The Federal High Court in Lagos on Friday ordered the permanent forfeiture of $2.045 million, seven high-value properties, and share certificates associated with former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu ruled for the final forfeiture after neither Emefiele nor any interested party contested the assets following an initial interim forfeiture order.
The court determined that Emefiele could not substantiate the properties’ acquisition with lawful earnings from his time at Zenith Bank and the CBN.
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Additionally, the court noted that Emefiele failed to present any documentation or evidence linking him to the properties.
He had previously denied any connection to the companies through which the properties were acquired, and these companies also did not appear in court to claim them.
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The properties were listed under companies identified by the Economic and Financial Crimes Commission (EFCC) 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 held, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies does not want to come to light.”
The judge further held “that the interested party has failed to demonstrate any lawful interest in the properties and that they were aquired from his legitimate earnings”.
“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties…which are reasonably suspected to have been acquired with proceeds of unlawful activities.”
The listed properties include:
- Two fully detached duplexes of identical structure at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- An undeveloped parcel of land measuring 1,919.592 sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
- A bungalow located at No. 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
- A four-bedroom duplex at No. 12a Probyn Road, Ikoyi, Lagos.
- An industrial complex under construction across 22 plots in Agbor, Delta State.
- Eight units of undetached apartments on a plot of 2,457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi.
- A full duplex with appurtenances on a 2,217.87 sqm plot at No. 2a Bank Road, Ikoyi, Lagos.
On August 15, 2024, the court granted the Economic and Financial Crimes Commission (EFCC) temporary custody of $2.045 million, seven prime properties, and shares linked to Emefiele, after hearing an ex parte application from the EFCC’s lead counsel, Rotimi Oyedepo (SAN).
This ruling followed the EFCC’s claim that the assets were reasonably suspected to be proceeds of unlawful activities.
However, Emefiele’s counsel, Senior Advocate of Nigeria Olalekan Ojo, urged the court to stay proceedings and avoid granting a final forfeiture order for the properties.
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