The Federal High Court in Lagos has issued an order for the final forfeiture of $2.045 million, several high-value properties, and share certificates associated with former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu granted the permanent forfeiture after ruling that Emefiele and other parties did not challenge the initial interim forfeiture order. In his judgment, the judge noted that Emefiele was unable to provide documentation or evidence linking his lawful earnings from his roles at Zenith Bank and the CBN to the acquisition of these assets.
“The conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies do not want to come to light,” Justice Dipeolu stated.
The properties under forfeiture include two duplexes on Hakeem Odumosu Street in Lekki Phase 1, Lagos, a plot of undeveloped land on Oyinkan Abayomi Drive in Ikoyi, Lagos, and a four-bedroom duplex at Probyn Road, Ikoyi. Other properties include an industrial complex under construction on 22 plots in Agbor, Delta State; 8 undetached apartment units on Adekunle Lawal Road, Ikoyi; and a full duplex on Bank Road, Ikoyi.
Emefiele had previously denied any affiliation with the companies listed as owners of these properties. The companies, which include Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited, did not appear in court to assert ownership.
The Economic and Financial Crimes Commission (EFCC) had initially secured a temporary forfeiture of these assets on August 15, 2024. The court accepted the EFCC’s claim that the funds and assets were likely acquired through unlawful means.
Emefiele’s counsel, Olalekan Ojo (SAN), had argued for a stay of proceedings, urging the court to reconsider the final forfeiture. However, the court held that Emefiele failed to establish any lawful claim to the assets, thus ruling in favor of their permanent transfer to the Federal Government of Nigeria.