Court Sets November 1 for Ruling on EFCC's Forfeiture Application Involving Former CBN Governor Emefiele

 

The Federal High Court in Lagos has scheduled November 1, 2024, to deliver a ruling on the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of $2.045 million, seven prime properties, and shares linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The court will also rule on Emefiele's request to halt proceedings on the same date.

This development follows an earlier ruling on August 15, 2024, where the court authorized the EFCC to temporarily seize Emefiele's assets. The court directed the anti-graft agency to publish the interim forfeiture order, allowing interested parties to contest the forfeiture of the funds to the federal government.

At a hearing on Friday, October 11, EFCC’s counsel, Rotimi Oyedepo (SAN), moved an application seeking the final forfeiture of the $2.045 million and share certificates, noting that there was no challenge from any interested party.

In response, Olalekan Ojo, representing Emefiele, argued that the court should not grant the final forfeiture, asserting that his client had shown, on a balance of probabilities, why the properties should not be seized. He adopted his written submission and urged the court to reject the EFCC's request.

Earlier in the proceedings, the court dismissed Emefiele’s plea for a stay of proceedings, which he had requested pending the outcome of an appeal to the Court of Appeal aimed at overturning the interim forfeiture order. However, Justice Deinde Dipeolu ruled that Emefiele’s appeal to a higher court could only proceed once a decision had been made at the trial level.

Justice Dipeolu further emphasized that no substantive decision had been made by the court on the matter, thereby dismissing Ojo's oral application to pause the case.

Emefiele's legal team had previously argued that suspending the trial was necessary to avoid what they described as "judicial rascality." However, Oyedepo countered, stating that Emefiele’s appeal was premature and not sufficient grounds to halt the trial, as the leave of the court had not been sought.

The case will now proceed, with the court expected to rule on both the forfeiture application and the stay of proceedings on November 1, 2024.