You’ve probably come across photos of the massive 753-unit housing estate in Abuja circulating on social media, an estate that’s become the latest flashpoint in Nigeria’s fight against corruption. In a country where many struggle to afford basic housing, the estate’s sprawling luxury and alleged backstory have captured everyone’s attention. Now, the Economic and Financial Crimes Commission (EFCC) has filed fresh charges against Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), accusing him of using proxies to acquire the estate and funnel billions of naira into suspicious bank accounts.
EFCC Files Eight-Count Charge Against Former CBN Governor
The EFCC’s eight-count charge, filed on May 30 at the High Court of the Federal Capital Territory in Abuja, claims Emefiele and his associate, Eric Ocheme, currently at large acquired the estate in 2021 through fraudulent means. Investigators say the estate, located at Plot 109, Cadastral Zone C09, Lokogoma District, covers more than 150,000 square meters and was funded with illicit cash.
Court documents show the EFCC had previously recovered the estate and handed it over to the federal government. Emefiele, however, isn’t backing down. His lawyer, A.M. Kotoye (SAN), filed a motion to reverse the forfeiture order, but the court dismissed it. Refusing to give up, Emefiele filed an appeal at the Court of Appeal in Abuja, insisting the estate should be returned to him. He has also urged the government to hold off on selling the estate until the court hears his appeal.
Billions of Naira Allegedly Laundered Through Proxy Accounts
The allegations go beyond property. Prosecutors claim Emefiele laundered ₦6.92 billion between 2019 and 2022, moving the money through two proxy accounts at Zenith Bank. In 2019 alone, investigators say he controlled ₦167 million through Kelvito Integrated Services Ltd. By 2020, that figure jumped to ₦1.23 billion. In 2021, the total reached ₦2.94 billion, and in 2022, ₦1.98 billion. The EFCC insists these accounts acted as fronts to conceal the money’s true origins.
Another company, Ifedigo Integrated Services Ltd, allegedly held ₦900 million and ₦600 million in 2021. Prosecutors say Emefiele used this company to stash more illicit cash while he was CBN governor.
Forgery Allegations and Legal Battles Intensify
The most explosive part of the charges? The EFCC claims Emefiele forged a document titled “Irrevocable Power of Attorney” in January 2021 to legitimize the estate’s ownership. According to prosecutors, he falsely claimed that MG Properties Ltd and H & Y Business Global Ltd signed the document, making it look like a clean deal when it was anything but.
The charges against Emefiele cite sections 319, 362, and 364 of the Penal Code. If convicted, he faces serious prison time. But Emefiele remains defiant, publicly denying any wrongdoing and pledging to clear his name in court.
Emefiele’s Previous Legal Troubles
This isn’t Emefiele’s only battle. In Lagos, he faces charges over a $2 billion foreign exchange allocation scandal. In Abuja, he also stands accused of offenses tied to the naira redesign policy implemented just before the 2023 elections. Each case underscores growing questions about how Nigeria’s most powerful figures manage public resources.
The EFCC says it has lined up 24 witnesses to testify against Emefiele. These witnesses, including representatives from Zenith Bank and Access Bank, will present oral testimony and documents to back up the charges. The federal government has already said it plans to sell the estate to low- and middle-income Nigerians, though Emefiele’s legal team argues that the government should wait until the appeal process ends.
What Happens Next?
As the case heads to court, the 753-unit estate has become a symbol of Nigeria’s ongoing struggle with corruption. Nigerians are closely watching to see if Emefiele’s legal tussle will end up in the history books of prolonged cases or justice will eventually be served.
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