In a landmark decision, the court has ordered the permanent forfeiture of funds and assets associated with ex-CBN Governor Emefiele amid ongoing investigations.
The Federal High Court in Lagos has mandated the final confiscation of $2.045 million, a number of high-value properties, and share certificates linked to Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN).
Justice Deinde Dipeolu authorized the permanent forfeiture, noting that Emefiele and other involved parties failed to contest the initial interim forfeiture order. In his decision, he remarked that Emefiele was unable to present documentation or evidence connecting his legitimate earnings from Zenith Bank and the CBN to these asset acquisitions.
Justice Dipeolu remarked, “It can be inferred that there is likely something dubious about how Emefiele and the companies acquired these properties that they wish to keep hidden.”
The assets subject to forfeiture comprise two duplexes located on Hakeem Odumosu Street in Lekki Phase 1, Lagos; a plot of undeveloped land on Oyinkan Abayomi Drive in Ikoyi, Lagos; and a four-bedroom duplex situated at Probyn Road, Ikoyi. Additional properties include an industrial complex being built on 22 plots in Agbor, Delta State; eight undetached apartment units along Adekunle Lawal Road, Ikoyi; and a complete duplex positioned on Bank Road, Ikoyi.
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Emefiele had earlier refuted any connection to the companies named as owners of these properties. These companies—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 come forward in court to claim ownership.
On August 15, 2024, the Economic and Financial Crimes Commission (EFCC) initially obtained a temporary forfeiture of these assets. The court accepted the EFCC’s assertion that the funds and assets were probably acquired through illegal means.
Emefiele’s lawyer, Olalekan Ojo (SAN), requested a pause in the proceedings, appealing to the court to review the final forfeiture order. Nevertheless, the court determined that Emefiele did not present any legitimate claim over the assets and consequently decided they should be permanently transferred to Nigeria’s Federal Government.
