The Federal High Court in Lagos has ordered the final confiscation of $2.045 million and seven properties linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
This was revealed in a statement by the Economic and Financial Crimes Commission (EFCC).
The judgment was announced by Justice Dehinde Dipeolu on Friday, November 1, 2024, following an application filed by the Economic and Financial Crimes Commission (EFCC) alleging that the assets were acquired through illegal means.
Justice Dipeolu’s ruling was based on an application filed by Rotimi Oyedepo, the EFCC’s Senior Advocate for Nigeria (SAN), who said the EFCC had reason to believe that these assets were obtained from the proceeds of illegal activities related to Emefiele’s previous banking sector role.
The confiscated property includes:
- Two identical duplexes located at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- 1,919.592 sqm of undeveloped land located at Oyinkan Abayomi Drive, Ikoyi, Lagos.
- Bungalow at 65A, Oyinkan Abayomi Drive, Ikoyi, Lagos
- Four bedroom duplex located at 12A Probyn Road, Ikoyi, Lagos.
- Industrial complex under construction on 22 sites in Agbor, Delta State
- No. Adekunle Lawal Road, Ikoyi, Lagos. 8 undivided apartment units in 8A
- Full duplex building located at 2A Bank Road, Ikoyi, Lagos, measuring 2,217.87 sqm.
final forfeiture
- The confiscation proceedings began with an interim order by Justice Akintayo Aluko on August 15, 2024. The EFCC’s initial ex parte application highlighted allegations that these assets were purchased with funds obtained from Emefiele’s alleged illegal activities.
- The court ordered the EFCC to publish a notice of interim forfeiture in major newspapers and on the EFCC website to enable interested parties to contest the forfeiture within 14 days.
- However, Emefiele did not challenge the interim order and Oyedepo applied for a final confiscation order on October 11, 2024. At the final hearing, Oyedepo found that the EFCC complied with the publication requirements, strengthening the request for permanent forfeiture.
- In his ruling, Justice Dipeolu noted that Emefiele cannot link his income from Zenith Bank and CBN to the acquisition of these assets, highlighting the former CBN governor’s inability to prove the legitimate source of funds for the properties.
According to Judge Dipeolu, “The conclusion that can be drawn is that there must be something dark about the property acquisition that Emefiele and companies do not want to reveal.”
He goes further, “The interested parties failed to demonstrate a legitimate interest in the property and failed to prove that the property was acquired with lawful income. “I therefore order the final forfeiture to the Federal Government of Nigeria of all property reasonably suspected to be the proceeds of illegal activities.”
