Former CBN Governor Emefiele Accused of Fraud and Property Acquisition

The Economic and Financial Crimes Commission (EFCC) has told a court that Godwin Emefiele, the former Governor of the Central Bank of Nigeria, acquired properties worth billions of naira through other people while he was in office. This information came out during a hearing at the Ikeja Special Offences Court.

Emefiele is facing serious charges, including corruption and abuse of office, linked to transactions totaling $4.5 billion and ₦2.8 billion. His co-defendant, Henry Omoile, is also on trial for accepting illegal gifts.

During the court session, investigator Alvan Gurumnaan testified that Emefiele used his position to create barriers that prevented ordinary Nigerians and businesses from accessing foreign currency. This forced them to enter into special arrangements that he allegedly controlled.

Gurumnaan provided an example of a company that allegedly paid millions of dollars to Emefiele through his staff member, Monday Osazuwa. Osazuwa reportedly admitted to receiving about $17 million from the company and passing it on to Emefiele.

The witness also stated that Emefiele acquired several properties that his legitimate income could not explain. Courts have already ordered the seizure of assets worth hundreds of billions of naira. These include cash, luxury homes in Lagos, a factory in Emefiele’s hometown, and a large estate in Abuja.

Despite the allegations, Emefiele’s lawyer objected to the witness’s testimony, claiming it was not relevant to the case. However, the judge allowed the testimony and scheduled the next court date for November 13, 2026, to continue the trial.