Court Orders Forfeiture of $2 Million, Luxury Properties, and Shares Linked to Emefiele

The Federal High Court in Lagos has ordered the interim forfeiture of $2.045 million, seven luxury properties, and shares linked to former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele.

These assets, located in upscale areas of Lagos and Delta State, are suspected to have been acquired through unlawful means.

The ruling, delivered by Justice Akintayo Aluko on Thursday, followed a motion filed by Rotimi Oyedepo (SAN) on behalf of the Economic and Financial Crimes Commission (EFCC).

The case, marked FHC/L/MISC/500/24, was supported by an affidavit from EFCC investigator Idi Musa, detailing properties in Lekki, Ikoyi, and Agbor allegedly tied to Emefiele’s fraudulent activities.

The EFCC contends that the funds and assets in question are proceeds of illegal activities, citing the Advanced Fee Fraud and Other Related Offenses Act. Among the properties listed are two identical duplexes on Hakeem Odumosu Street in Lekki Phase 1, a bungalow, and other high-end properties. Shares from Queensdorf Global Fund Limited Trust are also implicated.

Justice Aluko granted the EFCC’s request for interim forfeiture and ordered the publication of the forfeiture in national newspapers. Interested parties have 14 days to contest the forfeiture. The case has been adjourned until September 5 for further proceedings.

The EFCC investigator’s affidavit revealed extensive corruption involving senior CBN officials, including kickbacks for foreign exchange allocations and the use of shell companies to launder money. One key individual, Ifeanyi Omeke, a senior executive at Zenith Bank, allegedly facilitated property transactions for Emefiele.

Documents recovered from Omeke’s office led to the discovery of several properties linked to Emefiele, which the EFCC argues were acquired through illegal means. The agency is seeking the final forfeiture of these assets to the Federal Government of Nigeria.

In the affidavit, the investigator stated, “The Commission, whilst investigating the alleged monumental fraud carried out by the immediate past Governor of the Central Bank of Nigeria (CBN) and his cronies, traced and discovered several properties reasonably suspected to have been acquired and or developed with proceeds of unlawful activities.”

Further hearing of the matter has been scheduled for September 5.