Emefiele, Associates Accused by EFCC of Acquiring 753-Duplex Estate with Forex Kickbacks

The EFCC alleges that former CBN Governor Godwin Emefiele and his cronies used forex kickbacks to acquire a massive 753-duplex estate, raising concerns over financial misconduct.

Documents submitted by the Economic and Financial Crimes Commission have connected Godwin Emefiele, the former Governor of the Central Bank of Nigeria, to a large property in Abuja. This estate comprises 753 duplexes and various other apartments located in the Cadastral Zone area of the capital city.

On Monday, the anti-corruption agency announced that it had recovered property from an unidentified former high-ranking government official. The agency described this as its largest single recovery since it was established in 2003 as part of its efforts to combat corruption.

The recovery occurred after a decision was issued by Justice Jude Onwuegbuzie of the FCT High Court in Apo on December 2, 2024.

According to court documents acquired by our correspondent on Tuesday, the EFCC provided a narrative connecting Emefiele to an extensive property covering 150,500 square meters, identified as Plot 109 in Cadastral Zone C09 of Lokogoma District, Abuja.

Emefiele is presently facing prosecution by the EFCC in three distinct cases before separate judges.

He is facing trial before Justice Hamza Mu’azu for procurement fraud, forging the signature of former President Muhammadu Buhari, and other charges.

Emefiele faces charges of alleged fraud involving $4.5 billion and ₦2.8 billion before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos.

Furthermore, Emefiele is appearing before Justice Maryann Anenih at the FCT High Court in Abuja on charges of allegedly approving the printing of banknotes worth N684.5 million at a cost of N18.96 billion.

The document alleges that Emefiele, as the CBN governor, committed “monumental fraud” alongside his associates to acquire numerous properties, including an estate.

While investigating the alleged significant fraud conducted by the recent former Governor of the CBN and his associates, the commission identified and uncovered numerous properties suspected to have been acquired or developed using proceeds from unlawful activities.

The property listed in Schedule A of this application is among those recovered, as it was reasonably suspected to have been acquired or developed using proceeds from unlawful activities.

The EFCC claimed that during the investigation it was discovered that the former CBN governor arranged kickbacks in exchange for allocating foreign exchange to certain companies urgently needing it for their lawful and legitimate operations.

Our investigation also uncovered that the former CBN Governor accepted kickbacks from certain contractors who were granted contracts by the Central Bank of Nigeria.

The anti-corruption agency further claimed that Emefiele collaborated with various associates, including an individual named Ifeanyi Omeke. According to the allegations, Omeke undertook numerous tasks for him, such as acquiring and finalizing title documents for multiple properties situated in prestigious areas of Lagos and Abuja.

According to the report, documents related to the Abuja property were found during a search of Omeke’s office. Investigators identified the property’s location on September 17, 2024, “with help from a surveyor at the Abuja Geographical Information Systems by utilizing search results and coordinates.”

The EFCC stated that their investigation “uncovered that the property has been abandoned and deserted since June 2023, with only a guard present following the arrest of the former CBN Governor.”

According to The PUNCH, the Department of State Services arrested Emefiele in Lagos a day after President Bola Tinubu suspended him.

In October, shortly after Emefiele was released from the DSS, he was arrested by the EFCC.

The EFCC alleges that the substantial property, purportedly acquired by Emefiele via intermediaries, was initially intended for a large-scale housing project.

READ ALSO:EFCC Explains Decision to Withhold Identity of Owner of 753 Seized Duplexes in Abuja

According to the EFCC, their investigation uncovered that Emefiele utilized three companies to pay a total of N2.2 billion for purchasing the property.

The seller reportedly “received a total of N2,200,000,000.00,” with claims that “the three companies involved in the property’s payment are entangled in criminal activities aimed at concealing illegal profits linked to Mr. Godwin Emiefele.”

The EFCC reported that one company was used to pay N900 million, another paid N700 million, and a third contributed N600 million, amounting to a total of N2.2 billion.

It stated that the company directors were arrested, and their statements were willingly provided during the investigation.

The funds utilized for the acquisition of the property outlined in Schedule A of this application are not legitimate earnings by Godwin Emefiele; rather, they were obtained through illegal and unlawful activities.

An EFCC investigator stated in an affidavit filed in court, “I know this as a fact and firmly believe that the funds used for acquiring or developing the properties intended for forfeiture are derived from unlawful activities such as corrupt enrichment, receiving kickbacks, and abuse of office.”

The EFCC stated that on November 1, 2024, the court issued an order for the temporary forfeiture of the property “after assessing the facts presented to it.”

Consequently, it requested the judge to decree the permanent forfeiture of the property to the Federal Government, as no one had stepped forward to dispute the evidence presented in court, despite publicizing the interim forfeiture order in The PUNCH edition dated November 6, 2024.

The EFCC stated that the court granted its request, resulting in the property being permanently forfeited to the Federal Government.

Attempts to obtain a response from Emefiele’s legal team were unsuccessful. Matthew Burkaa (SAN), one of the lawyers, did not answer calls or respond to a text message requesting Emefiele’s perspective by the time this report was filed.

“Why the EFCC hid the property owner’s identity.”

In the meantime, EFCC spokesperson Dele Oyewale justified the agency’s choice to withhold the property owner’s identity from public disclosure.

He was addressing public criticism regarding the reasons for keeping the identity hidden.

The claim that there was a cover-up regarding the identity of the estate’s promoters defies logic. This is because the forfeiture proceedings for the estate followed Section 17 of the Advance Fee Fraud Act, which permits action-in-rem (against an object) rather than action-in-personam (against a person), as part of civil litigation.

“The latter permits legal actions against a property rather than an individual, particularly in cases of unclaimed property. This Act enables the initiation of forfeiture proceedings against assets that are not held by juristic persons. That’s precisely what the commission did regarding the Estate when dealing with unclaimed assets,” Oyewale stated.”

He added that revealing the suspects’ identities would be unprofessional since the investigation had not yet been concluded.