The Federal High Court in Lagos, on Thursday, ordered the interim forfeiture of $2.04 million and seven properties connected to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, amid ongoing investigations into alleged fraudulent activities.
Justice Akintayo Aluko issued the order following an application by the Economic and Financial Crimes Commission (EFCC), which is probing the assets for links to unlawful activities. The properties include prime real estate in Lekki and Ikoyi, Lagos, and an industrial complex under construction in Agbor, Delta State.
In his ruling, Justice Aluko emphasized the necessity of the interim forfeiture to prevent the dissipation of assets suspected to be proceeds of illegal activities. “The properties listed in this application are reasonably suspected to have been acquired through proceeds of unlawful activities,” he stated.
The properties in question comprise two fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1; a 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at 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; and 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 linked to Emefiele.
EFCC counsel, Rotimi Oyedepo, SAN, argued that the assets were acquired through fraudulent means, urging the court to grant the application to prevent further dissipation. “The money and properties in question are reasonably suspected to be proceeds of unlawful activities,” Oyedepo said, citing 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, detailed in court documents, suggests that Emefiele negotiated kickbacks in exchange for foreign exchange allocations to companies. EFCC investigator, Idi Musa, testified that properties were acquired through shell companies linked to Emefiele for money laundering purposes, with significant evidence, including title documents, recovered during searches.
Justice Aluko directed the EFCC to publish the forfeiture order in a national newspaper, giving 14 days for any interested parties to contest the forfeiture. The case was adjourned to September 5, 2024, for further hearing.
This latest forfeiture order is part of a series of actions taken against Emefiele, who is facing multiple corruption charges. Previous forfeiture orders include $1.4 million, $4.7 million, N830 million, and properties worth N12.18 billion.
