THE Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, along with seven prime properties and share certificates associated with Godwin Emefiele, the former Governor of the Central Bank of Nigeria.
Justice Deinde Dipeolu ruled for the permanent forfeiture of the funds and two share certificates from Queensdorf Global Fund Limited Trust, noting that neither Emefiele nor any other interested parties contested the initial interim forfeiture.
Furthermore, the court ruled that Emefiele failed to demonstrate a legitimate connection between his legal earnings from Zenith Bank and the CBN and the acquisition of the seven properties. The court emphasized that he did not provide documentation to substantiate his ownership of the properties.
Emefiele has denied any association with the companies that purchased the properties, which also did not appear in court to reclaim them.
The Economic and Financial Crimes Commission (EFCC) identified these companies as Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited.
Justice Dipeolu said, “The conclusion drawn is that the acquisition of these properties likely involved questionable activities that Emefiele and the companies wish to conceal.”
The judge further stated that the interested parties failed to demonstrate any legal claim to the properties and did not establish that they were acquired through legitimate earnings.
“I hereby order the final forfeiture of all these properties to the Federal Government of Nigeria, as they are reasonably suspected to be acquired from proceeds of unlawful activities,” he declared.
The properties include two identical fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 sqm at Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Additional properties include an industrial complex under construction on 22 plots in Agbor, Delta State; eight units of an undetached apartment on a 2,457.60 sqm plot at No. 8a Adekunle Lawal Road, Ikoyi; and a complete duplex along with its appurtenances on a 2,217.87 sqm plot at 2a Bank Road, Ikoyi, Lagos.
On August 15, 2024, the court had granted the EFCC temporary custody of the $2.045 million, the seven properties, and shares linked to Emefiele after considering an ex parte application submitted by the Commission’s lead counsel, Rotimi Oyedepo (SAN).
This ruling followed the EFCC’s claim that the funds and other assets were reasonably suspected to represent proceeds from illicit activities.
However, Emefiele’s attorney, Olalekan Ojo (SAN), urged the court to suspend proceedings and to refrain from granting the final forfeiture of the properties.
