The Federal High Court in Lagos has issued a ruling mandating the final forfeiture of $2.045 million, seven high-value properties, and share certificates connected to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The verdict, delivered by Justice Deinde Dipeolu on Friday, followed a lack of opposition from Emefiele or any other interested parties regarding the assets after an initial interim forfeiture was ordered.
Justice Dipeolu’s ruling also covered two share certificates of Queensdorf Global Fund Limited Trust. In his judgment, the court underscored that Emefiele failed to establish a clear connection between his lawful earnings from positions held at Zenith Bank and the CBN to the acquisition of these properties.
The former governor also could not provide documentation proving ownership of the assets.
In prior hearings, Emefiele had disclaimed any association with the companies listed as owners of the properties. The Economic and Financial Crimes Commission (EFCC), however, identified the companies as Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited, none of which appeared in court to claim the properties.
Justice Dipeolu remarked, “The refusal by Emefiele and these companies to openly justify ownership raises suspicion around the origin of these assets,” concluding that there was no evidence they were acquired through legitimate income sources. Consequently, the judge ordered the permanent forfeiture of the assets to the Federal Government of Nigeria.
The seized properties include two identical duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land plot at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; eight apartment units at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex on Bank Road, Ikoyi.
Previously, on August 15, 2024, the court had granted an interim forfeiture to the EFCC, enabling the commission to temporarily seize the assets based on suspicions that they were linked to unlawful activities. Emefiele’s counsel, Olalekan Ojo (SAN), sought to pause the forfeiture process but was unsuccessful in persuading the court
