ABUJA, Nigeria — The Economic and Financial Crimes Commission (EFCC) has filed a fresh eight-count charge against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, accusing him of criminal concealment, money laundering, and forgery involving billions of naira funneled through proxy accounts and the unlawful acquisition of a massive Abuja housing estate.
According to court documents marked CR/350/25, dated Friday, May 30, 2025, the EFCC alleges that Emefiele, in conspiracy with one Eric Ocheme — currently at large — used shell companies to control illicit funds and acquire 753 housing units on over 150,000 square metres of land in Lokogoma District, Abuja.
The property, located at Plot 109, Cadastral Zone C09, was previously recovered and forfeited to the federal government.
Emefiele’s motion challenging the forfeiture was dismissed, but he has since filed an appeal at the Abuja Division of the Court of Appeal, alongside a notice of injunction seeking to block further government actions on the estate.
The charges filed include:
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Counts 1–5: Accuse Emefiele of controlling over ₦6.3 billion through Kelvito Integrated Services’ Zenith Bank account between 2019 and 2022, sums the EFCC says were “reasonably suspected to be proceeds of unlawful activity.”
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Counts 6–7: Detail how ₦1.5 billion passed through another proxy company, Ifedigo Integrated Services, within the same period, allegedly under Emefiele’s direction.
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Count 8: Accuses the former CBN governor of forging an irrevocable power of attorney in January 2021, misrepresenting an agreement between MG Properties Limited and H and Y Business Global Limited, to support fraudulent transactions.
The EFCC is relying on 24 witnesses, including representatives of Zenith Bank and Access Bank, to present documentary and oral evidence when the trial begins.
At the heart of the EFCC’s case is a pattern of concealed ownership and control through companies fronted by associates allegedly acting on Emefiele’s behalf.
The prosecution argues that Emefiele coordinated a network of bank accounts, used shell companies to clean and move money, and fraudulently acquired luxury real estate — all while serving as head of Nigeria’s apex bank.
These new allegations add to a growing list of legal troubles for the former CBN chief, who already faces multiple corruption and fraud-related cases tied to his tenure under the Buhari and Tinubu administrations.
The estate in question has already been handed over to the federal government, which plans to convert the property into affordable housing units for low and middle-income Nigerians, according to officials familiar with the matter.
But that plan could stall as Emefiele’s notice of injunction seeks to restrain the government from disposing of or altering the property pending the outcome of his appeal.
Emefiele’s lead counsel, A.M. Kotoye (SAN), maintains that his client’s assets are “legitimately acquired” and has vowed to contest the charges vigorously.
The case is expected to be assigned to a trial judge at the Federal High Court in Abuja in the coming days.
If convicted on any of the charges, Emefiele could face significant prison time and permanent forfeiture of the contested assets.
