recover the property. The estate is regarded as the agency’s largest single asset recovery since its inception in 2003.
According to court documents, the EFCC’s investigations revealed that the property was acquired using illicit funds derived from kickbacks on forex allocations. Emefiele is accused of leveraging his position as CBN governor to negotiate bribes from companies seeking foreign exchange for legitimate business transactions. The funds were reportedly funneled through three companies, which collectively paid ₦2.2 billion for the estate.
The companies’ directors, now facing separate legal actions, are accused of layering and laundering proceeds from illegal activities. “The funds used in the acquisition of the property… are not legitimate earnings of Godwin Emefiele but funds acquired through illegal and unlawful activities,” an EFCC investigator noted in an affidavit filed in court.
Emefiele Facing Countless Charges
Emefiele is currently facing multiple prosecutions across various courts in Nigeria. Before Justice Hamza Mu’azu, he is charged with procurement fraud and forgery, including falsifying the signature of former President Muhammadu Buhari. In Lagos, he stands trial for fraud involving $4.5 billion and ₦2.8 billion before Justice Rahman Oshodi. Another case before Justice Maryann Anenih involves allegations of approving excessive printing costs for naira notes.
The EFCC further alleged that a close associate, Ifeanyi Omeke, played a critical role in facilitating property acquisitions on Emefiele’s behalf. Documents related to the forfeited estate were recovered during a search of Omeke’s office, and the property was traced in September 2024 using data from the Abuja Geographical Information Systems.
EFCC Stands On The Issue
While public criticism has emerged regarding the EFCC’s decision to initially withhold the owner’s identity, the agency defended its approach. EFCC spokesperson Dele Oyewale clarified that the action followed civil forfeiture laws, which allow for proceedings targeting assets rather than individuals when ownership is disputed or unclear.
The seized estate, originally intended for a mass housing project, had reportedly been abandoned since mid-2023 following Emefiele’s suspension and subsequent arrest. The property is now permanently forfeited to the Federal Government after no party challenged the EFCC’s claims during the stipulated period. Efforts to obtain comments from Emefiele’s legal team have been unsuccessful.
