An investigator with the Economic and Financial Crimes Commission (EFCC) has told a Lagos court that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, allegedly used associates, including a lawyer, to acquire an extensive portfolio of properties across the country while in office.
The seventh prosecution witness, Alvan Gurumnaan, gave the testimony on Thursday before Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja, during the trial of Emefiele and his co-defendant, Henry Omoile.
Emefiele is facing a 19-count charge, while Omoile is standing trial on a separate three-count charge bordering on alleged unlawful acceptance of gifts. The charges involve transactions valued at $4.5 billion and N2.8 billion, bordering on gratification, corrupt demands and abuse of office. Both defendants have pleaded not guilty.
Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), Gurumnaan said investigators recovered more than $2 million in cash from the office of a lawyer, Ifeanyi Omeke, who allegedly admitted acting as a front for Emefiele and receiving money on his behalf.
The witness told the court that the EFCC investigation uncovered a pattern in which Emefiele allegedly exploited his position as CBN governor to frustrate businesses seeking access to foreign exchange, compelling some operators to enter special arrangements to secure funds.
He cited the alleged involvement of Emefiele’s staff member, Monday Osazuwa, and Omoile in the collection and transfer of money from a company to the former CBN governor.
According to Gurumnaan, Osazuwa admitted during investigation that he collected about $17 million from the company and handed it to Omoile, who allegedly delivered the money to Emefiele.
“One of those examples was how a company had to pay millions of dollars to the first defendant through his staff, Monday Osazuwa,” Gurumnaan told the court.
He also referred to the case of Source Computer, alleging that its managing director was compelled to pay money to Emefiele before the company’s contract fees could be released.
Properties listed
The investigator listed several properties allegedly acquired by Emefiele through associates and proxies in Lagos, Delta, Ogun and Abuja, arguing that the scale and value of the assets were beyond what the former CBN governor could have legitimately earned from public service.
Among them were:
- Twin duplexes in Lekki Phase 1, Lagos
- Two mansions on Queen’s Drive, Ikoyi, Lagos
- A block of eight flats on Adekunle Lawal Street, Ikoyi, allegedly formerly belonging to the Nigerian Printing and Minting Company, where Emefiele served as board chairman
- An 11-storey building under construction in Ikoyi, comprising about 94 luxury flats
- An industrial park under construction in Amuwo Odofin, Lagos
- A factory under construction in Agbor, Delta State, Emefiele’s hometown, which he said had been forfeited to the Federal Government
- A warehouse on the outskirts of Lagos in Ogun State, reportedly containing several containers estimated to be worth hundreds of billions of naira
- An estate of approximately 750 housing units in the Lokogoma District of Abuja
Gurumnaan said the EFCC had secured several court judgments leading to the forfeiture of assets allegedly linked to Emefiele, with their combined value running into hundreds of billions of naira.
Defence objection overruled
The testimony was challenged by the defence, which argued that the prosecution was introducing allegations and facts not contained in the proof of evidence earlier served on the defendants.
Emefiele’s lead counsel, Ojo Olalekan (SAN), argued that the prosecution could not introduce additional facts through its witness without first filing and serving supplementary proof of evidence, citing Section 251 of the Administration of Criminal Justice Law 2015.
Omoile’s counsel, Kazeem Gbadamosi, supported the objection, arguing that the investigating officer’s testimony should be limited to findings relevant to the charges before the court.
Oyedepo disagreed, insisting the evidence was relevant to the allegation that Emefiele used proceeds of gratification to acquire properties beyond his legitimate sources of income, and that the defendants would not suffer prejudice because they could challenge the testimony during cross-examination.
Justice Oshodi overruled the objection, relying on the Supreme Court decision in Ugwuma v. The State (2018), which recognised the right of an investigating officer to testify about matters personally seen, witnessed or discovered during an investigation. He allowed Gurumnaan to continue, while preserving the defence’s right to cross-examine him.
A further disagreement arose when the witness sought to tender a certified true copy of a Supreme Court judgment relating to some of the properties mentioned. The defence objected, arguing the document had not been sufficiently disclosed ahead of the hearing.
Justice Oshodi deferred consideration of the document and the objection until the next sitting.
The court adjourned the case until November 13, 2026, for continuation of trial.
The allegations remain before the court, and the prosecution still has to establish its case. The defence will have the opportunity to challenge the investigator’s account as the trial proceeds.
