Forfeiture of Assets: Court Rejects Emefiele’s Request to Stay Proceedings

A court has denied former CBN Governor Godwin Emefiele’s application to stay proceedings in the asset forfeiture case against him, allowing the legal process to continue.

On Friday, the Federal High Court in Lagos declined to halt further proceedings in a case filed by the Economic and Financial Crimes Commission (EFCC). The suit aims for the forfeiture of properties and funds associated with Godwin Emefiele, a former governor of the Central Bank (CBN).

Represented by his lawyer, Olalekan Ojo (SAN), the former banker requested that the judge halt proceedings until an appeal he filed with the Court of Appeal is heard. This appeal aims to overturn a previous temporary forfeiture order issued by the court.

However, Justice Deinde Dipeolu stated in his ruling that interested parties have the right to approach the Court of Appeal, which depends on the decision made by the trial court.

The court stated that an appeal typically arises from a trial court’s decision. However, in this particular case, the court had not made any ruling on the applications filed or on the substantive issues of the lawsuit.

As a result, Justice Dipeolu rejected the request submitted by Olalekan Ojo (SAN), the attorney representing the former CBN governor, which sought to halt the court’s proceedings.

During the most recent court session, Ojo requested that the proceedings be paused until a decision is reached regarding the banker’s appeal.

“We respectfully request that you halt the proceedings until the appeal court has conducted its hearing and made a determination, in order to prevent any judicial missteps,” he stated.

However, Rotimi Oyedepo (SAN), the Counsel for the Economic and Financial Crimes Commission (EFCC), opposed this by insisting that no application from Emefiele was considered or ruled upon in a way that led to an appeal.

Oyedepo questioned, “My lord, how can the defendant in this case hurry to appeal court just because the Federal High Court sent the case file back to the administrative judge for reassignment due to its annual vacation ending on the next adjournment date?”

With all due respect, I contend that the defendant merely filed insignificant documents with the Appeal Court’s registry. Thus, I request that the court determine there is no valid appeal.

Oyedepo also contended that the former CBN governor’s appeal cannot halt the proceedings in this case, as court approval was not requested. According to court rules, such approval is mandatory when an appeal involves both factual and legal issues.

Justice Dipeolu then postponed the decision on the matter until Friday, October 11th.

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Custody on a Temporary Basis

On August 15, 2024, the court granted permission to the EFCC for temporary custody of $2.045 million in cash, seven select properties, and shares associated with Emefiele.

The ruling was based on the EFCC’s claim through an ex parte application that there was reasonable suspicion suggesting the money and other items intended for forfeiture were proceeds from unlawful activities.

Justice Akintayo Aluko, serving as the vacation judge, issued an interim order for the forfeiture of both the cash sum and several landed properties.

The court-ordered forfeiture includes several properties: two identical fully detached duplexes located at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot of land measuring approximately 1919.592 square meters with Survey Plan No. DS/LS/340 on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow situated at 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; and a four-bedroom duplex found at 12a Probyn Road, Ikoyi.

Additional properties include an industrial complex being built on 22 plots of land in Agbor, Delta State; eight units of semi-detached apartments situated on a plot spanning 2,457.60 square meters at No. 8a Adekunle Lawal Road, Ikoyi; and a complete duplex with all its accompanying structures located on a plot measuring 2,217.87 square meters at 2a Bank Road, Ikoyi, Lagos.

Justice Aluko also mandated the forfeiture of two share certificates from Queensdorf Global Fund Limited Trust that belong to Emefiele.

Following the granting of the motion, the judge instructed the EFCC to publish a forfeiture notice in a widely circulated national newspaper within 14 days. This will allow any interested parties to present their case and explain to the court why the money and properties should not be permanently forfeited.

At the subsequent court session, Ojo declared his representation for Emefiele as an interested party in the case.

Additionally, Attorney Chibuzor Opara declared his representation of the residents at 8a Adekunle Lawal Road, Ikoyi, Lagos.

Ojo notified the court that he had additionally submitted documents on Emefiele’s behalf to halt further actions in the forfeiture case.