A Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and several properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The ruling, delivered on Friday by Justice Yellim Bogoro, followed an application by the Economic and Financial Crimes Commission (EFCC).
The EFCC had filed a case against Emefiele, arguing that the funds and assets in question were proceeds of unlawful activities. Justice Bogoro upheld the commission’s argument and dismissed an application by an interested party seeking to block the judgment.
“I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately after Godwin Emefiele left CBN as a governor and salary could not be made? I hold that they are not legitimate business activities,” the judge stated.
The judge further ruled that Anita Omoile, one of the named individuals in the case, was a close associate of Emefiele and had used undue influence to move dollars illegally from the CBN.
Forfeited Funds and Properties
The court ruled that all the funds and properties listed in the case now belong to the Federal Government of Nigeria. The forfeited funds were held in multiple bank accounts managed by individuals and businesses, including: First Bank, Titan Bank, and Zenith Bank accounts linked to entities such as Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, and others.
Additionally, properties seized include:
- 94 units of an 11-floor building under construction at Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
- AM Plaza, an 11-floor office space at Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos.
- Industrial properties, including the Imore Industrial Park in Amuwo Odofin and Mitrewood and Tatler Warehouse in Ibeju-Lekki, Lagos.
- Two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos.
- A plot at Lekki Foreshore Estate, as well as land and properties in Texas, USA, owned by Lipam Investment Services.
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EFCC’s Legal Argument and Court’s Ruling
The EFCC, represented by Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, had relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. The commission first secured an interim forfeiture order and published it in a national newspaper, giving any interested party a chance to challenge the decision.
Since no one could prove legitimate ownership of the funds and properties, the court made the forfeiture permanent.
“Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria,” Justice Bogoro declared.
This ruling marks another major step in the fight against corruption in Nigeria. The EFCC has intensified its efforts to recover public funds allegedly misappropriated by officials, and this case sets a precedent for future financial crime investigations.
With Emefiele already facing multiple corruption allegations, this forfeiture adds to his legal troubles, and analysts believe it may pave the way for further prosecutions.