A former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, allegedly used associates and corporate proxies to acquire an extensive portfolio of properties, including mansions in Ikoyi, duplexes in Lekki, a factory in Delta State and an estate of about 750 houses in Abuja, an Economic and Financial Crimes Commission (EFCC) investigator has told a Lagos court.
The witness, Alvan Gurumnaan, who led the EFCC special operations team that investigated the former CBN governor, made the disclosure on Thursday while testifying before the Special Offences Court sitting in Ikeja, Lagos.
Gurumnaan, the eighth prosecution witness (PW8), gave the testimony during the continuation of his evidence-in-chief in the ongoing trial of Emefiele and his co-defendant, Henry Omoile, over an alleged $4.5bn fraud and other financial offences.
Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), the investigator said intelligence received by his team prompted an investigation into Emefiele’s activities while he served as CBN governor.
According to him, the investigation uncovered several properties allegedly acquired by the former CBN governor through associates, with their combined value reportedly far exceeding what his legitimate earnings could account for.
The properties included twin duplexes in Lekki Phase 1, two mansions on Queens Drive, Ikoyi, Lagos, an industrial complex under construction in Agbor, Delta State, and a property belonging to the Nigerian Security Printing and Minting Company on Adekunle Lawal Street, Ikoyi.
Others were a warehouse in Ogun State containing several containers reportedly worth hundreds of billions of naira; an 11-storey building comprising about 94 luxury flats under construction; an industrial park; and an estate in the Lokogoma area of Abuja, said to contain about 750 houses.
Gurumnaan told the court that several of the properties had been forfeited to the Federal Government following court judgments.
“My Lord, several courts have given judgments in favour of the EFCC, forfeiting assets and properties belonging to Emefiele. He accepted and came to court that the properties belong to him,” he said.
The investigator specifically alleged that Emefiele was constructing a factory in his hometown of Agbor, Delta State, which had subsequently been forfeited to the Federal Government.
He also alleged that the former CBN governor acquired a property on Adekunle Lawal Street, Ikoyi, which belonged to the Nigerian Security Printing and Minting Company, where Emefiele had 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,” Gurumnaan told the court.
He added that the property, which comprises eight flats, had also been forfeited to the Federal Government.
The witness further disclosed that investigators recovered another warehouse allegedly linked to Emefiele in Ogun State, on the outskirts of Lagos.
He said the facility contained several containers with an estimated value running into hundreds of billions of naira.
Gurumnaan also alleged that Emefiele failed to provide satisfactory explanations for some of the findings when investigators recorded his statement.
He said the former CBN governor was given an opportunity to respond to the allegations and findings during the investigation but did not adequately address questions concerning some of the properties.
The testimony comes against the background of previous EFCC investigations and forfeiture proceedings involving assets linked to the former CBN governor.
In July 2026, the Supreme Court affirmed the final forfeiture to the Federal Government of seven properties and $2.045m linked to Emefiele.
The apex court overturned an earlier decision of the Court of Appeal, Lagos Division, which had nullified the forfeiture order and directed a fresh hearing.
The properties covered by the Supreme Court decision included two detached duplexes on Hakeem Odumosu Street, Lekki Phase 1; properties on Oyinkan Abayomi Drive, formerly Queens Drive, Ikoyi; a four-bedroom duplex on Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor; eight apartments on Adekunle Lawal Road, Ikoyi; and a duplex on Bank Road, Ikoyi.
The Supreme Court’s decision marked a significant development in the EFCC’s asset recovery efforts involving the former CBN governor.
However, during Thursday’s proceedings, Emefiele’s counsel, Olalekan Ojo (SAN), urged the court to discountenance the witness’s testimony concerning the Agbor factory and the property on Adekunle Lawal Street, arguing that the allegations were not contained in the charge against his client.
In response, Oyedepo, who appeared alongside B. Bilkisu C.C. Okezie and Z.B. Atiku, tendered a document containing a Supreme Court judgment as an exhibit.
Justice Rahman Oshodi adjourned the case until November 13, 2026, for a ruling on the admissibility of the document and continuation of the trial.
Emefiele is facing a 19-count charge bordering on alleged receipt of gratification and corrupt demands while serving as CBN governor. Omoile is also standing trial over allegations connected to the case.
Both defendants are presumed innocent until proven guilty by the court.