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Emefiele, Cronies Acquired 753-Duplex Estate With Forex Kickbacks — EFCC

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Court papers filed by the Economic and Financial Crimes Commission (EFCC) have linked the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a massive property in Abuja, consisting of 753 duplexes and other apartments located in the Cadastral Zone area of the capital city.

On Monday, the EFCC announced the recovery of the property from an unnamed former top government official, calling it the largest single recovery the agency had made in its history of fighting corruption since its establishment in 2003.

The recovery followed a ruling on December 2, 2024, by Justice Jude Onwuegbuzie of the FCT High Court in Apo.

Court documents obtained by our correspondent on Tuesday detail how the EFCC connected Emefiele to the massive estate, which spans 150,500 square meters and is identified as Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.

Emefiele is currently facing prosecution by the EFCC in three separate cases before different judges.

Before Justice Hamza Mu’azu, he is on trial for procurement fraud, forgery of former President Muhammadu Buhari’s signature, and other charges.

Before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos, Emefiele is charged with fraud involving $4.5bn and N2.8bn.

Additionally, Emefiele faces charges before Justice Maryann Anenih of the FCT High Court in Abuja for allegedly approving the printing of N684.5m worth of notes at the cost of N18.96bn.

According to the EFCC’s documents, Emefiele is accused of carrying out a “monumental fraud” while serving as CBN governor, with the assistance of his cronies, to acquire several properties, including the estate.

“The commission, whilst investigating the alleged monumental fraud carried out by the immediate past Governor of the CBN and his cronies, traced and discovered several properties reasonably suspected to have been acquired and/or developed with proceeds of unlawful activities,” the EFCC stated.

The agency further alleged that Emefiele negotiated kickbacks in exchange for allocating foreign exchange to companies in desperate need of funds for legitimate business activities.

The EFCC also claimed that Emefiele received kickbacks from contractors awarded contracts by the Central Bank of Nigeria.

The investigation revealed that Emefiele collaborated with several cronies, including one Ifeanyi Omeke, who “ran several errands for him, including the purchase and perfection of title documents for properties located in highbrow areas of Lagos and Abuja.”

The EFCC said the documents for the Abuja property were recovered during a search of Omeke’s office, and investigators located the property on September 17, 2024, “with the assistance of a surveyor from the Abuja Geographical Information Systems, using search results and coordinates.”

The agency noted that the property has been abandoned since June 2023, following the arrest of the former CBN governor.

In October, the EFCC arrested Emefiele shortly after he regained his freedom from the Department of State Services (DSS), which had previously detained him.

The EFCC further disclosed that the massive property, allegedly acquired through cronies, was originally intended for a mass housing development. The investigation revealed that Emefiele used three companies to pay a total of N2.2bn for the property.

It said the seller “received the aggregate sum of N2,200,000,000.00” and that the three companies involved in the payment were “enmeshed in criminal maneuvering of layering proceeds of illegal activities of Mr. Godwin Emefiele.”

The EFCC alleged that one company paid N900m, a second company paid N700m, and a third company paid N600m, bringing the total to N2.2bn.

It further stated that the directors of the companies were arrested, and their statements were voluntarily obtained during the investigation.

“The funds used in the acquisition of the property highlighted in Schedule A to this application are not legitimate earnings of Godwin Emefiele but funds acquired through illegal and unlawful activities,” an EFCC investigator stated in the affidavit filed in court.

The EFCC added that the court had, on November 1, 2024, made an order for the temporary forfeiture of the property after evaluating the facts before it. The commission requested that the judge now order the permanent forfeiture of the property to the Federal Government, as no one had contested the facts, despite the interim forfeiture order being published (in The Punch) on November 6, 2024.

The court agreed to the EFCC’s request, and the property has now been permanently forfeited to the Federal Government.

Attempts to reach Emefiele’s legal team for comment were unsuccessful. One of his lawyers, Matthew Burkaa (SAN), did not respond to calls or text messages seeking Emefiele’s side of the story.

‘Why EFCC Concealed Property Owner’s Identity’

EFCC spokesperson Dele Oyewale defended the agency’s decision not to reveal the identity of the property’s owner.

Responding to public criticism about the concealment, Oyewale explained, “The allegation of a cover-up of the identity of the promoters of the estate stands logic on the head in the sense that the proceedings for the forfeiture of the Estate were in line with Section 17 of the Advance Fee Fraud Act, which is a civil proceeding that allows for action-in-rem rather than action-in-personam.”

He added that the civil proceeding focused on the property itself, not an individual, especially since the property was “unclaimed.” He emphasized that since the investigation was ongoing, revealing the identities of suspects not directly linked to title documents would be unprofessional.

“The substantive criminal investigation on the matter continues. It will be unprofessional of the EFCC to go to town by mentioning names of individuals whose identities were not directly linked to any title document of the properties,” Oyewale concluded.

BIG STORY

As WAFCON Kicks Off Today, The Falcons Of Nigeria Will Win Their 10th Title — By Seun Oloketuyi

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The energy in Morocco is electric. From the bustling streets of Rabat to the buzzing stadium corridors in Casablanca, a continental celebration of football has begun. The 2024 Women’s Africa Cup of Nations, delayed until 2025, kicks off today — and as the anthem rings out to open the tournament, one team walks into the spotlight with more than just ambition. The Super Falcons of Nigeria are here to reclaim what they’ve long considered theirs: the WAFCON crown.

Nine-time champions, decorated with decades of dominance, Nigeria’s women’s team has been the pride of African football. But this time, there’s something different. It’s not just about titles or rankings. It’s about redemption. Two years ago, the Falcons fell short, narrowly edged out of the final by host nation Morocco and forced to watch South Africa take the throne. That sting hasn’t faded — it’s fuel.

The players know what’s at stake. Asisat Oshoala, now playing for Bay FC in the U.S. after an illustrious run with Barcelona, returns with fire in her eyes and form in her boots. Alongside her, a younger generation is rising — bold, unshaken, hungry. In training, the tempo has been sharp. In their voices, confidence. In their hearts, belief,She is expected to inspire the younger generation lead by the team Captain Rasheedat and the new blood of Alozie,Ashley,Esther and Toni Payne plus Ayinde a lot is expected.

Now led by new head coach Justine Madugu, following the departure of Randy Waldrum, the Falcons are embracing a refreshed style of play — blending tactical discipline with expressive, fearless attacking football. Madugu has not only brought structure but also instilled belief, trust, and a renewed fighting spirit,Many including me are still stunned Monday Gift is not in this team but yet we are behind them.

The road won’t be easy. Morocco is loud and proud on home soil. South Africa still glows from their 2022 triumph. Zambia arrives with momentum. But even in the shadows of rising stars, Nigeria still stands tallest. When the Super Falcons walk out tomorrow against Tunisia for their opening match, they’ll carry more than just jerseys on their backs. They’ll carry history. Legacy. And expectation.

This is a team that has shaped the narrative of African women’s football for decades. Their dominance isn’t luck. It’s culture. Discipline. Passion. Every touch of the ball, every sprint, every tackle will be driven by the memory of past glories — and the desire to write a new chapter.

As the tournament kicks off today, the message from Nigeria is clear: the Falcons are flying again. Not with arrogance, but with assurance. And by the time the final whistle blows in Rabat on July 26, they believe they’ll be right where they belong — lifting the trophy for a record 10th time.

Africa is watching. Nigeria is ready.

I Totally believe Falcons will come home with the 10th Wafcon

  • Seun Oloketuyi the producer of Flying with the Falcons

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BIG STORY

“Adron Homes Made My Dream Come True” — New Homeowner Shares Inspiring Testimony

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For many Nigerians, the dream of owning a home often feels out of reach, clouded by financial limitations, uncertainty, and broken promises. But for Engr. & Mrs. Taiwo Ademola, that dream has become a beautiful reality, made possible by Adron Homes.

Speaking proudly from the comfort of his newly completed home in one of Adron’s thriving estates in Shimawa, Ogun State, Engr. Ademola shared his joy and fulfillment at finally becoming a landlord.

“When I thought about owning a home, it felt like a far-off dream,” he recalled. “But Adron Homes changed everything. Their flexible installment plan gave me the confidence to start. Today, I stand here as a proud homeowner. For anyone still doubting, Adron Homes is real, and they are here to stay.”

The Ademolas’ new home, now dedicated and celebrated, is a symbol of stability, dignity, and the fulfillment of a long-held dream. Their success story is a powerful reminder of Adron Homes’ mission to make quality, affordable housing accessible to every hardworking Nigerian, regardless of financial background.

In his congratulatory message to the family, Sir Aare Adetola EmmanuelKing, Chairman/CEO of Adron Group, expressed his delight at yet another fulfilled homeowner.

“At Adron Homes, our vision has always been to make home ownership possible for every Nigerian, and I am glad we are living up to this vision” he stated. “Every key we hand over is a step towards fulfilling that vision”.

He welcomed them into the family, describing this feat as the foundation of new beginnings and joyful memories.

Adron Homes has become synonymous with reliability, integrity, and innovation in Nigeria’s real estate sector. With flourishing estates across Shimawa, Lagos, Abuja, Nasarawa, Epe, Badagry, and beyond, the company continues to redefine affordable luxury and accessible home ownership nationwide.

As more Nigerians like the Ademolas proudly unlock the doors to their dream homes, one truth remains undeniable, with Adron Homes, dreams are not just imagined; they are built, one family, one house, one community at a time.

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BIG STORY

UBA, Wema, GTB Resume International Transactions On Naira Cards After Years Of Suspension

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Three commercial banks in Nigeria have revealed the recommencement of international transactions on their naira cards. In separate messages to customers, the United Bank of Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTB) confirmed that the service is back on their naira cards. This change comes about three years after several banks halted international transactions on naira debit cards.

In a recent notice to customers, UBA stated the resumption is part of its ongoing commitment to delivering seamless and improved banking experiences. “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the message read. “This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility. If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

In its own statement, Wema Bank informed customers they could now “pay in dollars” using their naira cards. “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank noted.

In an email to customers, GTB explained that users can spend up to one thousand dollars every quarter with its naira card worldwide. “We are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world,” it said. “Withdrawals at ATMs Abroad: $500 quarterly. Online and POS Transactions: $1,000 quarterly. Kindly note that the quarterly limit of $1,000 covers all transactions including ATM cash withdrawals abroad, purchases on international websites, POS payments outside Nigeria, and more.”

WHY BANKS ARE MAKING THE SHIFT

Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, explained that the improved liquidity in the foreign exchange (FX) market encouraged banks to restart global transactions with their naira cards. “The moderating premium on the parallel market transactions and the reduced arbitrage opportunities is also responsible for the decision,” he said.

Charles Sanni, chief executive officer of Cowry Treasurers, told TheCable that the smaller spread between the official and parallel market rates likely influenced the move. He added that interest rates are very high in Nigeria, which discourages borrowing to speculate on foreign exchange. “The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,” he explained.

Sanni also pointed to renewed confidence in FX management by the federal government and the CBN, noting improvements in fund transfers and capital repatriation. He mentioned that factors such as an improved credit rating for Nigeria, the clearance of FX backlogs, a “new trading platform, increase in oil prices from geopolitical conflicts, and banks capitalisation” also played a role.

Between July 2022 and January 2023, several other banks had also temporarily stopped international transactions on ATMs and POS channels. The pause was due to severe FX scarcity, which posed a risk to vital sectors of the economy.

In July, Standard Chartered Bank halted international transactions on its naira visa debit card. First Bank of Nigeria (FBN), on September 21, 2022, announced it would stop international transactions on its naira Mastercard. Three months later, Guaranty Trust Bank (GTBank) suspended global payments on its naira Mastercard, and Zenith Bank followed suit on January 9, 2023.

Flutterwave, Eversend, and other fintech platforms also suspended their virtual card services for international transactions.

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