Emefiele linked to massive 753 Abuja apartments seizure

Court filings by the Economic and Financial Crimes Commission (EFCC) has linked the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a sprawling Abuja estate containing 753 duplexes and apartments.

The EFCC announced the seizure of the property on Monday, describing it as a key step in its fight against corruption.

The estate, situated in the prime Cadastral Zone of Nigeria’s capital, spans an expansive 150,500 square meters, making it one of the most significant single recoveries in the EFCC’s history since its establishment in 2003.

The property was forfeited following a decisive ruling on December 2, 2024, by Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court, Apo.

Court documents obtained provide a detailed narrative of Emefiele’s alleged involvement in illicit activities, including fraud, abuse of office, and money laundering, which allegedly facilitated the acquisition of the estate.

Emefiele, who served as CBN governor under former President Muhammadu Buhari, is already embroiled in separate cases before various courts.

A notable accusation includes the controversial approval of the printing of N684.5 million worth of new naira notes at a cost of N18.96 billion.

The introduction of these new notes in late 2022 caused significant hardship across Nigeria, with prolonged cash shortages disrupting daily life and crippling businesses.

Critics argue that the naira redesign, presented as an anti-corruption measure, masked deeper financial mismanagement.

“This scandal is a stark reminder of how public office has been manipulated for personal gain in Nigeria,” said anti-corruption advocate Deji Adeyanju.

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The EFCC alleges that the Abuja estate was acquired using kickbacks and funds from unlawful activities during Emefiele’s tenure as CBN governor.

According to the court documents, the property was initially designated for mass housing but was repurposed for personal enrichment.

The papers claim that Emefiele allegedly funneled N2.2 billion through three shell companies to acquire the estate. These companies paid N900 million, N700 million, and N600 million, respectively.

EFCC investigators said they traced the transactions through financial audits and discovered the property’s documents during a search of an associate’s office.

This associate, Ifeanyi Omeke, reportedly acted as an intermediary in several of Emefiele’s alleged corrupt dealings. The EFCC further revealed that the property was abandoned since June 2023, shortly after Emefiele’s arrest by the Department of State Services (DSS).

Court affidavits also detail how Emefiele allegedly secured kickbacks in exchange for foreign exchange allocations to companies desperate for hard currency.

The EFCC stated, “Our investigation equally revealed that the erstwhile CBN Governor received kickbacks from contractors who were awarded contracts by the Central Bank of Nigeria.”

These allegations paint a damning picture of how Emefiele and his network operated, allegedly exploiting Nigeria’s financial system for personal enrichment while public institutions and the broader economy suffered.

Emefiele’s case highlights systemic corruption at the highest levels of government and underscores the challenges facing Nigeria’s anti-corruption agencies.

The estate, if repurposed effectively, could serve as a public asset, potentially addressing Nigeria’s pressing housing deficit or generating revenue through its sale.

As Emefiele faces legal proceedings, many Nigerians view the case as a litmus test for President Bola Tinubu’s administration and its commitment to anti-corruption.

Tinubu’s administration, which has vowed to clean up the public sector, must navigate a delicate balance between prosecuting past wrongs and preventing future abuses.

The EFCC’s revelation about the scale of corruption allegedly tied to Emefiele has also reignited debates about institutional accountability.

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