Emefiele And The Seized 753 Duplexes

For the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, his many troubles are not only raining but also pouring. On Monday, the Economic and Financial Crimes Commission (EFCC) announced the final forfeiture of 753 duplexes and other apartments allegedly linked to him. According to court papers filed by the anti-graft agency, Emefiele allegedly received kickbacks from some contractors who were awarded contracts by the CBN.

Many Travails
Since his suspension from office in June 2023 and subsequent sack as the nation’s chief banker, Emefiele has been involved in legal trials over his performance record as CBN governor. Before Justice Hamza Mu’azu, he is being prosecuted for procurement fraud, forgery of former President Muhammadu Buhari’s signature, among others. Before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos, he is charged with alleged fraud involving $4.5 billion and N2.8 billion. Furthermore, Emefiele is before Justice Maryann Anenih of the FCT High Court in Abuja for allegedly printing N684.5 million notes at the whooping cost of N18.96 billion.

This week’s final forfeiture of 753 duplexes to the government through a court ruling has provided an opportunity for Nigerians to assess the depth of Emefiele’s alleged under-the-table dealings and efficiency of the EFCC in the performance of its mandates. When he was initially arrested and put on trial before a Lagos court, Emefiele was seen clutching a big bible, sending signals that he was only a victim of witch-hunt. With the bubble finally bursting, it has become obvious that the former nation’s chief banker may have tried to help himself in a manner unexpected of him.

Before this week’s announcement of this unprecedented seizure by the EFCC, there had always been allegations that top government officials, using cronies and rogue elements, had been engaged in assisting government officials to launder funds in the real estate business. Perhaps, that explains where thousands of properties remain unoccupied in Abuja. It’s not unheard of to see properties in highbrow areas unoccupied for over decades in the nation’s capital, with only gatemen manning the entrance of such mansions.

Kicking Against Probe

If indeed such buildings were built with bank loans, how come they are not occupied for decades? However, the owners of these houses are unbothered due to the fact that funds used for the construction are proceeds of crimes. The reality is that, in many instances, these buildings were built with stolen funds and can’t stand public scrutiny when brought under the floodlights.

In 2022, the EFCC announced its intentions to probe the identities of estate owners, stressing that it discovered that the rising real estate in Abuja and other major cities in the country are conduit pipes for money laundering. An EFCC lawyer, Chris Mishela, told journalists in Benin, Edo State during a training programme on effective reporting of economic and financial crimes that “so many estates coming all over Abuja and more” are proceeds of crimes and the commission is determined to unveil the owners of such estates. Mishela, who noted that most of the funds used for the real estate are illegally acquired from either the government or from international crime, said the industry was one of the designated and non-designated professions where people are obligated to make full disclosure.

There was an uproar in 2022 by estate developers when the EFCC in 2022 declared its plan to probe owners behind estates in the country, especially in Abuja. The major players in real estate had kicked against the plan, arguing that such an exercise would discourage people from investing in the sector. The biggest challenge to development in Nigeria is cleansing the Augean stable created by greedy public officials who see nothing wrong in helping themselves with the public treasury. No doubt, the final forfeiture of hundreds of duplexes this week shows that billions, if not trillions, of naira belonging to public officials who now see the real estate sector as the hidden banks for the corrupt.

Illicit Funds In Estates
Mounting opposition by estate developers against the unveiling of the identities of owners of estates must be dismissed if Nigeria wants to get to the bottom of unveiling officials involved in money laundering activities. Why should owners of estates be afraid of being identified if they actually acquired these properties honestly? Probing ownership of the estates and properties has become an irreplaceable option in order to enable the government to generate revenues for good governance.

Emefiele may now be vilified for being allegedly linked to the seized duplexes, but there are still many public office holders who deploy corporate platforms to fleece the nation of resources. Something urgent must be done to salvage what remains of our country from the cloaked hands of these economic vampires. Verifying stakeholders behind the flourishing real estate sector in the country remains crucial in tracing the flow of illicit funds acquired by corrupt public servants who have turned governance into a criminal enterprise. For too long, we have allowed the potential of our nation to be diminished by these irredeemable agents of debilitating corruption. It is time we discouraged the enthronement of corruption as our nation’s operating system.

Emefiele’s dilemma remains a fitting metaphor that allows the few in power to corner obscene wealth in the midst of the citizens’ crippling poverty. No stone should be left unturned in turning the tables against corrupt officials.