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The Federal High Court, Ikoyi, Lagos, presided over by Justice Deinde Dipeolu, has ordered the final forfeiture of approximately $2.045 million, along with seven high-value properties and share certificates, all linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Dipeolu also affirmed that the assets be forfeited to the Federal Government of Nigeria (FGN) due to unresolved suspicions about their lawful origins.
The court’s decision followed an earlier interim forfeiture ruling on August 15, 2024, after an ex-parte application by the Economic and Financial Crimes Commission (EFCC).
The EFCC had asserted that the assets, including cash, properties, and shares, were “reasonably suspected” to be the proceeds of unlawful activities.
Emefiele and other interested parties failed to contest the forfeiture within the court’s stipulated time frame, paving the way for a final order of forfeiture.
Justice Dipeolu further noted that Emefiele was unable to demonstrate that his earnings from a new-generation bank and his tenure as CBN Governor could lawfully account for the acquisition of the properties.
According to the EFCC, Emefiele could not provide credible documentation linking him to the assets or refute allegations that the properties were acquired through questionable means.
The properties in question include two fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; a 1919.592 square meter plot of undeveloped land on Oyinkan Abayomi Drive, Ikoyi; a bungalow at 65a Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Other forfeited assets are an industrial complex under construction on 22 plots in Agbor, Delta State, an apartment complex on Adekunle Lawal Road, Ikoyi, and a full duplex on Bank Road, Ikoyi.
Additionally, two share certificates from Queensdorf Global Fund Limited Trust have been forfeited as part of the judgment.
Justice Dipeolu highlighted that the companies under which Emefiele purportedly held these properties — Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited, did not appear in court to claim ownership or provide a legitimate connection to the former CBN governor.
Emefiele also denied any association with these companies.
In his ruling, Justice Dipeolu stated, “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.”
He added that no lawful claim to the properties or evidence of legitimate acquisition had been presented by Emefiele or his associates.
The EFCC’s counsel, Rotimi Oyedepo (SAN), led the legal effort that resulted in the forfeiture.
In contrast, Emefiele’s counsel, Olalekan Ojo (SAN), had urged the court to halt proceedings and refrain from granting the final forfeiture, though the argument was ultimately unsuccessful.
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