An investigator with the Economic and Financial Crimes Commission, Alvan Gurumnaan, has told the Lagos State Special Offences Court in Ikeja that former Governor of the Central Bank of Nigeria, Godwin Emefiele, allegedly acquired multi-billion naira properties through proxies while in office.
Gurumnaan gave the evidence on Thursday in the ongoing trial of Emefiele, who is facing a 19-count charge bordering on alleged gratification, corrupt demands and abuse of office involving transactions valued at $4.5 billion and ₦2.8 billion.
His co-defendant, Henry Omoile, is standing trial on three counts relating to the alleged unlawful acceptance of gifts.
Continuing his evidence-in-chief before Justice Rahman Oshodi, Gurumnaan, led by the Federal Director of Public Prosecutions, Rotimi Oyedepo, SAN, said Emefiele’s statements were recorded during an investigation arising from intelligence received by a special operations team which he led.
The EFCC investigator alleged that Emefiele, while serving as CBN governor, operated a system that made it difficult for ordinary Nigerians and businesses in need of foreign exchange to access the funds required for their operations.
According to the witness, the difficulties allegedly compelled some businesses to enter into special arrangements before they could access foreign exchange.
“One of those examples was how a company had to pay millions of dollars to the first defendant through his staff, Monday Osazuwa.
“Osazuwa admitted to us in the course of investigation that he received about 17 million US dollars from the company and gave it to the second defendant sometime.
“The second defendant was the one who later took the money to the first defendant,” Gurumnaan told the court.
The witness further alleged that the investigation uncovered other instances in which Emefiele used his office to receive payments.
He cited Source Computer, alleging that the company’s Managing Director was compelled to provide money to Emefiele before contract fees owed to the company were paid.
Gurumnaan also told the court that the investigation uncovered several properties allegedly acquired for Emefiele through associates and proxy companies.
According to him, the former CBN governor allegedly used associates to acquire properties that the Commission considered beyond his legitimate income while serving as head of the apex bank.
The witness said separate court proceedings had resulted in the forfeiture of several assets and properties which the EFCC linked to Emefiele.
“He accepted and came to court that the properties belong to him,” Gurumnaan said.
He further alleged that one of the associates identified during the investigation was a lawyer, Ifeanyi Omeke.
“The first defendant used associates who also admitted to receiving money on his behalf, one of them is a lawyer called Ifeanyi Omeke, whose office our investigation led to, and a sum of over $2 million cash was recovered.
“This same Omeke serves as a secretary to several companies, and he admitted to being a front for the first defendant.
“We recovered a set of twin duplexes in Lekki Phase 1 and also two mansions in Queens Drive, Ikoyi, Lagos,” he testified.
At that point, Emefiele’s lead counsel, Ojo Olalekan, SAN, and counsel to Omoile, Kazeem Gbadamosi, objected to the line of testimony, arguing that it was not relevant to the charges before the court.
Justice Oshodi, however, overruled the objection, holding that the defendants would have the opportunity to challenge the testimony during cross-examination.
Continuing his evidence, Gurumnaan said Emefiele was given an opportunity during the investigation and the recording of his statement to respond to some of the findings but allegedly did not address them.
“Although he did not address the allegation, our investigation found that the first defendant purchased many other properties through proxies, and I have mentioned some of them,” he said.
The witness also alleged that investigators discovered a factory being built in Emefiele’s hometown in Agbor, Delta State, which he said had since been forfeited to the Federal Government.
He further told the court that investigators traced a property on Adekunle Lawal Street in Ikoyi, Lagos, to Emefiele.
According to Gurumnaan, the property, comprising a block of eight flats, had previously belonged to the Nigerian Security Printing and Minting Company, where Emefiele served as Chairman of the Board.
“There is also a property, my Lord, on Adekunle Lawal Street in Ikoyi, Lagos, which the first defendant purchased. It had belonged to the Nigerian Printing and Minting Company, where he served as Chairman of the Board, and he sold the property to himself.
“The property, a block of eight flats in Ikoyi, has also been forfeited to the government,” he said.
Gurumnaan also alleged that investigators recovered a warehouse linked to Emefiele in Ogun State, on the outskirts of Lagos.
He said the warehouse contained several containers which the investigation valued at hundreds of billions of naira.
The witness further alleged that investigators uncovered an 11-storey building under construction comprising about 94 luxury flats linked to the former CBN governor.
He also told the court that an estate containing about 750 houses in the Lokogoma district of Abuja was recovered and allegedly linked to Emefiele.
The testimony forms part of the EFCC’s case against the former CBN governor and his co-defendant, while the allegations remain subject to determination by the court.
Justice Oshodi adjourned the matter until November 13, 2026, for continuation of trial.
Post Title: “Emefiele Used CBN Office To Restrict Forex Access, Receive Payments” — EFCC Witness Alleges Kickbacks, Proxy Assets By Naijaonpoint.