Justice Deinde Dipeolu of the Federal High Court in Lagos has issued a final forfeiture order on $2.045 million and several properties linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The judge ruled that the assets, including seven high-value properties in Ikoyi, Lagos, and two share certificates from Queensdorf Global Fund Limited Trust, are to be permanently seized, citing them as proceeds of crime.
The ruling also covers the forfeiture of the properties, as the court noted Emefiele’s failure to connect these assets to his legitimate earnings from Zenith Bank and the CBN.
Justice Dipeolu highlighted that neither Emefiele nor any third party contested the forfeiture application filed by the Economic and Financial Crimes Commission (EFCC).
In his judgment, Justice Dipeolu found that the title documents for the properties in question bore names other than Emefiele’s, and neither he nor the involved companies demonstrated a legitimate claim to the assets.
“The conclusion is that there must be something dark about the acquisition of the properties, which Emefiele and the companies do not want to come to light,” the judge asserted.
The court listed several companies, including Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited, as the entities through which Emefiele allegedly acquired the properties.
The properties under the final forfeiture include two identical duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; undeveloped land on Oyinkan Abayomi Drive, Ikoyi; a bungalow at 65a Oyinkan Abayomi Drive; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex on 22 plots in Agbor, Delta State; and other prime locations in Ikoyi, Lagos.
Earlier, on August 25, 2024, the court had approved the EFCC’s temporary custody of the cash, properties, and shares associated with Emefiele following an ex-parte motion presented by EFCC counsel, Rotimi Oyedepo (SAN).
Oyedepo argued that Emefiele’s declared earnings could not account for the acquisition of the assets in question.
In defense, Emefiele’s counsel, Olalekan Ojo (SAN), opposed the permanent forfeiture, contending that his client had shown sufficient reason why the assets should not be forfeited.
However, Justice Dipeolu ultimately ruled in favor of the EFCC, concluding that the assets would be permanently transferred to the federal government.
