An investigator with Nigeria’s Economic and Financial Crimes Commission (EFCC) has told a court in Abuja that a lawyer linked to former Central Bank of Nigeria governor, Godwin Emefiele, was arrested while holding more than $2 million in cash allegedly belonging to the former banking chief.
The testimony was presented on Thursday, March 5, 2026 at the Federal Capital Territory High Court in Abuja by EFCC investigator David Jaiyeoba.
Mr Jaiyeoba appeared as the twelfth prosecution witness in the ongoing corruption trial involving Mr Emefiele, who led the Central Bank of Nigeria from 2014 until June 2023 when he was removed from office after a nine year tenure following corruption allegations.
The anti corruption agency is prosecuting Mr Emefiele on 20 amended criminal charges including criminal breach of trust, procurement fraud, forgery, conspiracy to commit forgery, obtaining money by false pretence, and conspiracy to commit a felony.
The case also includes allegations surrounding the withdrawal of $6.23 million from the Central Bank of Nigeria vault in Abuja in 2023. Prosecutors say the withdrawal was falsely described as payments meant for foreign election observers who were expected to monitor Nigeria’s 2023 general election.
Mr Emefiele has denied all the allegations brought against him.
During his testimony, Mr Jaiyeoba told the court that investigators arrested Collins Omeife, a lawyer linked to the former central bank governor, with $2,045,000 in cash.
According to the witness, Mr Omeife later confirmed during questioning that the funds belonged to Mr Emefiele and had been sent through his personal assistant.
“He said: ‘The cash belonged to the defendant who had sent Mr. Eric (Ocheme)’.”
The EFCC investigator told the court that the lawyer also admitted receiving other cash payments before his arrest.
“He confirmed he had in his possession before the point of his arrest other cash in addition to the sum found with him, but had used some of it for the development of some of the properties listed, which were on the instructions of the defendant.”
Mr Jaiyeoba said the money was often delivered through Eric Ocheme, who served as a personal assistant to Mr Emefiele during his time as governor of the Central Bank of Nigeria.
According to investigators, the funds were used to acquire several properties and finance renovation work on buildings connected to the former banking chief.
The witness listed several of the properties linked to the investigation. They include duplexes located at No. 17B Hakeem Odumosu Street in the Lekki Phase One area of Lagos State.
Other assets mentioned include a bungalow and a large undeveloped plot measuring about 1,919.592 square metres on Oyinkan Abayomi Drive in Ikoyi, one of the most expensive residential districts in Lagos.
Another property cited in court was a four bedroom duplex at 12A Probyn Road in Ikoyi. The witness said the building was undergoing renovation at the time of the investigation and that part of the recovered $2 million was intended to fund the renovation.
Additional properties mentioned include eight apartment units on Adekunle Lawal Road in Ikoyi and a detached duplex on Bank Road in the same area.
The witness also referred to an industrial complex under construction on 22 plots of land in Agbor in Delta State, southern Nigeria.
Investigators say the funds used to acquire or develop these properties were proceeds of corrupt activities allegedly carried out while Mr Emefiele served as head of the Central Bank of Nigeria.
Earlier in the case, the EFCC had secured a court order allowing the government to seize some of the properties linked to the investigation. However, in June 2025 the Court of Appeal in Lagos overturned the forfeiture order and directed a fresh hearing in a lower court.
During Thursday’s proceedings, the prosecution also presented documents to support its case.
Rotimi Oyedepo, Nigeria’s Director of Public Prosecutions and a Senior Advocate of Nigeria, submitted an extrajudicial statement attributed to Mr Emefiele through the witness.
The trial judge, Hamza Muazu, admitted the statement after the defence counsel, Matthew Burkaa, also a Senior Advocate of Nigeria, reserved his objection.
The prosecution also submitted a Zenith Bank account statement belonging to Architekon Nigeria Limited, a company investigators say is linked to members of Mr Emefiele’s family.
Mr Jaiyeoba told the court that the company is associated with Mr Emefiele’s wife, Margaret Omoile, and his brother in law, MacCombo Omoile.
According to the witness, the financial records show that more than ₦350 million was paid into the company’s account by the Central Bank of Nigeria between 2020 and 2022.
Mr Jaiyeoba said Mr Omoile confirmed that the payments represented proceeds from contracts executed for the central bank, including renovation work at the official residence of the central bank governor in Lagos.
The court has also previously heard testimony about a controversial $6.23 million withdrawal from the Central Bank of Nigeria vault in February 2023.
An earlier witness, Bashirudden Maishanu, an assistant director at the Central Bank of Nigeria, told the court that the money was withdrawn in cash in one day and labelled as payments to foreign election observers.
However, other witnesses have testified that the documents used to authorise the transaction were forged.
On Tuesday, February 13, 2024, Boss Mustapha, who served as Secretary to the Government of the Federation under former Nigerian president Muhammadu Buhari, told the court that both his signature and the president’s signature were forged to approve the payment.
Similarly, on Thursday, March 7, 2024, forensic document expert Bamaiyi Meriga testified that documents used to authorise the withdrawal were falsified.
After Thursday’s proceedings, the prosecution requested additional time to continue presenting evidence.
Justice Hamza Muazu subsequently adjourned the case until Monday, March 16, 2026 for further hearing.