Court Orders Interim Forfeiture of Emefiele’s $2.4m and Multiple Assets in Lagos, Delta

The Federal High Court in Lagos has ordered the interim forfeiture of $2.4 million and seven properties linked to the former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele. The ruling was delivered on Thursday by Justice Akintayo Aluko, following an application by the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities associated with Emefiele. The properties include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex under construction in Agbor, Delta State. The court deemed the interim forfeiture necessary to prevent the dissipation of assets suspected to be proceeds of unlawful activities. Justice Aluko emphasized that the properties were "reasonably suspected to have been acquired through proceeds of unlawful activities."

The properties listed for forfeiture include: Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos, A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, A four-bedroom duplex at 12a Probyn Road, Ikoyi, An industrial complex on 22 plots in Agbor, Delta State, Eight apartments on Adekunle Lawal Road, Ikoyi, A full duplex at 2a Bank Road, Ikoyi,

Additionally, the court ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly connected to Emefiele. EFCC counsel, Rotimi Oyedepo (SAN), argued that these assets were obtained through fraudulent means, and the court was empowered to make the interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44 (2)(b) of the 1999 Constitution. The EFCC's investigation revealed that Emefiele allegedly received kickbacks in exchange for foreign exchange allocations to companies in need of foreign currency for legitimate business purposes. The court documents detailed that properties were acquired through shell companies linked to Emefiele, with the intent of laundering money. One of the EFCC investigators, Idi Musa, testified that the commission recovered significant evidence, including title documents and company seals, during searches. The investigator highlighted a transaction in 2018 where a parcel of land at Hakeem Odumosu Street, Lekki Phase 1, Lagos, was purchased and developed into three units of 5-bedroom duplexes, with two of the units later bought on behalf of Emefiele. Following the granting of the interim forfeiture order, Justice Aluko instructed the EFCC to publish the order in a national newspaper, giving any interested parties 14 days to appear in court and show cause why the assets should not be permanently forfeited to the Federal Government. The case has been adjourned to September 5, 2024, for further hearing. This forfeiture is the latest in a series of actions taken by the EFCC against Emefiele, who is facing multiple corruption charges. Earlier this year, the court ordered the forfeiture of $1.4 million linked to Emefiele, and in May, forfeiture orders were granted on $4.7 million, N830 million, and various properties tied to the former apex bank governor.