Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), is facing serious allegations linked to multi-billion-naira property acquisitions facilitated through associates, according to testimony delivered in a Lagos State Special Offences Court.
The claims were made by Alvan Gurumnaan, an investigator with the Economic and Financial Crimes Commission (EFCC), who testified on behalf of the prosecution. He stated that Emefiele allegedly used proxies, including a lawyer, to acquire properties in Lagos, Delta, Ogun, and Abuja. Some of these properties have already been forfeited to the Federal Government following court orders.
During the trial on Thursday, Gurumnaan mentioned that the EFCC had recovered over $2 million in cash from the office of Ifeanyi Omeke, the lawyer accused of acting as a front for Emefiele. Omeke reportedly acknowledged receiving funds on behalf of Emefiele.
Emefiele is facing a total of 19 charges, while his co-defendant, Henry Omoile, is currently on trial for alleged unlawful acceptance of gifts tied to corrupt practices involving transactions valued at $4.5 billion and ₦2.8 billion.
Within his testimony, Gurumnaan outlined how Emefiele allegedly exploited his CBN position, creating obstacles for businesses seeking foreign exchange, which compelled them to engage in special arrangements for fund access. He cited instances where large sums were transacted through Emefiele’s staff to facilitate these arrangements.
Among the properties listed by Gurumnaan are luxury duplexes in Lekki Phase 1, mansions in Ikoyi, and industrial and residential developments in various locations. He asserted that the value of these assets significantly exceeded anything Emefiele could have earned legitimately during his tenure as CBN governor.
Notably, the defense challenged the admissibility of certain testimonies and evidence presented, arguing that the prosecution had not adhered to required legal protocols. However, Justice Rahman Oshodi ruled in favor of the prosecution, allowing the evidence to be presented while ensuring that the defense retains the right to cross-examine.
The court proceedings have been adjourned to November 13, 2026, for further examination of the case.
