Court orders forfeiture of Emefiele’s $4.7m, N830m, Multibillion Assets

In a landmark ruling, a Federal High Court sitting in Ikoyi, Lagos, has ordered an interim forfeiture of funds and properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The sums of $4,719,054 million USD and N830,875,611 million, as well as several properties, have been seized pending investigation into alleged unlawful activities.

Justice Yellim Bogoro granted the order on May 23, 2024, following an ex-parte application by the Economic and Financial Crimes Commission (EFCC).

The funds were warehoused in accounts operated by various individuals and companies, including Omoile Anita Joy, Deep Blue Energy Service Limited, and Exactquote Bureau De Change Ltd.

Properties forfeited to the federal government include:

– 94 units of an 11-story building under construction at 2, Otunba Elegushi 2nd Avenue, Ikoyi, Lagos
– AM Plaza, an 11-story office space at 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos
– Imore Industrial Park 1, Esa Street, Imoore Land, Oriade LCDA, Amuwo Odofin LGA, Lagos
– Mitrewood and Tatler Warehouse (Furniture Plant) at Bogije, near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos
– Two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B, Lot Twin Completed property, Lakes Estate, Lekki, Lagos

The EFCC approached the court for an interim forfeiture of the monies and properties pursuant to Section 17 of the Advance Fee Fraud and other Fraud Related Offence Act, 2006, Section 44(2)(b) of the Constitution, and under the inherent jurisdiction of the court.

Justice Bogoro held that “I find merit in the application and same hereby granted as prayed. The applicant should publish this order in any daily newspapers circulating all over the federation for anybody who is interested to show cause why the final order of forfeiture should not be made.”

The case has been adjourned to July 2, 2024, for a motion for final forfeiture.

This development is the latest in the ongoing investigation into Emefiele’s activities during his tenure as CBN Governor.

The EFCC has been investigating allegations of fraud and money laundering against him, and this court order is a significant step forward in the case.

As the case continues, many are watching with keen interest to see how it will unfold and what other developments will emerge.

One thing is certain, however – the fight against corruption in Nigeria’s financial sector is gaining momentum, and those who have engaged in unlawful activities are being held accountable.

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