Court orders forfeiture of $2.04m, seven properties linked to Emefiele

On Thursday, the Federal High Court in Lagos ordered the interim forfeiture of $2.04 million and seven properties associated with Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria. Justice Akintayo Aluko issued the order in response to an application from the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities involving Emefiele.

The properties under scrutiny include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex in Agbor, Delta State. Justice Aluko emphasized that the interim forfeiture was necessary to prevent the potential dissipation of assets suspected to be derived from illegal activities.

The listed properties are:

• Two fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
• A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive, Ikoyi
• A bungalow at 65a Oyinkan Abayomi Drive, Ikoyi
• A four-bedroom duplex at 12a Probyn Road, Ikoyi
• An industrial complex on 22 plots in Agbor, Delta State
• Eight apartments on Adekunle Lawal Road, Ikoyi
• A full duplex at 2a Bank Road, Ikoyi

Additionally, the court ordered the interim forfeiture of two share certificates from Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.

EFCC counsel Rotimi Oyedepo (SAN) argued that the assets were obtained through fraudulent activities and requested the court to grant the interim forfeiture to prevent further dissipation of these assets. He cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44 (2)(b) of the 1999 Constitution as the legal basis for the order.

The EFCC’s investigation revealed that Emefiele allegedly received kickbacks in exchange for foreign exchange allocations to businesses. EFCC investigator Idi Musa testified that the properties were acquired through shell companies linked to Emefiele for money laundering purposes. Musa also noted that significant evidence, including title documents and company seals, was recovered during searches.

Justice Aluko directed the EFCC to publish the interim forfeiture order in a national newspaper and allowed 14 days for any interested parties to contest the forfeiture. The case is set for further hearing on September 5, 2024.

This latest forfeiture order follows previous ones involving Emefiele. On May 29, the court ordered the forfeiture of $1.4 million linked to Emefiele, and earlier in May, the EFCC obtained orders for the forfeiture of $4.7 million, N830 million, and properties connected to him. Additionally, a separate permanent forfeiture order was issued for properties worth N12.18 billion.