The Economic and Financial Crimes Commission (EFCC) filed eight fresh charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on May 27, 2025, at a Federal High Court in Lagos, seeking the forfeiture of assets allegedly acquired through fraud.
The charges, including money laundering, conspiracy, and abuse of office, relate to Emefiele’s alleged diversion of $1.2 billion in CBN funds and ownership of 753 housing units valued at N7.8 billion, purportedly purchased through proxies between 2019 and 2023. The EFCC claims Emefiele used illicit funds to acquire properties in Lagos, Abuja, and Dubai.
The lawsuit names Emefiele, his wife Margaret, and three associates as defendants, accusing them of laundering proceeds through shell companies. The EFCC presented evidence, including bank records and property deeds, alleging Emefiele approved irregular contracts to firms linked to his allies. The agency seeks a permanent forfeiture order under the Proceeds of Crime Act, with properties already under interim seizure since December 2024. Emefiele, who has been on bail since November 2023, faces separate trials for fraud and naira mismanagement, with a total of 26 charges across three courts.
Emefiele’s legal team denies the allegations, arguing the properties were legally acquired and the charges are politically motivated. The case has fueled public debate, with supporters claiming Emefiele is targeted for his role in Tinubu’s 2023 campaign, while anti-corruption advocates demand accountability. The trial, adjourned to June 10, 2025, could set a precedent for high-profile graft cases in Nigeria, with the EFCC under pressure to secure convictions amid criticisms of selective prosecutions.