Emefiele, Fugitive Associate Accused of Laundering Billions in New EFCC Case

The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, accusing him of laundering billions of naira through corporate fronts and unlawfully acquiring a large residential estate in Abuja.

According to court documents submitted to the Federal Capital Territory High Court, Emefiele allegedly conspired with a fugitive associate, Eric Ocheme, to fraudulently acquire an estate consisting of 753 housing units at Plot 109, Cadastral Zone C09, Lokogoma District.

The EFCC claims the former apex bank chief funneled funds through companies registered as Kelvito Integrated Services and Ifedigo Integrated Services, both of which maintained corporate accounts with Zenith Bank Plc. These accounts, according to the anti-graft agency, served as vehicles for illicit financial flows during his time in office.

The charge sheet outlines a series of transactions:

• In 2019, Emefiele allegedly controlled N167 million through a proxy account at Zenith Bank.
• By 2020, Emefiele and Ocheme were said to have managed N1.23 billion through Kelvito Integrated Services’ account number 1016232915.
• In 2021, the pair allegedly handled N2.95 billion through the same account.
• A further N1.98 billion reportedly passed through the account in 2022.
• Separately, Ifedigo Integrated Services accounts allegedly held N900 million and N600 million, both under Emefiele’s control.

One of the charges reads:

“That you, GODWIN IFEANYI EMEFIELE, and ERIC OCHEME (AT LARGE), between January and December 2021 in Abuja, within the jurisdiction of this Honorable Court, knowingly had under control the total sum of N2,945,331,050 domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”

The EFCC asserts that the funds in question are suspected to be proceeds of unlawful activities carried out during Emefiele’s tenure as CBN governor.

Last week, the anti-corruption commission handed over the seized 753-unit estate to the Federal Government following a court order. In response, Emefiele has filed a petition with the Court of Appeal in Abuja, challenging the ruling and seeking to regain control of the property.

These new charges add to the growing legal challenges confronting Emefiele, whose suspension and arrest in 2023 marked the beginning of a series of high-profile investigations into his stewardship of Nigeria’s central bank.