Exclusive: CBN Deputy Governor Emem Nnana Usoro Hides N1.4 Billion California Luxury Condo in Asset Declaration Scandal – Part 1

Secrets Reporters

In what marks another damning blow to the integrity of Nigeria’s apex financial regulatory institution, an investigative dossier obtained by SecretsReporters has exposed a massive asset non-disclosure scandal involving the Deputy Governor for Operations at the Central Bank of Nigeria (CBN), Emem Nnana Usoro. 

High-level property records obtained from the State of California reveal that the high-ranking financial regulator has secretly maintained ownership of a luxury condominium in West Hollywood, Los Angeles, which she blatantly failed to declare upon her appointment and subsequent Senate confirmation.

The explosive document uncovers a severe breach of public trust and legal requirements mandated for public officials, especially those tasked with managing the nation’s monetary policies. According to the certified asset trail, Usoro acquired the choice property, located at 1426 N Laurel Ave, Apt 107, West Hollywood, CA 90046, on June 24, 2009. 

The transaction was finalized via a Grant Deed for a purchase price of $570,000. For over sixteen years, this premium American real estate asset has remained safely tucked away under her name, entirely hidden from the mandatory asset oversight mechanisms in Nigeria.

The hidden property is no modest apartment; it is an upscale residential condominium unit encompassing 1,362 square feet of living space, featuring two bedrooms and three bathrooms, built within the exclusive Laurel Sunset Townhomes subdivision. 

Over the nearly two decades of her ownership, the value of the asset has soared significantly. Current real estate valuations put the market value of the property at an estimated $1,047,500, boasting an annual property tax bill of over $9,160 as of recent assessments. 

Usoro, a seasoned banker who built a 20-year career in commercial banking spanning branch management, credit, marketing, and operations, was appointed to her prestigious CBN role in 2023 by President Bola Ahmed Tinubu and subsequently screened and confirmed by the Nigerian Senate on September 26, 2023. 

Prior to stepping into the regulatory halls of the CBN, she rose to prominence at the United Bank for Africa (UBA), where she served as the Executive Director of Northern Operations. Ironically, despite being heavily celebrated in corporate media, including being featured in UBA’s Superwoman magazine as a role model and heavily lauded for driving financial literacy, this investigative breakthrough uncovers a dark side to her professional ascension. Usoro joined UBA in 2011. 

By failing to list this multi-million cedi-equivalent foreign asset upon entering the apex bank, Usoro has directly ran afoul of the strict provisions governing financial transparency in Nigeria’s banking sector. Specifically, Section 1 of the Bank Employees, Etc. (Declaration of Assets) Act explicitly dictates that every bank employee, including new entrants and those transferring service, must make a full and unreserved disclosure of all assets and liabilities within fourteen days of assuming duty. The Act leaves no room for selective declaration, meaning her West Hollywood luxury property should have topped the list of her statutory declaration forms.

The legal consequences for this deliberate omission are severe and uncompromising. Under Section 8 of the same Act, any banking official who knowingly fails to make a full disclosure of assets, or neglects to furnish required information, commits a serious criminal offense. Upon conviction, the law stipulates a strict penalty of imprisonment for a term of ten years. Furthermore, subsection 2 mandates that any asset found to have been concealed or left undisclosed shall be permanently forfeited to the Federal Government of Nigeria.

This revelation shatters the carefully curated public image of the University of Uyo Biochemistry graduate and Obafemi Awolowo University MBA alumnus. Having attended prestigious global institutions like the Lagos Business School and Harvard Business School, Usoro cannot plead ignorance of international anti-money laundering frameworks or national asset declaration protocols. 

The deliberate shielding of a prime piece of California real estate, while sitting at the helm of the Central Bank of Nigeria’s operations, signals a deeply entrenched culture of regulatory defiance among elite public appointees.

When this media contacted Usoro for comments, she directed one Ibrahim to respond. Ibrahim noted that Usoro declared the asset with CCB but was silent on if she declared it in accordance with the Bank Employees, Etc. (Declaration of Assets) Act.