BREAKING COURT ORDERS FINAL FORFEITURE OF $2.04 MILLION, PROPERTIES LINKED TO EMEFIELE

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The final forfeiture of $2.045 million, seven select landed properties, and share certificates associated with former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has been ordered by the Federal High Court in Lagos.

The former CBN governor and any other interested parties did not contest the money and the two share certificates of Queensdorf Global Fund Limited Trust following the initial interim forfeiture, according to a ruling issued Friday by presiding judge Deinde Dipeolu, who ordered the permanent forfeiture of the funds and certificates.

According to the judgement, Emefiele was unable to link the purchase of the homes to his legitimate income from working for the CBN and a new generation bank.

The seven choice landed properties were also confiscated by the court because Emefiele was unable to link the purchase of the properties to his legitimate income from a bank and the Central Bank of Nigeria (CBN).

The court held that the former CBN Governor failed to provide documents or links to show that he owned the properties.

Emefiele had denied any connection between him and the companies in whose names the properties were purchased and the companies had also failed to appear before the court to claim the properties.

The EFCC had listed the companies as; Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited and SDEM Erectors Nigeria Limited.

Justice Dipeolu held, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies does not want to come to light.”

The judge further held “that the interested party has failed to demonstrate any lawful interest in the properties and that they were aquired from his legitimate earnings”.

“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties…which are reasonably suspected to have been acquired with proceeds of unlawful activities.”

The properties are: two fully detached duplexes of identical structures, lying being and situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, (Formerly Queens Drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

Others are an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a full duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.

On August 15, 2024, the court had authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele after hearing an Exparte application filed by lead counsel to the Commission, Rotimi Oyedepo (SAN).

The court’s ruling followed the EFCC’s assertion that the money and other items sought to be forfeited were reasonably suspected to be proceeds of unlawful activities

However, counsel to Emefiele, Olalekan Ojo (SAN), had urged the court to stay proceedings and not grant the final forfeiture of the properties.