The Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and multiple properties linked to Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN).
Justice Yellim Bogoro granted the Economic and Financial Crimes Commission’s (EFCC) application for forfeiture after dismissing earlier opposition attempts.
The forfeited funds were traced to accounts in First Bank, Titan Bank, and Zenith Bank, managed by individuals and entities such as Omoile Anita Joy, Deep Blue Energy Service Ltd, Lipam Investment Services Ltd, and TIL Communication Nigeria Ltd.
Key forfeited properties include:
- 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
- AM Plaza, an 11-floor office building on Otunba Adedoyin Crescent, Lekki.
- Imore Industrial Park in Amuwo Odofin LGA, Lagos.
- Mitrewood and Tatler Warehouse (Furniture Plant) at Bogije, Ibeju-Lekki, Lagos.
- Properties purchased from Chevron Nigeria in Lakes Estate, Lekki, Lagos.
- A plot at Lekki Foreshore Estate Scheme, Eti-Osa, Lagos.
- An estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services.
- Land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos.
- A property at 8 Bayo Kuku Road, Ikoyi, Lagos.
Justice Bogoro ruled that the properties and funds were proceeds of unlawful activities and must be forfeited to the Federal Government.
“I find that the respondents’ activities were unlawful. Why did dollar shortages arise immediately after Emefiele left CBN? The transactions were not legitimate,” he stated.
The EFCC, represented by counsel Rotimi Oyedepo SAN, cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution to support the forfeiture application.
After the defendants failed to prove legitimate ownership of the assets, the court made the interim forfeiture permanent.
Justice Bogoro concluded:
“All the monies and properties listed are finally forfeited to the Federal Government of Nigeria.”
