How Emefiele Restricted Forex Access, Favoured ‘Special Arrangements’ — EFCC Witness

An Ikeja Special Offences Court was told on Thursday, November 12, 2026, how former Central Bank of Nigeria (CBN) Governor Godwin Emefiele allegedly manipulated financial systems to restrict ordinary citizens and foreign exchange operators from accessing foreign currencies, forcing businesses into compliance with arbitrary special arrangements.
​An operative of the Economic and Financial Crimes Commission (EFCC), Alvan Gurumnaan, made the disclosure while testifying before Justice Rahman Oshodi in the ongoing trial of the former CBN governor.
​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, Henry Omoile, is standing trial on a three-count charge of alleged unlawful acceptance of gifts.
​Led in evidence by the Federal Director of Public Prosecution, Rotimi Oyedepo (SAN), the witness stated that investigations revealed Emefiele leveraged his office to institute frameworks that made legitimate foreign exchange procurement difficult unless applicants went through specific unofficial channels.
​”One of those examples was how a company had to pay millions of dollars to the first defendant through his staff member, Monday Osazuwa,” Gurumnaan testified, adding that Osazuwa admitted to receiving about $17 million, which was subsequently funneled through the second defendant to Emefiele.
​Multi-Billion Naira Properties Linked to Proxies
​The EFCC witness further detailed how the former CBN governor allegedly acquired vast real estate assets beyond what his official earnings could justify, utilizing associates and lawyers as fronts.
​According to the testimony, over $2 million in cash was recovered from the office of Ifeanyi Omeke, a lawyer who served as secretary to multiple companies and allegedly acted as a front for Emefiele.
​Among the extensive list of properties tendered or identified during the trial are:
​Twin duplexes in Lekki Phase 1, Lagos
​Two mansions on Queens Drive, Ikoyi, Lagos
​A property on Adekunle Lawal Street, Lagos, comprising eight blocks of flats
​An Ikoyi property housing 94 luxury residential units
​An industrial apartment under construction in Amuwo Odofin, Lagos
​An estate comprising 750 housing units in the Lokogoma District of Abuja
​A warehouse in Ogun State and another in Agbor, Delta State, allegedly containing containers worth hundreds of billions of naira
​A factory under construction in Agbor, Delta State, which has since been forfeited to the Federal Government
​Legal Fireworks Over Admissibility
​During the proceedings, defence counsel Olalekan Ojo (SAN) and Kazeem Gbadamosi (SAN) raised multiple objections regarding the relevance of the testimony, arguing that charges relating to foreign exchange had previously been struck out.
​However, Justice Oshodi overruled the objections, holding that the testimonies were admissible and that the defence would have full liberty to cross-examine the witness.
​The trial was adjourned until Friday, November 13, 2026, for the continuation of proceedings.