EXCLUSIVE: CBN Deputy Governor Emem Usoro Linked to N3.6bn Los Angeles Property Amid Questions Over Asset Declaration Compliance (Part 2)

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‎Secrets Reporters

As part two of its ongoing investigation into overseas assets linked to senior Nigerian public officials, SecretsReporters has uncovered property records showing that a luxury residential property in Los Angeles, California, is registered in the name of Emem N. Usoro, the Deputy Governor for Operations at the Central Bank of Nigeria (CBN).
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‎Property records reviewed by SecretsReporters indicate that the residence, located at 2226 Kerwood Avenue, Los Angeles, California 90064, is listed under the name “Emem N. Usoro.”
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‎According to available property valuation records, the current estimated market value of the property stands at approximately $2.4 million. Using an exchange rate of ₦1,500 to one U.S. dollar, the property would be worth about ₦3.65 billion.
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‎The single-family residence, originally built in 1946, occupies approximately 1,991 square feet on a 0.15-acre parcel of land. Publicly available records describe the property as containing four bedrooms, three bathrooms, and an 11-room layout.
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‎Documents obtained by this newspaper indicate that the property was acquired on August 22, 2014, through a recorded grant deed transaction valued at $1.625 million. Records further show that building permits were subsequently obtained for renovation and roofing works on the property.
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‎Available tax records indicate that annual property taxes assessed on the residence amounted to approximately $23,601 in 2025.
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‎The discovery has raised questions regarding compliance with Nigeria’s asset declaration and disclosure requirements for public officials and senior banking executives.
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‎Section 1 of the Bank Employees (Declaration of Assets) Act requires bank employees covered by the law to disclose their assets and liabilities within a specified period after assuming office. Section 8 of the Act prescribes penalties for knowingly making false declarations or failing to disclose assets as required by law.
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‎However, it remains unclear whether the Los Angeles property was included in any asset declaration submitted by Usoro to the relevant authorities. SecretsReporters has not seen her declaration forms and is therefore unable to independently verify whether the property was disclosed.
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‎Usoro was appointed Deputy Governor of the Central Bank of Nigeria in 2023 by President Bola Ahmed Tinubu and was subsequently confirmed by the Senate on September 26, 2023.
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‎Before joining the apex bank, she spent more than two decades in the banking sector, including serving as Executive Director, Northern Operations, at United Bank for Africa (UBA). She has attended executive programmes at Harvard Business School and Lagos Business School and holds degrees from the University of Uyo and Obafemi Awolowo University.
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‎This investigation continues.