Former CBN Governor Emefiele Faces New Allegations Over Abuja Real Estate Fraud
Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele is facing a new wave of legal troubles following allegations of fraudulent property acquisition and financial misappropriation.
A fresh eight-count charge has been filed against him, accusing him of illegally acquiring a 753-unit residential estate located in the Lokogoma area of Abuja. The development, which spans over 150,000 square meters, was allegedly obtained through illicit means in August 2021.
The case further implicates a known associate who is currently at large. Authorities believe the property was purchased using laundered funds funneled through corporate accounts controlled by proxies.
Records show that large sums of money were moved over several years, including:
₦167 million in 2019
₦1.23 billion in 2020
₦2.94 billion in 2021
₦1.98 billion in 2022
Additional amounts of ₦900 million and ₦600 million in other accounts
The funds were reportedly transferred using entities linked to the former official, raising serious questions about the origin and purpose of the transactions.
In addition to the financial misconduct charges, Emefiele is also accused of forging documents, including an “Irrevocable Power of Attorney” used to fabricate a transfer agreement between two companies, which authorities claim was entirely fictional.
As part of the prosecution’s evidence, 24 witnesses—ranging from financial institutions to corporate insiders—are expected to testify against him. Meanwhile, the former CBN governor is pushing back with legal countermeasures, seeking to overturn the seizure of the estate and halt ongoing investigations.
The federal government has since indicated plans to convert the disputed property into affordable housing, aimed at supporting lower- and middle-income earners.
Emefiele’s legal troubles continue to mount as proceedings unfold in multiple jurisdictions.