EFCC Files Fresh Corruption Charges Against Former CBN Governor Godwin Emefiele
Abuja, May 31, 2025 – The Economic and Financial Crimes Commission (EFCC) has filed eight fresh charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, accusing him of unlawful possession of billions of naira through proxy accounts and illegal acquisition of a sprawling housing estate in Abuja. The charges were filed at the Federal Capital Territory High Court in Abuja.
Details of the Charges
The EFCC alleges that between 2019 and 2022, Emefiele and his co-conspirator, Eric Ocheme—currently at large—controlled several bank accounts suspected to contain proceeds of unlawful activities during Emefiele’s tenure as CBN governor. The accounts, held under corporate names Kelvito Integrated Services and Ifedigo Integrated Services, reportedly held billions of naira:
- ₦167 million in a Zenith Bank proxy account in 2019.
- ₦1.23 billion in 2020 in Kelvito Integrated Services’ Zenith Bank account.
- Nearly ₦2.95 billion in 2021 in the same Kelvito account.
- ₦1.98 billion in 2022 in Kelvito’s account.
- ₦900 million and ₦600 million in two separate accounts under Ifedigo Integrated Services.
The EFCC claims these funds were reasonably suspected to have been unlawfully obtained.
Illegal Acquisition of Housing Estate
In August 2021, Emefiele and Ocheme allegedly conspired to fraudulently purchase an estate comprising 753 housing units located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The estate, covering over 150,000 square meters, was seized by the EFCC in December 2024 following a court order and subsequently handed over to the Federal Government.
The EFCC is prosecuting Emefiele for illegal acquisition and possession of the estate, which represents one of the largest asset recoveries in Nigeria’s anti-corruption history.
Additional Allegations
The EFCC also accuses Emefiele of forging a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” in January 2021, intending to misrepresent business dealings. This offense violates sections 319, 362, and 364 of the Penal Code.
Legal Proceedings and Emefiele’s Response
Emefiele has petitioned the Court of Appeal in Abuja to overturn the ruling that granted the government full control of the estate, arguing procedural irregularities in the forfeiture process.
He also faces other ongoing corruption charges in Lagos and Abuja, including allegations of fraudulent foreign exchange allocations amounting to $2 billion, criminal conspiracy, breach of trust, and conferring undue advantage.
Emefiele has consistently denied all allegations against him.
Witnesses and Evidence
The EFCC has called 24 witnesses to testify about Emefiele’s involvement in the estate acquisition and to tender relevant documents. The prosecution aims to establish his role in acquiring and developing the property and laundering funds through proxy accounts.
Context
Godwin Emefiele served as Nigeria’s CBN governor from 2014 until June 2023, when he was removed from office by President Bola Tinubu amid mounting corruption allegations. His arrest by the State Security Services (SSS) and subsequent resignation marked a significant development in Nigeria’s fight against corruption in the financial sector.
The recovered estate is slated for completion and sale to Nigerians through the government’s Renewed Hope Portal, aligning with efforts to redirect stolen wealth to public benefit.
