Court orders final forfeiture Of $2.04m, properties linked to Emefiele
In a decisive ruling on Friday, the Federal High Court in Lagos ordered the final forfeiture of $2.045 million, seven luxury properties, and share certificates linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). Presiding over the case, Justice Deinde Dipeolu declared the permanent forfeiture after noting that Emefiele, or any other interested parties, had not contested the initial interim forfeiture order.
Justice Dipeolu stated that Emefiele could not demonstrate a lawful connection between his earnings from Zenith Bank and the CBN and the acquisition of these assets, thereby failing to prove that they were purchased legitimately. The court’s decision also forfeited two share certificates in Queensdorf Global Fund Limited Trust, in addition to the properties.
Among the properties forfeited were two detached duplexes on Hakeem Odumosu Street in Lekki Phase 1, an undeveloped plot on Oyinkan Abayomi Drive in Ikoyi, a four-bedroom duplex on Probyn Road in Ikoyi, and an industrial complex spanning 22 plots of land in Agbor, Delta State. Other assets included eight apartment units in Ikoyi and a duplex on Bank Road, also in Ikoyi.
In an August 15, 2024 ruling, the court had granted the Economic and Financial Crimes Commission (EFCC) temporary custody of these assets after an ex parte application by Rotimi Oyedepo (SAN), lead counsel for the EFCC. The EFCC argued that the funds and properties were proceeds of unlawful activities. However, Emefiele’s counsel, Olalekan Ojo (SAN), appealed to the court to delay proceedings, a request ultimately denied.
In his ruling, Justice Dipeolu commented, “The lack of any attempt by Mr. Emefiele or the involved companies to claim these properties suggests there may be hidden motives regarding their acquisition.”
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