Court Seizes Multibillion Assets, $4.7 Million, ₦830 Million Linked To Emefiele

The Federal High Court sitting in Ikoyi, Lagos, has decreed an interim forfeiture of $4,719,054, ₦830,875,611, and numerous properties linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Justice Yellim Bogoro issued the order on Thursday, May 23, 2024, following an ex-parte application argued by the counsel for the Economic and Financial Crimes Commission (EFCC), Bilkisu Buhari and C.C Chineye.

“I find merit in the application and same hereby granted as prayed.

“The applicant should publish this order in any daily newspapers circulating all over the federation for anybody who is interested to show cause why the final order final order of forfeiture should not be made,” Justice Bogoro held.

The funds forfeited to the Federal Government temporarily were reportedly stored in banks managed by Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

Emefiele’s properties that were seized by the federal government include: “94 units of an 11-storey building under construction at 2, Otunba Elegushi 2nd Avenue (formerly Club) Road, Ikoyi, Lagos; AM Plaza, an 11-story office space located at 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land purchased with Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos; and 2 properties acquired from Chevron Nigeria, Closed PFA Fund, Block B.Lot.Twin Completed property Lakes Estate, Lekki, Lagos.”

Additionally, other properties include:  “one plot measuring 1,038.069 sqm at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa LGA; an estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; a land at 1, Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos; and a property situated at 8, Bayo Kuku Road, Ikoyi, Lagos.”

The EFCC had sought court approval for an interim forfeiture of the funds and properties under Section 17 of the Advance Fee Fraud and other Fraud Related Offence Act of 2006, Section 44(2)(b) of the Constitution, and the court’s inherent jurisdiction.

The anti-corruption body sought the court’s approval for the following: “an Interim Order forfeiting to the Federal Government of Nigeria the funds warehoused in the accounts particularized in Schedule ‘A’ which funds are reasonably suspected to be proceeds of unlawful activities.

“An Interim order forfeiting to the Federal Government of Nigeria Properties provided in 2nd Schedule ‘B’ which are proceeds of unlawful activities.

“An Order directing the publication In any National Newspaper, the interim order under reliefs 1-2 above, for anyone who Is interested in the properties and funds sought to be forfeited to appear before this Honourable Court to show cause within 14 days why the final order of forfeiture of the sald properties and funds should not be made in favour of the Federal Government of Nigeria.”

Justice Bogoro granted the ex-parte motion after considering the submissions of the EFCC’s counsel and reviewing the motion and supporting affidavit.

The case was adjourned to July 2, 2024, for the final forfeiture motion.