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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

Stakeholders Engagement: Obasa Reels Out Renewed Hope Initiative Achievements

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  • “Renewed hope is not merely a slogan, but a call to action and a vision in progress,” – Obasa

 

Two years into President Bola Ahmed Tinubu administration’s Renewed Hope Agenda, Nigeria, according to Rt. Hon. Mudashiru Obasa, Speaker of the Lagos State House of Assembly, has witnessed an inspiring transformation – a rejuvenation of the economy, a renewal of the national spirit, and a reinvention of the Nigerian state.

Speaking at the 10th Constituency Stakeholders Engagement held inside the Agege Local Government Area secretariat hall on Thursday, Obasa disclosed that this year’s theme, ‘Governance in Action: The Gains of the Renewed Hope Agenda,’ was carefully chosen to highlight the tangible benefits of governance, particularly in alignment with the Renewed Hope Initiative of President Tinubu.

He stated, “This unique programme, which is holding across all the 40 constituencies in the state, gives us a viable opportunity to render an account of our stewardship as well as engage, interact, and strengthen our mutual relationship and solidarity, and to collectively address pressing matters affecting the growth, progress and development of our great community.”

According to Speaker Obasa, “Under the Renewed Hope agenda, the administration has aggressively tackled the challenges of economic stagnation and instability. Strategic economic reforms, including a re-engineering of fiscal policies and revenue-generating mechanisms, have boosted investor confidence and diversified our economy. These reforms have led to an improved credit rating and have laid a strong foundation for economic prosperity and sustainable development,” he said.

Recognising that robust infrastructure is the backbone of development, Speaker Obasa disclosed that the Tinubu administration has launched transformative projects nationwide, including new road networks, upgraded ports, and state-of-the-art public facilities, which he said are not only enhancing the quality of life but also reinforcing Nigeria’s position as a hub for commerce and innovation.

Further, Speaker Obasa said that because agriculture remains central to Nigeria’s quest for food security and self-sufficiency, “The Renewed Hope Agenda has driven significant investments into mechanised farming and modern agricultural practices. Improved access to financing and expanded markets have empowered our farmers, increased production, and positioned Nigeria as a potential agricultural powerhouse.”

He also highlighted the Tinubu administration’s investment in human capital, especially the students’ loan initiative under the Nigerian Education Loan Fund (NELFUND), describing it as a landmark policy that has brought renewed hope to our youths. “Campuses are now more peaceful, infrastructure is improving, and there’s a measure of stability in the academic environment across the federation. Education is once again becoming the tool for empowerment and national development,” he added.

Thus, Obasa opined, “The Renewed Hope Agenda is not by chance; it is a deliberate blueprint for national recovery and sustainability. It is designed to lift millions out of poverty by unlocking economic opportunities for all Nigerians — young and old – men and women, in both urban and rural areas.”

The Speaker drew a parallel between what is happening at the centre and in Lagos State, saying, “In consonance with the national drive for progress, Governor Babajide Olusola Sanwo-Olu has been a pivotal partner in the realisation of this shared vision. His tenure is characterised by innovative urban renewal projects, efficient public service delivery, and legislative collaboration for sustainable growth.

“Lagos, as the commercial nerve centre of Nigeria, has seen groundbreaking infrastructural developments. Modern transport systems, sustainable housing projects, and pioneering urban planning initiatives have transformed our cityscape, making Lagos not only a city of opportunities but a beacon of modern urbanism.”

He added that the proactive engagement between the Executive arm and the House of Assembly has led to the passage of progressive laws that support social welfare, environmental sustainability, and infrastructural innovation. “This strong legislative backing has been instrumental in creating an enabling environment for private investments and public-private partnerships,” Obasa added.

As he reeled out a long list of federal and state government achievements, and those he singlehandedly facilitated in his Agege Constituency, Speaker Obasa was intermittently interrupted by excited constituents belting out popular and political songs, underscoring in no small measure, their appreciation for the man who had dedicated the past 24years of his life to serving them as a legislator.

In his welcome address, Hon. Abdul Ganiyu Vinod Obasa, the acting executive chairman of Agege LGA, was filled with praises for President Tinubu’s steadfast commitment to restoring Nigeria to the path of economic stability and prosperity through the Renewed Hope Agenda. He promised to emulate the president in ensuring that the dividends of democracy reach every member of his community.
The event was attended by constituents, party leaders, traditional rulers, religious leaders, and members of various trade associations, among others.

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BIG STORY

JUST IN: President Tinubu Departs For 10-Day Working Vacation In France, UK

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President Bola Tinubu has left Abuja to begin a 10-working-day “working vacation” in Europe as part of his 2025 annual leave, the Presidency announced on Thursday.

In a statement by Bayo Onanuga, Special Adviser on Information and Strategy, the president’s itinerary includes trips to France and the United Kingdom, after which he is expected to return to Nigeria .

The statement did not clarify whether Tinubu will transmit a formal leave notice to the National Assembly under Section 145(1) of the 1999 Constitution (as amended), which allows the Vice President to act in his stead. Notably, both chambers are currently on recess .

This marks another foreign excursion shortly after a diplomatic mission to Japan and Brazil in late August, where Tinubu pursued trade, aviation, and security agreements during meetings in Japan and with President Luiz Inácio Lula da Silva in Brazil .

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BIG STORY

I’m The Most Experienced Oyo Governorship Aspirant In APC — Adebayo Shittu

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Adebayo Shittu, current Minister of Communications, has positioned himself as the most experienced candidate in the All Progressives Congress (APC) contest for the Oyo State governorship.

In a statement to journalists in Ibadan, Shittu cited his extensive political track record—spanning roles as a member of the Oyo State House of Assembly in 1979, a two-time State Commissioner, and two previous governorship bids—as qualifications that set him apart from other aspirants. “I was a member of the State House of Assembly in 1979 and two-time Commissioner in the State. I have also contested the governorship seat in the state twice before I became a minister. These are experiences you cannot buy,” he insisted .

Shittu emphasized the importance of experience in governance and governance readiness, underscoring the complexity of Oyo State’s political landscape. He added, “Oyo is advanced and sophisticated to be handled by inexperienced administrators” .

Drawing on his historical ties to Nigeria’s political heritage, Shittu noted that he gleaned invaluable insights from Chief Obafemi Awolowo, a foundational figure of Nigeria’s politics. He argued that this lineage of political mentorship enhances his capacity to govern effectively.

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