A Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and multiple properties linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).
Delivering judgment on Friday, Justice Yellim Bogoro ruled in favor of the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala. The judge had earlier dismissed an application seeking Emefiele’s arrest but granted the EFCC’s request for the final forfeiture of the assets to the federal government.
Funds and Accounts Forfeited
The forfeited funds were traced to accounts in First Bank, Titan Bank, and Zenith Bank, held by individuals and companies, including:
- Omoile Anita Joy
- Deep Blue Energy Service Limited
- Exactquote Bureau De Change Ltd
- Lipam Investment Services Limited
- Tatler Services Limited
- Rosajul Global Resources Ltd
- TIL Communication Nigeria Ltd
Luxury Properties and Estates Forfeited
Justice Bogoro ruled that the following high-value properties, allegedly acquired with proceeds of unlawful activities, be forfeited to the Federal Government:
- 94 luxury apartments in an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
- AM Plaza, an 11-floor office complex at Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos.
- Imore Industrial Park 1, Esa Street, Amuwo Odofin LGA, Lagos.
- Mitrewood and Tatler Warehouse (Furniture Plant) at Bogije, near Elemoro, Ibeju-Lekki LGA, Lagos.
- Two properties purchased from Chevron Nigeria in Lakes Estate, Lekki, Lagos.
- A plot of land at Lekki Foreshore Estate, Eti-Osa LGA, Lagos.
- An estate in Texas, USA, registered under Lipam Investment Services.
- A luxury property at 8 Bayo Kuku Road, Ikoyi, Lagos.
Court’s Rationale for Forfeiture
Justice Bogoro ruled that the funds and properties were the proceeds of unlawful activities, citing irregular financial transactions linked to Emefiele.
“I find that the activities of the respondents here were unlawful. Why should they suddenly struggle to access dollars immediately after Godwin Emefiele left CBN, to the extent that salaries could not be paid?” the judge questioned.
The court also identified Omoile Anita Joy as a close associate of Emefiele, stating that she was granted undue influence over dollar transactions within the CBN.
Consequently, Justice Bogoro ruled:
“I hold that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”
Legal Justification for the Forfeiture
The EFCC, represented by senior counsel Rotimi Oyedepo (SAN), cited:
- Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006
- Section 44(2)(b) of the Nigerian Constitution
Following an initial interim forfeiture order, the EFCC had published the ruling in a national newspaper, inviting any interested parties to contest the forfeiture. However, with no valid claims proving the legitimacy of the funds or properties, the court upheld the final forfeiture order.
What This Means This ruling marks a significant step in the Nigerian government’s ongoing crackdown on corruption, particularly within high-ranking financial institutions. With the final forfeiture in place, all recovered assets will now be under federal control.
