The Federal High Court in Lagos on Friday ordered the final forfeiture of $2.045 million, seven prime landed properties, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu issued the permanent forfeiture order for the funds and two share certificates of Queensdorf Global Fund Limited Trust, noting that neither Emefiele nor any other interested party contested the initial interim forfeiture.
The court also ordered the forfeiture of seven prime landed properties, as Emefiele was unable to demonstrate a link between his lawful earnings from Zenith Bank and the CBN and the acquisition of these assets.
The judge stated that Emefiele failed to provide documentation or evidence to establish ownership of the properties.
Emefiele had denied any connection to the companies through which the properties were acquired, and the companies themselves did not appear in court to claim ownership. The EFCC had named 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.
Justice Dipeolu remarked, “The logical conclusion is that there appears to be something questionable about the acquisition of these properties, which Emefiele and the companies do not wish to bring to light.”
The judge further held that “the interested party has failed to demonstrate any legitimate interest in the properties, nor were they acquired from lawful earnings.”
“I therefore order the final forfeiture to the Federal Government of Nigeria of all these properties, which are reasonably suspected to have been acquired with proceeds of unlawful activities.”
The forfeited properties include two identical detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot measuring 1,919.592 square metres with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Other properties include an industrial complex under construction on 22 plots in Agbor, Delta State; 8 apartment units on a plot measuring 2,457.60 square metres at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex with all its appurtenances on a plot measuring 2,217.87 square metres at 2a Bank Road, Ikoyi, Lagos.
On 15 August 2024, the court had authorised the EFCC to temporarily seize $2.045 million, seven prime landed properties, and shares linked to Emefiele after hearing an ex parte application filed by EFCC’s lead counsel, Rotimi Oyedepo (SAN).
The ruling followed the EFCC’s claim that the money and other assets were reasonably suspected to be proceeds of unlawful activities.
However, Emefiele’s counsel, Olalekan Ojo (SAN), had urged the court to halt proceedings and not grant the final forfeiture of the properties.