How Emefiele Bought $2.5m House in Texas as CBN Governor under Buhari’s Watch

Godwin Emefiele in Court.

Segun Atanda/

Details have emerged on how former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele bought a mansion at $2,501,000 (N3,673,018,620.00) in Texas under the watch of former President Muhammadu Buhari.

Emefiele was yesterday ordered by Justice Yellim Bogoro at the Federal High Court in Ikoyi, to forfeit in the interim $4,719,054, N830,875,611, and other property linked to him after an ex-parte motion by EFCC counsel Bilkisu Buhari and C.C. Chineye.

One of the properties to be forfeited is a mansion that Emefiele bought in Texas, USA, on November 19, 2019, in his fifth year as the CBN Governor.

It was a major capital flight likely to have significantly decreased Nigeria’s economic growth in the short run and long run.

The house at 100 Cottonwood Dr, Texas suspected to have been bought by Emefiele.

Emefiele served as CBN Governor from June 4, 2014, until his suspension by President Bola Tinubu, on June 9, 2023.

After buying the Texas property in 2019, Emefiele who has been unmasked by the EFCC as one of Nigeria’s stars who dimmed the nation’s bright future, began to implement a monetary policy that reportedly suffocated Nigeria’s business environment, strangulated businesses, and took many lives.

Emefiele’s Texas mansion, a 5-bedroom property, sits on a 9,810 Sqft space of 4.47 Lot Acres at 100, Cottonwood Coppel Texas Drive, Coppel, Texas.

According to Zillow’s estimation, the property is now worth $3.5million.

It is described as one of Coppell’s finest estates, sitting at the highest point in the city and encompassing over 4.50 acres of breathtaking views and optimal luxury living. It features a 40 ft gym, enormous theater and game rooms, four car motor court, extensive sound and security systems, two separate hot tubs, Miele built-in coffee bar, five fireplaces, wide planked hardwoods, restaurant grade 8 burner gas range, instant hot-recirculating water, x4 2018 water heaters, and four car motor court.

The location of the property is also described as the most coveted street and iconic estate in Coppell, just nine minutes from DFW airport.

The interior has a built-in Wine Cooler, Cable TV, Decorative Lighting, Flat Screen Wiring, High-Speed Internet, Multiple Staircases, Sound System Wiring, Vaulted Ceilings, and Wet Bar.

The exterior has an attached Grill, Balcony, Covered Porch(es), Gardens, Gutters, Lighting System, Outdoor Fireplace/Pit, Outdoor Living Center, Patio Covered, Patio Open, and Sprinkler System.

Emefiele’s properties forfeited to the federal government include 94 Units of 11 Storey building under Construction at 2, Otunba Elegushi 2nd Avenue (Formerly Club Road), Ikoyi, Lagos; AM Plaza, 11 Story Office Space at 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos and 2 properties purchased from Chevron Nigeria, Closed PFA Fund, Block B.Lot.Twin Completed Property Lakes Estate. Lekki, Lagos.

Others include a plot measuring 1,038.069 sqm, at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; the estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, Owned by Lipam investment Services; a Land at 1, Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos and a Property at 8, Bayo Kuku Road, lkoyi Lagos.

The EFCC had sought an interim forfeiture of the monies and properties under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, Section 44(2)(b) of the Constitution, and the court’s inherent jurisdiction.

Appointed as CBN Governor by ex-President Goodluck Ebele Jonathan and inherited by Buhari, Emefiele supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian Naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to mask pressure on the Naira and avoid a series of devaluations.

Emefiele (left) in his days with ex-President Muhammadu Buhari

In October 2022, Emefiele announced CBN’s plan to redesign and circulate a new series of three banknotes out of the existing eight.

According to Emefiele, the redesigned N200, N500, and N1000 notes would improve Nigeria’s monetary policy, promote cashless transactions, and enhance the naira’s credibility.

Before moving to the Central Bank, Emefiele had gained over 18 years of banking experience. He served as chief executive officer and group managing director of Zenith Bank Plc. He served as deputy managing director of Zenith Bank Plc. from 2001. He served as executive director in charge of corporate banking, treasury, financial control, and strategic planning of Zenith Bank Plc and served on the management team from its inception. He served as a director at Zenith Bank Plc and Zenith Bank (Gambia) Limited. He also served as director of ACCION Microfinance Bank Limited.

Emefiele had earlier worked as a finance and insurance lecturer at the University of Nigeria (UNN), and the University of Port Harcourt.

A father of 2, and a native of Agbor in Delta State, 62-year-old Emefiele passed through the UNN, Usukka; Stanford University, Harvard University, and Wharton School of Business.

Born in Lagos, he also attended Ansarudin Primary School and Maryland Comprehensive Secondary School.

Dipo

Dipo Kehinde is an accomplished Nigerian journalist, artist, and designer with over 34 years experience. More info on: https://www.linkedin.com/in/dipo-kehinde-8aa98926

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Anonymous says:

May 25, 2024 at 2:24 pm

It's only in Nigeria that Presidents are elevated to Sainthood as they leave office and can't be prosecuted for any wrongdoing no matter what went wrong under their watch! Else, in sane climes, someone like Buhari should stand in the dock answering charges if not for corruption, but for crass negligence under him!