The Economic and Financial Crimes Commission (EFCC) has linked the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a massive property in Abuja, consisting of 753 duplexes and other apartments.
The property, located in the Cadastral Zone area of the capital, spans 150,500 square meters and was recovered following a court ruling on December 2, 2024. This marks one of the EFCC’s largest asset recoveries since its establishment in 2003.
The EFCC’s investigation suggests that the property, which was initially intended for mass housing development, was purchased through illegal means. It was allegedly acquired by Emefiele with the help of cronies, using three companies to pay a total of N2.2 billion for the property.
The EFCC claims that these funds were sourced from unlawful activities, including kickbacks from foreign exchange allocations and contracts awarded during Emefiele’s tenure at the CBN.
In addition, the EFCC alleges that Emefiele’s associates, including one Ifeanyi Omeke, were involved in purchasing and securing title documents for the property. The property has been abandoned since June 2023, following Emefiele’s arrest by the Department of State Services (DSS). Despite efforts by the EFCC to recover the property, no one has contested its forfeiture to the Federal Government.
The EFCC has yet to receive a response from Emefiele’s legal team regarding the allegations.
The Commission also defended its decision to withhold the identity of the property’s owner, citing the need for a thorough and professional investigation before making public any individual names tied to the property.
