EFCC Drags Ex-CBN Governor Emefiele to Court Over 753 Houses, N7.8bn Fraud—Bank Officials to Testify
Witnesses in the Economic and Financial Crimes Commission’s (EFCC) case against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, which involves alleged fraud concerning N7.8 billion and 753 housing units over an area of 150,462.86 square meters, include representatives from banks.
This information originates from a lawsuit filed against Emefiele at the High Court of the Federal Capital Territory, acquired on Friday and designated CR/350/25.
As part of the 8-count charge, Emefiele and Eric Ocheme face allegations of illegally managing and acquiring property located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja. This property comprises 753 housing units with a total area of 150,462.86 square meters.
EFCC Fees
The former CBN Governor is charged with knowingly controlling the aforementioned property, which is reasonably suspected to have been acquired unlawfully. This act contravenes and is punishable under Section 319(A) of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
Additionally, he faces allegations of unlawfully moving a total of N7.8 billion into a bank account held with a financial institution, comprising the following amounts: N167,300,000, N1,235,959,000, N2,945,331,050, N1,985,412,246, N900,000,000 and N600 ,000,000.
A section of the charges states: “That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (AT LARGE), knowingly controlled a total of N167,300,000 (One Hundred and Sixty-Seven Million, Three Hundred Thousand Naira Only) in an account with Kelvito Integrated Services (account No: 1016232915) at Zenith Bank Plc between January and December 2019 in Abuja, within this Honorable Court’s jurisdiction. This amount is reasonably suspected to have been unlawfully obtained.”
“That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (AT LARGE), between January and December 2020 in Abuja, within the jurisdiction of this Honorable Court, knowingly controlled the total sum of N1,235,959,000 (One Billion, Two Hundred and Thirty-Five Million, Nine Hundred and Fifty-Nine Thousand Naira) in Kelvito Integrated Services’ account No: 1016232915 with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”
“That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (AT LARGE), knowingly controlled a total of N2,945,331,050 (Two Billion, Nine Hundred and Forty-Five Million, Three Hundred and Thirty-One Thousand Fifty Naira) in an account held by Kelvito Integrated Services (account No: 1016232915 with Zenith Bank Plc) between January and December 2021 in Abuja, within the jurisdiction of this Honorable Court. This amount is reasonably suspected to have been obtained unlawfully.”
Additionally, Emefiele faces allegations of creating a false document, in violation of Section 362(a) and subject to penalties under Section 364 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990. This accusation stems from his dishonest execution of a document titled “IRREVOCABLE POWER OF ATTORNEY BETWEEN MG PROPERTIES LIMITED AND HAND Y BUSINESS GLOBAL LIMITED,” with the intent to make it appear as though the document was executed by or authorized by H and Y Business Global Limited.
Rotimi Oyedepo SAN heads the EFCC legal team, which has identified multiple witnesses to back its allegations against Emefiele.
Included among the witnesses are representatives from Access Bank and Zenith Bank, where Emefiele formerly had influence.
These witnesses are anticipated to present proof of their investigative actions and submit documents pertinent to the acquisition and development of the property located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, which has an area of 150,462.86 square meters.
What you ought to know
As per a previous statement from the EFCC, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, conducted a physical inspection of the property, which spans around 150,500 square meters and contains 753 housing units, including duplexes and apartments.
The recovery was based on a final forfeiture order issued by Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Abuja on December 2, 2024.
The forfeiture relied on the stipulations found in Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006, as well as Section 44(2)(b) of the 1999 Constitution.
The EFCC contended that the estate was obtained through illegal means. This definitive forfeiture came after an earlier provisional order obtained in November 2024.
In his ruling, Justice Onwuegbuzie stated that the respondent did not provide justification for owning the estate, which was “reasonably suspected to have been acquired with proceeds of unlawful activities.”
Although the Ministry has yet to disclose a timeline for the sale, it is anticipated that more information will be provided following the completion of the estate assessment.
The forfeiture order was issued by a court of first instance, specifically a Federal Capital Territory High Court. As such, parties who disagree with the order can challenge it in superior courts for a final determination.
It has been reported that Emefiele has filed an appeal against the final forfeiture order. The most recent EFCC case brings in a criminal legal aspect to the acquisition, pending the rulings of the High Court and higher courts.
