Emefiele Accused of Forex Extortion Scheme in Court

Alvan Gurumnaan, an investigator with the Economic and Financial Crimes Commission (EFCC), testified in the Lagos State Special Offences Court that Godwin Emefiele, the immediate past Governor of the Central Bank of Nigeria (CBN), allegedly established a system to extort payments from individuals and businesses seeking foreign exchange. Gurumnaan claimed that Emefiele used staff and associates to collect millions of dollars, including a case where a company paid approximately $17 million through a former CBN staff member, Monday Osazuwa.

Osazuwa reportedly admitted to investigators that he delivered money to Emefiele directly or through another associate, Herry Omoile. The EFCC's investigation was prompted by complaints from Nigerians struggling to access foreign exchange.

Gurumnaan also alleged that Emefiele acquired properties beyond his legitimate earnings, using proxies to purchase them. Properties linked to Emefiele include twin duplexes in Lekki Phase 1 and mansions in Ikoyi.

The investigation also led to the recovery of over $2 million from lawyer Ifeanyi Omeje, who acted as a front for Emefiele.