Federal High Court Orders Final Forfeiture of $2.045 Million Linked to Former CBN Governor

 

Justice Deinde Dipeolu of the Federal High Court in Lagos has ruled for the final forfeiture of $2.045 million associated with Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). The decision was announced on November 1, and it includes the seizure of seven prime properties located in the Ikoyi area of Lagos, along with two share certificates from Queensdorf Global Fund Limited Trust, deemed proceeds of illegal activity.

In his ruling, Justice Dipeolu stated that neither Emefiele nor any interested party contested the forfeiture application, which led to the permanent forfeiture of the funds and share certificates. The court also highlighted that Emefiele failed to establish a legitimate connection between his earnings from Zenith Bank and the CBN and the acquisition of the properties.

The judge pointed out that Emefiele could not provide documentation to prove ownership of the properties, noting that the title documents were registered under different names. He stated that Emefiele had denied any association with the companies that owned the properties, which included Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited.

Justice Dipeolu concluded that the acquisition of the properties suggested illicit conduct that Emefiele and the associated companies were reluctant to reveal. He declared that the interested parties had failed to demonstrate any lawful claim to the properties, affirming that they were acquired using funds that could not be traced to legitimate earnings.

The properties forfeited include two identical fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1; an undeveloped land parcel measuring 1919.592 sqm on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at 65a Oyinkan Abayomi Drive; and a four-bedroom duplex at 12a Probyn Road, Ikoyi. Additional forfeitures include an industrial complex under construction in Delta State, eight units of an undetached apartment on Adekunle Lawal Road, and a full duplex with its appurtenances on Bank Road, Ikoyi.

On August 25, 2024, the court had initially authorized the Economic and Financial Crimes Commission (EFCC) to temporarily take control of the seized cash and properties. The EFCC's counsel, Rotimi Oyedepo (SAN), argued that Emefiele's declared lawful earnings prior to his tenure as CBN Governor were insufficient to cover the value of the properties in question.

In contrast, Emefiele's attorney, Olalekan Ojo (SAN), contended that his client had demonstrated, on a balance of probabilities, that final forfeiture should not be granted. However, the court's decision ultimately favored the EFCC, underscoring the need for accountability regarding suspected financial improprieties.