Home » Court Orders Final Forfeiture of $2m, Other Properties Linked to Emefiele 

Court Orders Final Forfeiture of $2m, Other Properties Linked to Emefiele 

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The Federal High Court in Lagos has ordered the final forfeiture of $2.045 million and seven properties, all linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

This was disclosed in a statement by the Economic and Financial Crimes Commission (EFCC).

The ruling was issued on Friday, November 1, 2024, by Justice Dehinde Dipeolu, following a motion brought by the Economic and Financial Crimes Commission (EFCC) alleging that the assets were acquired through unlawful means.

Justice Dipeolu’s ruling was based on a motion filed by EFCC’s Senior Advocate of Nigeria (SAN), Rotimi Oyedepo stating that the EFCC had reason to believe these assets were acquired from proceeds of unlawful activities tied to Emefiele’s previous roles in the banking sector.

Forfeited properties include: 

  • Two identical duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
  • A 1,919.592 square meter undeveloped land at Oyinkan Abayomi Drive, Ikoyi, Lagos
  • A bungalow at 65A, Oyinkan Abayomi Drive, Ikoyi, Lagos
  • A four-bedroom duplex at 12A Probyn Road, Ikoyi, Lagos
  • An industrial complex under construction on 22 plots of land in Agbor, Delta State
  • Eight undetached apartment units at No. 8A, Adekunle Lawal Road, Ikoyi, Lagos
  • A full duplex on 2A Bank Road, Ikoyi, Lagos, spanning 2,217.87 square meters

Final forfeiture 

  • The forfeiture proceedings commenced with an interim order by Justice Akintayo Aluko on August 15, 2024. The EFCC’s initial ex parte application highlighted suspicions that these assets were purchased with funds from Emefiele’s alleged unlawful activities.
  • The court ordered the EFCC to publish the interim forfeiture notice in major newspapers and on the EFCC’s website, allowing any interested parties to contest the forfeiture within 14 days.
  • However, Emefiele did not contest the interim order, prompting Oyedepo to apply for a final forfeiture order on October 11, 2024. During the final hearing, Oyedepo confirmed the EFCC’s compliance with the publication requirements, reinforcing their request for a permanent forfeiture.
  • In his ruling, Justice Dipeolu highlighted the former CBN Governor’s inability to prove a legitimate source of funds for the properties, noting that Emefiele could not connect his earnings from both Zenith Bank and the CBN to the acquisition of these assets.

(Nairametrics)

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