LAGOS — The ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele over an alleged $4.5 billion fraud took a dramatic twist on Thursday as an Economic and Financial Crimes Commission (EFCC) investigator detailed how the former apex bank chief allegedly utilized associates and proxies to amass multi-billion-naira assets across the country.
Alvan Gurumnaan, the eighth prosecution witness (PW8) and head of the special operations investigative team, testified before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos. Emefiele is standing trial alongside Henry Omoile on a 19-count charge bordering on corrupt demands and receipt of gratification during his tenure.
Led in evidence-in-chief by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), Gurumnaan told the court that intelligence gathering revealed a pattern of high-value property acquisitions that far exceeded Emefiele’s legitimate earnings as CBN Governor.
Extensive Asset Portfolio Uncovered
The investigator reeled out a vast inventory of properties allegedly linked to the former CBN boss, spanning choice locations in Lagos, Delta, Ogun, and the Federal Capital Territory (FCT).
According to the witness, the properties include:
- A pair of twin duplexes situated in Lekki Phase 1, Lagos.
- Two luxury mansions located on Queens Drive, Ikoyi, Lagos.
- A block of eight flats on Adekunle Lawal Street, Ikoyi—a property formerly belonging to the Nigerian Printing and Minting Company, where Emefiele served as Board Chairman, which he allegedly sold to himself.
- An uncompleted industrial factory in Agbor, Delta State.
- A sprawling warehouse on the outskirts of Lagos in Ogun State, housing containers laden with goods valued at hundreds of billions of naira.
- An 11-storey building under construction comprising 94 luxury flats, alongside an industrial park.
- A sprawling estate comprising over 700 to 750 duplexes and houses under construction in the Lokogoma district of Abuja.
Gurumnaan informed the court that several competent courts had already issued final forfeiture orders yielding these assets to the Federal Government.
“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,” Gurumnaan stated.
Legal Fireworks Over Admissibility
The testimony immediately triggered legal sparring between the prosecution and the defence.
Counsel for the first defendant, Olalekan Ojo (SAN), strongly urged the court to discountenance the testimonies concerning the properties in Agbor and Adekunle Lawal Street, Ikoyi, arguing that they formed no part of the specific charges brought against the defendant.
Countering the objection, Oyedepo maintained that the evidence was tightly interwoven with the core charge of acquiring wealth and properties through illicit proceeds of gratification, which vastly outstripped legitimate income sources. He relied on established legal precedence supporting an investigator’s liberty to present discoveries made during comprehensive fact-finding missions.
To substantiate the prosecution’s position, Oyedepo formally tendered a certified true copy of a Supreme Court judgment concerning the disputed forfeiture properties as an exhibit.
Justice Oshodi reserved his ruling on the admissibility of the newly tendered document and adjourned the proceedings for continuation of the trial.
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