The former Governor of the Central Bank of Nigeria, Godwin Emefiele, is facing fresh legal challenges as the Economic and Financial Crimes Commission (EFCC) has filed a new set of charges against him, alleging his involvement in the controversial acquisition of a massive real estate development in Abuja.
The anti-graft agency, in a fresh suit marked CR/350/25 at a Federal Capital Territory High Court, alleges that Emefiele, in collaboration with a fugitive associate identified as Eric Ocheme, illegally obtained ownership of a 753-unit housing estate spanning over 150,000 square meters in Lokogoma, a district of the FCT.
The disputed estate, located at Plot 109, Cadastral Zone C09, had previously been seized by the EFCC under a forfeiture order issued by the FCT High Court, Apo. The federal government has since announced plans to repurpose the estate for affordable housing targeting lower- and middle-income citizens.
However, Emefiele, through his counsel, A.M. Kotoye (SAN), has challenged the forfeiture in court, filing an appeal and a motion for injunction to halt further action on the property until the case is determined.
The EFCC’s latest eight-count charge accuses Emefiele of controlling significant sums of money running into billions of naira through proxy accounts linked to companies such as Kelvito Integrated Services and Ifedigo Integrated Services, primarily held in Zenith Bank accounts. The funds, prosecutors claim, are suspected to be proceeds of unlawful activity.
The breakdown of the alleged illicit funds includes, ₦167.3 million controlled in 2019, ₦1.2 billion handled in 2020, ₦2.9 billion in 2021, ₦1.9 billion in 2022, Additional amounts totaling ₦1.5 billion moved through separate accounts
In one of the more serious allegations, Emefiele is also accused of document forgery. According to the EFCC, he allegedly produced a fraudulent “Irrevocable Power of Attorney” in January 2021, falsely purporting an agreement between MG Properties Limited and H & Y Business Global Limited.
The EFCC has lined up 24 witnesses including officials from both Zenith Bank and Access Bank—to testify against the former apex bank chief once trial proceedings commence.
Emefiele, who led the Central Bank from 2014 until his detention by the Department of State Services in 2023, continues to face multiple legal battles both in Abuja and Lagos. He formally resigned from office while in custody.
