EFCC arraigns Emefiele over alleged N7.8bn property fraud, 753 housing units

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, before the Federal Capital Territory (FCT) High Court over alleged property fraud and money laundering involving N7.8 billion and 753 housing units located in the Lokogoma District of Abuja.

Emefiele appeared before Justice Yusuf Halilu, who granted him N2 billion bail with stringent conditions, including the provision of two sureties residing in Abuja who must own landed properties in Asokoro, Maitama, or Wuse 2.

The EFCC filed an 8-count charge (marked CR/350/25) against Emefiele and one Eric Ocheme (still at large), accusing them of unlawfully controlling property situated at Plot 109, Cadastral Zone C09, Lokogoma, consisting of 753 housing units spread across 150,462.86

Emefiele is further accused of forging an irrevocable power of attorney between MG Properties Limited and H&Y Business Global Limited, allegedly intending to misrepresent the origin and authority of the document — an offence punishable under the Penal Code.

When the charges were read in court, Emefiele pleaded not guilty to all counts. His legal counsel, Mathew Burkaa SAN, applied for bail, which was not opposed by EFCC prosecutor Rotimi Oyedepo SAN.

In his ruling, Justice Halilu emphasized that bail is a constitutional right, noting that Emefiele had previously been granted bail in other cases and had not violated any of the terms. He warned that the former CBN governor would be remanded in prison custody if he jumps bail.

READ ALSO: Court admits Emefiele to N2bn bail on alleged property fraud

Prior to the arraignment, the property in question had been forfeited to the federal government following a final forfeiture order granted by Justice Jude Onwuegbuzie on December 2, 2024, under the Advance Fee Fraud and Other Fraud-Related Offences Act of 2006 and the Nigerian Constitution.

According to the EFCC, the forfeited estate — which includes duplexes and apartment blocks — was acquired with funds suspected to be proceeds of unlawful activity. The forfeiture order followed an earlier interim order in November 2024, with the EFCC asserting that Emefiele failed to justify legitimate ownership of the estate.

The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, personally inspected the estate, which spans approximately 150,500 square meters. While the Ministry has not yet provided a timeline for the sale of the estate, it is expected to announce further plans once assessments are completed.

Emefiele has reportedly appealed the forfeiture order, and legal analysts say the case may proceed through the appeal courts, given that the High Court’s ruling was made at a court of first instance. Meanwhile, the criminal trial adds a new layer of complexity to the embattled ex-governor’s legal troubles.

The matter has been adjourned until July 11 for further hearing.

This is the latest in a series of legal actions against the former apex bank chief, who has faced increasing scrutiny since his suspension in June 2023, following allegations of mismanagement, corruption, and abuse of office during his tenure at the Central Bank.