The Economic and Financial Crimes Commission (EFCC) has filed fresh criminal charges against former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, over the alleged illegal acquisition of a 753-unit housing estate in Abuja and control of billions of naira in suspicious accounts.
The new charges, filed on Friday, May 30, 2025, before a High Court of the Federal Capital Territory (FCT), are part of an eight-count indictment that paints a grim picture of alleged corruption under Emefiele’s tenure.
The Abuja Housing Estate Scandal
The EFCC alleges that Emefiele, in collaboration with an associate identified as Eric Ocheme (now at large), illegally acquired a massive housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The estate covers 150,462.86 square metres and comprises 753 residential units.
The property was initially recovered by the EFCC from a former government official and subsequently forfeited to the Federal Government by a court order. Emefiele, through his lawyer A.M. Kotoye (SAN), attempted to intervene in the forfeiture case but lost. He has since appealed the decision at the Court of Appeal in Abuja and filed a notice of injunction to stop the government’s plans to resell the estate to low- and middle-income Nigerians.
Billions Allegedly Controlled Through Proxy Accounts
According to the EFCC, between 2019 and 2022, billions of naira were allegedly funneled through Kelvito Integrated Services and Ifedigo Integrated Services, two companies said to be proxies linked to Emefiele. The transactions include:
- ₦167.3 million in 2019
- ₦1.23 billion in 2020
- ₦2.94 billion in 2021
- ₦1.98 billion in 2022
- ₦900 million and ₦600 million also moved through Ifedigo Integrated Services’ Zenith Bank account
Each of these sums is reasonably suspected to be proceeds of crime, according to the charge sheet marked CR/350/25.
Forgery Allegation: Power of Attorney Document
In Count Eight, Emefiele is accused of forging a document in January 2021, titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited”. The EFCC claims this was done with the intent to mislead others into believing the document had legal backing.
Legal Battle Intensifies
The EFCC has lined up 24 witnesses, including staff from Zenith Bank and Access Bank, to testify against Emefiele. The case is expected to draw widespread public attention, given the scale of the alleged fraud and Emefiele’s high-profile position as CBN governor from 2014 until June 2023, when he was detained by the Department of State Services (DSS).
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Emefiele resigned while in DSS custody and is already facing multiple charges in Abuja and Lagos courts, ranging from procurement fraud to money laundering.
What This Means for Nigeria’s Anti-Corruption War
The latest charges raise more questions about accountability in public office and the effectiveness of anti-corruption efforts in Nigeria. With the 2027 elections approaching, cases like this could shape public trust in institutions, especially the judiciary and law enforcement agencies.
Conclusion: A Landmark Case with National Implications
The EFCC’s fresh charges against Emefiele could be a defining moment in Nigeria’s fight against corruption. Whether this leads to a conviction or more legal drama remains to be seen. What’s certain is that public scrutiny will be intense, and the judiciary’s integrity will once again be on trial.
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