Court Orders Final Forfeiture Of Over N12.18b Choice Properties Linked To Emefiele

• The Federal High Court in Lagos ordered the permanent forfeiture of properties worth over N12.18 billion linked to former CBN governor Godwin Emefiele
• EFCC’s evidence showed Emefiele and CBN staff used fraudulent foreign exchange allocations, leading to the forfeiture ruling by Justice Aneke

The Federal High Court in Lagos has ordered the permanent forfeiture of properties valued at over N12.18 billion linked to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to the Federal Government. Justice Chukwujekwu Aneke made the ruling following a motion filed by the Economic and Financial Crimes Commission (EFCC).

The judge had initially granted an interim forfeiture order on June 5, 2024, based on a motion argued by EFCC’s counsel, Mr. Rotimi Oyedepo (SAN), who claimed that Emefiele acquired the properties through proxies using proceeds from fraudulent activities. The properties are primarily located in upscale areas of the Federal Capital Territory (FCT), Abuja.

The EFCC implicated two current and former CBN staff members as Emefiele’s accomplices. Obayemi Oluwaseun Teben and Akomolafe Adebayo work with Olubunmi Makinde, a former CBN employee. The affidavit supporting the EFCC’s application details how these individuals allegedly used their positions at the CBN to facilitate fraudulent foreign exchange allocations in exchange for kickbacks.

Justice Aneke had directed the EFCC to publish the interim order in a national newspaper so that any interested parties could contest the forfeiture. However, no parties appeared to challenge the interim order by the hearing date on June 21, allowing EFCC counsel Chineye Okezie to move for a permanent forfeiture.

The judge, after reviewing EFCC Investigating Officer Michael John Idoko’s 41-paragraph affidavit, 19 exhibits, and Okezie’s written address, granted the final forfeiture order. The properties were listed in two schedules, A and B, and included shops, apartments, lands, and other assets in Maitama and Wuse.

Justice Aneke’s ruling underscores that the properties were reasonably suspected to have been acquired with proceeds from unlawful activities and, hence, are to be forfeited to the Federal Government. The ruling includes detailed mentions of how the implicated CBN staff manipulated the foreign exchange allocation processes to benefit from the fraudulent activities.

The court’s decision aims to reinforce the country’s commitment to addressing financial crimes and corruption within its institutions.