The Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, seven prime properties, and share certificates associated with former Central Bank of Nigeria Governor Godwin Emefiele.
Justice Deinde Dipeolu announced the permanent forfeiture on Friday, ruling that neither Emefiele nor any other interested party contested the initial interim forfeiture.
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The court also ruled that Emefiele failed to demonstrate a legal connection between his earnings from Zenith Bank and the Central Bank of Nigeria (CBN) and the acquisition of the properties.
The judge noted that Emefiele did not provide sufficient documentation to prove ownership of the assets.
He had previously denied any link to the companies that hold the properties, which also did not appear in court to assert their claims.
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The companies involved include 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 remarked, “The conclusion that can be deduced 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.”
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He further stated that the interested party failed to demonstrate any lawful interest in the properties, which were deemed to be acquired from unlawful activities.
The court ordered the final forfeiture of the following properties:
Two identical fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
An undeveloped land measuring 1,919.592 sqm on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
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A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos.
A four-bedroom duplex at 12a Probyn Road, Ikoyi.
An industrial complex under construction on 22 plots of land in Agbor, Delta State.
Eight units of an undetached apartment on a plot measuring 2,457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi.
A full duplex on a plot of land measuring 2,217.87 sqm at 2a Bank Road, Ikoyi, Lagos.
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On August 15, 2024, the court had authorized the Economic and Financial Crimes Commission (EFCC) to temporarily take custody of the cash and properties following an ex parte application from lead counsel Rotimi Oyedepo (SAN).
This decision was based on the EFCC’s claims that the assets were reasonably suspected to be proceeds of illegal activities.
Emefiele’s counsel, Olalekan Ojo (SAN), requested the court to stay proceedings and prevent the final forfeiture of the properties, but the court’s decision proceeded as outlined.
