The embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, finds himself entangled in a fresh web of legal troubles as the Economic and Financial Crimes Commission (EFCC) has filed new charges against him. The charges, filed before a High Court of the Federal Capital Territory in Abuja, revolve around allegations of unlawful acquisition of a massive housing estate and the alleged theft and control of billions of naira through proxy accounts. The EFCC alleges that Emefiele collaborated with one Eric Ocheme, currently at large, to perpetrate these financial crimes. The housing estate in question, located in Lokogoma District, Abuja, comprises 753 units and sits on a sprawling 150,462.86 square meters of land. This latest development adds another layer to Emefiele’s ongoing legal battles, which have unfolded since his suspension and subsequent arrest following his controversial tenure at the helm of Nigeria’s central bank.
The sprawling Lokogoma estate forms a key component of the accusations against Emefiele. Previously recovered from an unnamed former senior government official, the EFCC secured a forfeiture order for the property. Emefiele, however, contested the forfeiture, asserting his interest in the property and appealing the High Court’s decision to the Court of Appeal. Despite Emefiele’s legal maneuvers, the Federal Government has taken possession of the estate and announced its intention to sell the units to low- and middle-income Nigerians. Emefiele subsequently filed a notice of injunction seeking to halt any further action on the property pending the outcome of his appeal, adding another layer of complexity to the already tangled legal proceedings.
The EFCC’s eight-count charge against Emefiele details the specific allegations of financial impropriety. The charges allege that Emefiele knowingly controlled the Lokogoma estate, which is suspected to have been unlawfully acquired. Further charges delve into Emefiele’s alleged control of substantial sums of money held in accounts belonging to Kelvito Integrated Services and Ifedigo Integrated Services at Zenith Bank. These sums, amounting to billions of naira, are suspected to be proceeds of unlawful activities. The EFCC contends that Emefiele, in conjunction with Eric Ocheme, exercised control over these funds between 2019 and 2022.
The specific amounts listed in the charges paint a stark picture of the alleged financial misconduct. Count Two alleges control of ₦167.3 million in 2019, followed by ₦1.235 billion in 2020, escalating to ₦2.945 billion in 2021, and ₦1.985 billion in 2022, all within Kelvito Integrated Services’ Zenith Bank account. Additionally, Emefiele is accused of controlling ₦900 million and ₦600 million in Ifedigo Integrated Services’ Zenith Bank account. These substantial sums, coupled with the acquisition of the extensive housing estate, form the core of the EFCC’s case against the former CBN governor.
Beyond the alleged financial misappropriation related to the housing estate and the significant sums in the aforementioned accounts, the charges also encompass an accusation of forgery. Count Eight alleges that Emefiele forged a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intent to deceive. This forgery charge adds another dimension to the legal challenges confronting Emefiele, further complicating his defense. The EFCC has assembled a list of 24 witnesses, including representatives from Zenith Bank and Access Bank, to present their testimonies when the trial commences.
The latest charges against Emefiele mark another chapter in his ongoing legal battles. Having served as CBN governor from 2014 until his suspension in June 2023, Emefiele’s tenure was shrouded in controversy culminating in his detention by the Department of State Services (DSS) and subsequent resignation. These new charges filed by the EFCC in Abuja add to the existing legal proceedings against him in both Abuja and Lagos High Courts, highlighting the gravity and complexity of the legal challenges he now faces. The upcoming trial will undoubtedly attract significant attention as the prosecution seeks to substantiate the allegations against the former CBN governor, while his defense team will strive to counter the charges and protect his interests.
