How Emefiele allegedly acquired multi-billion-naira properties through proxies – Witness

A prosecution witness for the Economic and Financial Crimes Commission (EFCC) on Thursday told the Lagos State Special Offences Court in Ikeja that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele used associates to acquire properties worth billions of naira while in office.

The witness, Alvan Gurumnaan, said investigators traced several properties to Mr Emefiele and found that some of his associates received money and acquired assets on his behalf.

Mr Emefiele is standing trial jointly with his co-defendant, Henry Omoile, on 22 counts.

Nineteen of the charges, which aim at Mr Emefiele, include receiving gratification, corrupt demands and abuse of office involving transactions valued at $4.5 billion and N2.8 billion.

On the other hand, the remaining three charges, which concern Mr Omoile, accused him of unlawful acceptance of gifts.

Testifying before trial judge Rahman Oshodi, Mr Gurumnaan stated that Mr Emefiele’s statement was recorded during an investigation by a special operations team he led.

He alleged that the former CBN governor, who faces other charges in Abuja arising from his activities while in office, used his position to create a system that made it difficult for businesses and ordinary Nigerians to access foreign exchange, forcing some applicants to resort to special arrangements.

The witness cited a company that allegedly paid millions of dollars through Mr Emefiele’s staff, Monday Osazuwa.

“Osazuwa admitted to us in the course of investigation that he received about $17 million from the company and gave it to the second defendant sometime,” he said.

Mr Gurumnaan noted that Mr Omoile subsequently delivered the money to Mr Emefiele.

He also alleged that the managing director of Source Computer was compelled to pay money to Mr Emefiele before the company could receive payment for its contract.

Mr Gurumnaan identified several properties which he said the EFCC traced to the former CBN governor through associates.

One of them was a lawyer, Ifeanyi Omeke, from whose office investigators allegedly recovered more than $2 million in cash.

The witness said Mr Omeke, who served as secretary to several companies, admitted acting as a front for Mr Emefiele.

Among the properties listed were twin duplexes in Lekki Phase 1 and two mansions on Queens Drive, Ikoyi, Lagos.

Mr Gurumnaan also told the court that the former CBN governor had a factory under construction in his hometown, Agbor, Delta State, which had been forfeited to the federal government.

He further alleged that Mr Emefiele acquired a property on Adekunle Lawal Street, Ikoyi, from the Nigerian Security Printing and Minting Company, where he had served as board chairman, and subsequently sold it to himself.

The property comprises a block of eight flats and has also been forfeited to the government, the witness said.

He added that investigators recovered a warehouse allegedly belonging to Mr Emefiele in Ogun State, near Lagos. The warehouse contained several containers whose contents he estimated to be worth hundreds of billions of naira.

Mr Gurumnaan also listed an 11-storey building under construction, comprising about 94 luxury flats, and an estate of approximately 750 houses in the Lokogoma district of Abuja among the properties allegedly belonging to Mr Emefiele.

Some of the properties mentioned in court on Thursday had featured in earlier EFCC investigations and forfeiture proceedings.

In February 2025, the Federal High Court in Lagos ordered the final forfeiture of $4.7 million, N830 million and several properties linked to Mr Emefiele to the federal government.

They included an 11-storey building comprising 94 apartments under construction in Ikoyi, an office building in Lekki, industrial parks and warehouses in Lagos.

The Ikoyi building matches the description of the 94-apartment property mentioned by the EFCC investigator on Thursday.

The Lokogoma estate also featured in a separate case. In 2025, the EFCC filed an eight-count charge against Mr Emefiele over the alleged acquisition of 753 housing units in the Abuja district.

PREMIUM TIMES reported that the commission accused him of acquiring the estate with an alleged accomplice, Eric Ocheme, while serving as CBN governor. A court subsequently ordered the estate’s final forfeiture to the federal government.

During Thursday’s proceedings, Mr Emefiele’s lawyer, Ojo Olalekan, who is a Senior Advocate of Nigeria (SAN), and Mr Omoile’s lawyer, Kazeem Gbadamosi, objected to the investigator’s testimony about the properties.

They argued that the evidence was irrelevant to the charges before the court.

Mr Oshodi overruled the objection, holding that the defence could challenge the witness during cross-examination.

Mr Gurumnaan subsequently told the court that Mr Emefiele had been given an opportunity to respond to some of the investigation’s findings when his statement was recorded but did not address the allegations.

The judge adjourned the case until 13 November for continuation of trial.