Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, allegedly exploited difficulties in accessing foreign exchange to collect about $17 million from a company through intermediaries while in office, an Economic and Financial Crimes Commission (EFCC) investigator has told a Lagos court.
The investigator, Alvan Gurumnaan, disclosed this on Thursday while testifying before the Special Offences Court sitting in Ikeja, Lagos, in the ongoing corruption trial of the former apex bank governor.
Gurumnaan alleged that Emefiele used his position to establish a system that made it difficult for businesses and ordinary Nigerians to obtain foreign exchange, forcing some applicants to resort to special arrangements before accessing the funds needed for their operations.
According to the witness, investigations revealed that some businesses were compelled to make payments through individuals connected to the former CBN governor to secure access to foreign exchange.
He cited the case of a company which allegedly paid approximately $17 million through a former CBN staff member, Monday Osazuwa.
“Osazuwa admitted to us in the course of investigation that he received about 17 million US dollars from the company and gave it to the second defendant sometime. The second defendant was the one who later took the money to the first defendant,” Gurumnaan told the court.
The second defendant, Henry Omoile, is standing trial alongside Emefiele over allegations bordering on gratification and unlawful acceptance of gifts.
The EFCC investigator further alleged that another company, Source Computer, was compelled to make payments to Emefiele before outstanding contract fees owed to it could be released.
He told the court that the investigation uncovered instances in which the former CBN governor allegedly used his office to receive money from businesses seeking government-related payments and access to financial facilities.
Beyond the alleged foreign exchange transactions, Gurumnaan said investigators traced several properties worth billions of naira to Emefiele, claiming that the former CBN governor used associates and corporate entities to acquire assets beyond his legitimate earnings.
One of the individuals identified by the investigator was a lawyer, Ifeanyi Omeke, whose office was searched during the investigation.
According to Gurumnaan, more than $2 million in cash was recovered from the lawyer’s office, while Omeke allegedly admitted acting as a front for Emefiele.
The witness listed several properties allegedly linked to the former CBN governor, including twin duplexes in Lekki Phase 1 and two mansions on Queens Drive, Ikoyi, Lagos.
He also told the court that investigators discovered a factory under construction in Emefiele’s hometown of Agbor, Delta State, which had subsequently been forfeited to the Federal Government.
In another allegation, Gurumnaan claimed that Emefiele acquired a property belonging to the Nigerian Security Printing and Minting Company on Adekunle Lawal Street, Ikoyi, Lagos, where he previously served as chairman of the board, and subsequently sold it to himself.
The property, comprising a block of eight flats, has also been forfeited to the Federal Government, the witness said.
He further disclosed that investigators recovered a warehouse allegedly belonging to Emefiele in Ogun State, containing several containers whose estimated value ran into hundreds of billions of naira.
The EFCC investigator also linked the former CBN governor to an 11-storey building under construction, comprising approximately 94 luxury apartments, as well as an estate containing about 750 houses in the Lokogoma district of Abuja.
Gurumnaan maintained that the commission had secured several court orders leading to the forfeiture of assets allegedly connected to Emefiele.
“The first defendant used associates who also admitted to receiving money on his behalf,” the witness said, adding that some of the individuals allegedly served as intermediaries in acquiring properties and handling financial transactions.
The testimony was, however, challenged by the defence teams, which questioned the relevance of the investigator’s evidence concerning the properties to the charges before the court.
Emefiele’s lead counsel, Ojo Olalekan (SAN), and Omoile’s lawyer, Kazeem Gbadamosi, objected to the line of questioning.
Justice Rahman Oshodi overruled the objection, holding that the defendants would have the opportunity to challenge the witness’s testimony during cross-examination.
The investigator further told the court that Emefiele was given an opportunity to respond to some of the findings during the investigation and the recording of his statement but allegedly failed to address the allegations.
Emefiele is facing a 19-count charge bordering on alleged gratification, corrupt demands and abuse of office involving transactions valued at $4.5 billion and N2.8 billion.
His co-defendant, Omoile, is facing three counts relating to the alleged unlawful acceptance of gifts.
Both defendants have denied the allegations, and the prosecution is expected to establish its case through evidence presented before the court.
The trial was adjourned until Friday, November 13, 2026, for continuation of proceedings.
