A prosecution witness from the Economic and Financial Crimes Commission (EFCC) has told an Ikeja Special Offences Court how former Central Bank of Nigeria (CBN) Governor Godwin Emefiele allegedly acquired high-value properties through associates while serving in office.
The investigator, Alvan Gurumnaan, gave the testimony on Thursday during the continuation of Emefiele’s trial over allegations of gratification, corrupt demands and abuse of office.
Emefiele is facing a 19-count charge involving alleged transactions valued at $4.5 billion and ₦2.8 billion. His co-defendant, Henry Omoile, is facing a separate three-count charge relating to the alleged unlawful acceptance of gifts.
Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), Gurumnaan explained that investigations into the former CBN governor’s activities began after intelligence was received by a special operations team he headed.
He alleged that Emefiele used his position at the apex bank to create an environment in which businesses struggled to obtain foreign exchange through normal channels.
According to the investigator, some business operators were allegedly compelled to enter special arrangements before accessing the foreign currency required for their operations.
Investigator alleges $17 million payment through former aide
Gurumnaan told the court that investigators uncovered an alleged transaction involving approximately $17 million, which was reportedly collected by Monday Osazuwa, an associate of Emefiele.
He said Osazuwa admitted during questioning that he received the money from a company and subsequently handed it to Omoile, who allegedly delivered it to the former CBN governor.
The witness also mentioned Source Computer, alleging that the company’s managing director was pressured to provide money to Emefiele before outstanding contract-related payments could be released.
He further claimed that investigators identified several properties allegedly acquired by Emefiele through associates and other intermediaries.
EFCC identifies properties allegedly linked to Emefiele
According to Gurumnaan, the commission’s investigation uncovered properties in different locations, including Lekki Phase 1 and Queens Drive, Ikoyi, Lagos.
He told the court that investigators recovered two duplexes in Lekki Phase 1 and two mansions along Queens Drive.
The witness also identified a lawyer, Ifeanyi Omeke, as one of the alleged intermediaries used in acquiring properties and handling financial transactions on Emefiele’s behalf.
Gurumnaan claimed that more than $2 million in cash was recovered from Omeke’s office during the investigation.
He further alleged that Omeke served as a company secretary for several businesses and admitted to acting as a front for the former CBN governor.
The investigator also informed the court about other properties allegedly linked to Emefiele, including a factory under construction in his hometown of Agbor, Delta State.
Another property identified was a block of eight flats on Adekunle Lawal Street, Ikoyi, which the witness alleged had previously belonged to the Nigerian Security Printing and Minting Company, where Emefiele had served as board chairman.
He claimed that Emefiele sold the property to himself and that it had subsequently been forfeited to the Federal Government.
The witness additionally mentioned a warehouse in Ogun State, which investigators reportedly recovered during their operations.
Abuja estate and luxury apartments mentioned in testimony
In another part of his testimony, Gurumnaan told the court that investigators identified an estate containing approximately 750 houses in the Lokogoma area of Abuja as allegedly belonging to Emefiele.
He also described an 11-storey building under construction, reportedly containing about 94 luxury apartments.
According to the witness, the warehouse recovered in Ogun State contained several shipping containers with contents estimated to be worth hundreds of billions of naira.
Gurumnaan maintained that the properties and other assets identified during the investigation were allegedly beyond what could reasonably be explained by Emefiele’s legitimate income.
He also told the court that some assets had already been forfeited to the Federal Government through separate judicial proceedings.
Defence challenges relevance of EFCC testimony
During the proceedings, lawyers representing Emefiele and Omoile challenged parts of the investigator’s testimony.
Emefiele’s lead counsel, Ojo Olalekan (SAN), and Omoile’s lawyer, Kazeem Gbadamosi, objected to the evidence, arguing that the issues raised were not relevant to the charges currently before the court.
However, Justice Rahman Oshodi dismissed the objection, allowing the witness to continue his testimony.
The judge noted that the defence would have the opportunity to challenge the evidence during cross-examination.
Gurumnaan further told the court that Emefiele had been given an opportunity to respond to certain findings during the investigation but had not addressed some of the allegations.
Justice Oshodi adjourned the proceedings until Friday, November 13, 2026, for the continuation of the trial.
The allegations remain subject to judicial determination, and Emefiele and Omoile are entitled to the presumption of innocence unless proven guilty by the court.
