EFCC Alleges Former CBN Governor Godwin Emefiele Received $17.1 Million in Cash via Proxy Over Three Years
An operative of the Economic and Financial Crimes Commission (EFCC) has made explosive allegations against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, stating that he received a staggering sum of $17.1 million in cash through a proxy over a period of three years.
This testimony was delivered on Tuesday, May 28, 2025, during proceedings at the Special Offences Court in Ikeja, Lagos, presided over by Justice Rahman Oshodi. The EFCC investigator, Alvan Gurumnaan, revealed that the substantial cash payments were made between the years 2020 and 2023 and were handed over at the former governor’s residence in Ikoyi to an associate named Henry Omoile, who is also a co-defendant in the ongoing corruption case.
Details of the Testimony and Financial Trail Uncovered by EFCC
During the court session, Gurumnaan, who was led in evidence by the EFCC counsel, Rotimi Oyedepo, explained how the commission uncovered the financial trail leading to the cash payments. Crucially, the discovery was made through the testimony of a dispatch rider, Monday Osazuwa, who had previously provided evidence for the prosecution.
Gurumnaan said:
“The personal errands Osazuwa ran for Emefiele, according to him, was when he received a call from Emefiele, who then sent him a phone number and asked him to call Mohit who was in London. After he called Mohit, Mohit gave him the contact of an individual.”
According to the EFCC investigator, Osazuwa regularly met this individual over a span of three years — from September 2020 to 2023 — to receive large sums of money in US dollars on behalf of Emefiele.
He further disclosed:
“Osazuwa met the individual from September 2020 to 2023, and received monies in dollars on behalf of Emefiele — a total of $17,100,000. Upon receiving the sums, Osazuwa went to Emefiele’s house at Ikoyi and handed over the money to the second defendant, Henry Omoile, as instructed by the first defendant.”
The EFCC witness explained that these cash transactions usually took place on Fridays and were carefully coordinated through WhatsApp messages. After obtaining a court-sanctioned authorization to access Osazuwa’s phone, the EFCC retrieved and printed the WhatsApp conversations which clearly documented the money transfers and instructions from Emefiele.
Gurumnaan said:
“We obtained proper authorization before accessing the phone, and the relevant WhatsApp messages were sent to the email of my colleague, Musa Idi.”
Background of the Investigation and Further Evidence
Alvan Gurumnaan has been with the EFCC’s Special Investigation Department since 2008 and has been involved in numerous high-profile financial crime investigations.
He revealed that the EFCC had received multiple petitions and complaints against Emefiele, accusing him of abuse of office and financial impropriety during his tenure as CBN Governor. To corroborate the allegations, the EFCC wrote to several regulatory and government institutions, requesting relevant supporting documents.
Gurumnaan explained:
“We wrote to the Central Bank of Nigeria, Corporate Affairs Commission, Department of Legal Services, and Financial Market Dealers Quotations to request supporting documents. After collating the documents, we invited officials from those institutions. Some were delayed while others were released on bail.”
The EFCC investigator also stated that several associates and individuals linked to Emefiele were interviewed during the probe, including John Adetola and John Ogah, whose testimonies are part of the ongoing investigation.
However, a key figure named Eric Udoh has been notably elusive. The EFCC reportedly traced Udoh’s movements across several countries but has not been able to bring him forward for questioning.
Gurumnaan disclosed:
“There is a report tracing him to the Dominican Republic, Canada, and the United Kingdom. As an effort to bring him to answer questions, we contacted Interpol and have placed him on red. He is now wanted all over the world.”
The Charges Against Godwin Emefiele and Henry Omoile
The former CBN Governor and his associate Henry Omoile are currently facing a 19-count charge that centers on corrupt demands and gratification amounting to $4.5 billion and ₦2.8 billion (Nigerian Naira). These allegations are among the most serious financial crime cases being prosecuted by the EFCC this year, highlighting the commission’s intensified focus on rooting out high-level corruption in Nigeria’s financial institutions.
The charges cover a wide range of corrupt practices including money laundering, abuse of office, and illicit enrichment during Emefiele’s time as the governor of Nigeria’s apex bank.
Next Steps in the Trial and What It Means for Nigeria
The court has adjourned the case to October 7 and 8, 2025, when the trial will continue. These proceedings are being closely watched by Nigerians and financial analysts alike, as they could set important precedents in the fight against corruption within Nigeria’s economic system.
The EFCC’s efforts to expose alleged financial crimes involving such a high-profile figure as Godwin Emefiele sends a strong message about the commission’s commitment to transparency and accountability in public office.
As this case unfolds, NaijaRush will continue to provide detailed coverage and analysis on every development, keeping you informed about Nigeria’s battle against corruption and the quest for justice.
Why This Case Matters: Impact on Nigeria’s Economy and Governance
The allegations against Godwin Emefiele come at a critical time for Nigeria’s economy, which has been grappling with challenges such as inflation, foreign exchange volatility, and pressure on the banking sector. Corruption scandals involving top financial officials only deepen public mistrust and have far-reaching effects on investment and governance.
If proven true, the claims that Emefiele received millions in cash via proxies could point to systemic weaknesses in oversight and accountability at the Central Bank of Nigeria — an institution tasked with maintaining financial stability in the country.
This case also emphasizes the importance of financial crime investigations, including digital evidence such as WhatsApp messages, in uncovering illicit financial flows and prosecuting offenders. The EFCC’s strategic use of technology and international collaboration with agencies like Interpol reflect the evolving nature of anti-corruption work in Nigeria.
If you want to stay updated on this story and more breaking news about Nigeria’s economic and political landscape, keep visiting NaijaRush.com — your trusted source for insightful and comprehensive news coverage.
