Former CBN Governor Emefiele Accused of Using Associates to Acquire Properties

A witness from the Economic and Financial Crimes Commission (EFCC) testified in court that Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), allegedly used associates to acquire expensive properties while in office. This testimony took place on Thursday at a Special Offences Court in Ikeja, Lagos.

The investigator, Alvan Gurumnaan, said Emefiele’s associates, including a lawyer, helped him buy properties in Lagos, Delta, Ogun, and Abuja. Some of these properties have been forfeited to the Federal Government following court orders. Gurumnaan also revealed that the EFCC recovered over $2 million from the lawyer’s office, who reportedly admitted to acting as a front for Emefiele.

During the trial, Emefiele faces 19 charges related to corruption, while his co-defendant, Henry Omoile, is charged with three counts of accepting gifts unlawfully. Gurumnaan explained that Emefiele allegedly made it difficult for businesses to access foreign exchange, forcing some to pay large sums to obtain funds.

Gurumnaan mentioned that Emefiele’s staff and Omoile were involved in transferring money from businesses to Emefiele. One example cited was a company that reportedly paid millions of dollars through Emefiele’s staff to reach the former governor.

The investigator listed several properties linked to Emefiele, including luxury homes in Lagos and a factory in his hometown of Delta State. He argued that the value of these properties far exceeded what Emefiele could have earned legitimately as CBN governor.

During the proceedings, the defense team raised objections to the testimony, claiming it included facts not previously shared with them. However, the judge allowed the testimony to continue, stating it was relevant to the case. The trial is set to continue on November 13, 2026.