The Economic and Financial Crimes Commission (EFCC) has filed fresh criminal charges against Godwin Emefiele, the embattled former Governor of the Central Bank of Nigeria (CBN), accusing him of acquiring properties worth billions of naira through proxies and stashing large sums in suspicious bank accounts during his tenure as head of the apex bank.
The new eight-count charge was filed on Friday at the High Court of the Federal Capital Territory, Abuja.
The EFCC alleges that Emefiele, in collaboration with Eric Ocheme, fleeing associate, illicitly acquired a sprawling estate in Abuja and retained control of billions of naira suspected to be proceeds of unlawful activities.
According to court documents, the centerpiece of the allegations is a massive housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja.
The 753-unit estate, sitting on a land area of over 150,000 square metres, was allegedly acquired in August 2021 through fraudulent means.
While the EFCC has not publicly identified the original or proxy owner of the estate, it secured a court order to seize the entire development, which has since been handed over to the federal government.
Read also: EFCC accuses Emefiele of theft, illegal acquisition of 753 properties
Emefiele, however, approached the Court of Appeal in Abuja seeking to overturn the forfeiture ruling and regain control of the property.
Beyond the real estate, the EFCC accused Emefiele of using corporate fronts to hide illicit funds during his time as governor of the apex bank.
The commission said he retained a total of ₦6.92 billion in suspicious accounts between 2019 and 2022.
In one instance, prosecutors allege that ₦167 million was domiciled in a proxy account at Zenith Bank in 2019.
In 2020, another ₦1.23 billion was allegedly held in the account of Kelvito Integrated Services Ltd, an account the EFCC claims was used to funnel illicit funds in collaboration with Mr Ocheme.
By 2021, the amount in the same account ballooned to ₦2.94 billion, and in 2022, it further surged to ₦1.98 billion.
In total, nearly ₦6.2 billion was routed through Kelvito’s Zenith Bank account (Account No: 1016232915) over the three-year period.
Another front company, Ifedigo Integrated Services (Zenith Bank Account No: 1210750237), was allegedly used to warehouse ₦900 million and ₦600 million at different times.
The EFCC insists these funds are reasonably suspected to be proceeds of corruption and abuse of office.
The anti-graft agency also accused Emefiele of forging legal documents to facilitate the acquisition of properties.
One of the charges alleges that in January 2021, Emefiele forged an “Irrevocable Power of Attorney” purportedly executed between MG Properties Limited and H & Y Business Global Limited.
The EFCC claims the document was used to falsely present the transaction as legitimate, in violation of sections 319, 362, and 364 of the Penal Code.
Friday’s charges add to a long list of legal woes facing the former CBN governor, who is already standing trial in Lagos over a $2 billion foreign exchange allocation scandal.
He also faces separate charges in Abuja relating to the controversial naira redesign policy implemented shortly before the 2023 general elections, and allegations of abuse of office, criminal conspiracy, breach of trust, and unlawful enrichment.
Despite mounting legal pressure, Emefiele has consistently denied all allegations, insisting on his innocence and vowing to defend his name in court.
In preparation for trial, the EFCC has lined up at least 24 witnesses expected to testify about the acquisition and development of the 753-unit estate.
The agency says the witnesses will provide both oral evidence and documentary proof of Emefiele’s alleged involvement in the property deals and suspicious financial transactions.
