Emefiele created system to extort Forex seekers, EFCC tells Court

The Economic and Financial Crimes Commission (EFCC) has accused former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, of establishing an internal system through which companies seeking foreign exchange were allegedly compelled to pay money before accessing forex.

An EFCC investigator, Alvan Gurumnaan, made the allegation on Thursday while testifying as a prosecution witness before the Lagos State Special Offences Court in Ikeja, Lagos, in the ongoing trial of Emefiele and his co-defendant, Herry Omoile.

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Gurumnaan told Justice Rahman Oshodi that investigations revealed that Emefiele, some CBN employees and associates allegedly collected millions of dollars from companies seeking foreign exchange and payment of contract fees.

According to the witness, the investigation was initiated following complaints from importers who alleged that they were required to pay money before accessing foreign exchange through the apex bank.

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He alleged that an internal system was deliberately structured to manipulate the forex allocation process and legitimise payments made by applicants seeking access to foreign exchange.

Company Allegedly Paid $17m
Gurumnaan cited the case of a company whose officials allegedly paid approximately $17 million to Emefiele through a former CBN staff member, Monday Osazuwa.

The investigator told the court that Osazuwa reportedly admitted during EFCC investigations to receiving the money and sometimes handing it over to Omoile, the second defendant, for delivery to Emefiele.

He added that Osazuwa also allegedly told investigators that he sometimes delivered the money directly to the former CBN governor.

The witness further alleged that another company, identified as Source Computer, was compelled to provide money to Emefiele before it could receive payment for its contracts.

EFCC Traces Properties to Former CBN Governor
Gurumnaan also told the court that investigations uncovered several properties allegedly linked to Emefiele, which the commission said were beyond what his legitimate earnings as CBN governor could reasonably support.
He alleged that the former CBN governor used associates and proxies to acquire and hold properties on his behalf, some of which were subsequently forfeited to the Federal Government through court proceedings.

The investigator said the EFCC’s investigation also led to the office of a lawyer, Ifeanyi Omeje, where more than $2 million in cash was reportedly recovered during a search.

According to Gurumnaan, Omeje, who had served as secretary to several companies, admitted to investigators that he acted as a front for Emefiele.
Among the properties listed by the witness were two sets of twin duplexes in Lekki Phase 1 and two mansions on Queen’s Drive, Ikoyi, Lagos.

He also identified a factory under construction in Emefiele’s hometown of Agbor, Delta State, as one of the assets allegedly linked to the former CBN governor. The property, he said, had been forfeited to the Federal Government.

Another property mentioned was a block of eight flats on Adekunle Lawal Street, Ikoyi, which the investigator alleged originally belonged to the Nigerian Security Printing and Minting Company, where Emefiele served as board chairman, before it was sold to him.

Gurumnaan said the property had also been forfeited to the Federal Government.

Warehouse, Estate Among Assets Listed
The witness further disclosed that the EFCC recovered a warehouse in Agbor and another in Ogun State, on the outskirts of Lagos, which were allegedly linked to Emefiele.

He told the court that the warehouse in Ogun State contained several containers whose estimated value ran into hundreds of billions of naira.

Other assets listed by the investigator included an 11-storey building comprising about 94 luxury flats, an industrial park under construction in Lagos and an estate of approximately 750 houses in the Lokogoma area of Abuja.
According to Gurumnaan, the assets were among the properties traced to the former CBN governor during the commission’s investigation.

He maintained that Emefiele was given an opportunity to respond to some of the findings while his statement was being recorded but allegedly failed to address several of the properties and transactions identified by investigators.

The witness also said courts had ruled in favour of the EFCC in some asset-forfeiture proceedings involving properties allegedly linked to Emefiele. He added that the former CBN governor had appeared in court and acknowledged ownership of some assets.

Emefiele, Omoile Face 26-Count Charge
Emefiele and Omoile are standing trial on a 26-count charge bordering on alleged acceptance of gratification, receipt of gifts through agents, corruption and fraudulent receipt of property.

The EFCC also accused Emefiele of allegedly conferring corrupt advantages on associates, contrary to the Corrupt Practices and Other Related Offences Act, 2000.

The charge was filed on April 3 by the anti-graft agency’s prosecutor, Rotimi Oyedepo (SAN).

Both defendants pleaded not guilty to the charges.

The court adjourned the case until November 13 for the continuation of the trial.

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