Court Orders Interim Forfeiture of $4.7m, N830m, Assets Linked to Emefiele

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The Federal High Court in Lagos has ordered an interim forfeiture of substantial sums of money and numerous properties associated with Mr. Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN).

The order, granted by Justice Yellim Bogoro on Thursday, May 23, 2024, followed an ex-parte application by counsel to the Economic and Financial Crimes Commission (EFCC), Bilkisu Buhari.

“I have listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support,” stated Justice Bogoro in her ruling. “I find merit in the application and same is hereby granted as prayed.”

The court directed the publication of the order in a national daily to allow interested parties to present their case before the final forfeiture decision, scheduled for July 2.

The sums of $4,719,054 and N830,875,611, along with various properties, were forfeited to the Federal Government. These funds were reportedly warehoused in First Bank, Titan Bank, and Zenith Bank, and operated by several entities including Omoile Anita Joy, Deep Blue Energy Service Limited, and others.

Among the forfeited properties are 94 units of an 11-floor building under construction in Ikoyi, Lagos; an 11-floor office space at Lekki Peninsula Scheme 1, Lagos; and various parcels of land and completed properties across Lagos, Texas, and Chevron Nigeria.

The EFCC sought the interim forfeiture under various legal provisions, including Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 14, 2006, and Section 44(2)(b) of the Constitution, as well as the inherent jurisdiction of the court.

The anti-graft agency specifically requested the court for interim orders forfeiting the funds and properties suspected to be proceeds of unlawful activities and directing the publication of the order in a national newspaper for interested parties to show cause why final forfeiture should not be made in favor of the Federal Government.