Court Orders Final Forfeiture of $2 Million and Properties Linked to Former CBN Governor Emefiele

Confidence UbaniNovember 2, 20241 Mins read146

The Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, seven properties, and share certificates tied to Godwin Emefiele, former Governor of the Central Bank of Nigeria. According to the Economic and Financial Crimes Commission (EFCC), Dehinde Dipeolu delivered the ruling on November 1, 2024. This followed a motion filed by Rotimi Oyedepo, SAN, on behalf of the EFCC.

The forfeited assets include:

Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
An undeveloped land measuring 1,919.592sqm at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos.
A four-bedroom duplex at No. 12A Probyn Road, Ikoyi, Lagos.
An industrial complex under construction on 22 plots of land in Agbor, Delta State.
Eight units of an undetached apartment on a plot measuring 2,457.60sqm at No. 8A Adekunle Lawal Road, Ikoyi, Lagos.
A full duplex with all its appurtenances on a plot measuring 2,217.87sqm at No. 2A Bank Road, Ikoyi, Lagos.

Justice Akintayo Aluko, serving as a vacation judge, had initially ordered the interim forfeiture on August 15, 2024. This came after an ex parte application by EFCC counsel C.C. Okezie. The EFCC argued that the assets were reasonably suspected to be proceeds of unlawful activities.

In his ruling, Justice Aluko instructed the EFCC to publish the interim order in major newspapers and on its website. This was to allow any interested parties 14 days to contest the forfeiture. Emefiele did not challenge the order within the set period.

At a court session on October 11, 2024, EFCC lawyers applied for the final forfeiture. Justice Dipeolu, on Friday, approved the request and transferred ownership of the assets to the Federal Government.

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