Court Orders Final Forfeiture Of $2.04m And Properties Linked To Ex-CBN Governor Emefiele

The Federal High Court in Lagos has ordered the permanent forfeiture of $2.045 million, seven high-value properties, and shares linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Justice Deinde Dipeolu issued the final forfeiture order on Friday, following an initial interim order and after Emefiele and other interested parties failed to contest the forfeiture.

The properties in question include two duplexes in Lekki, an undeveloped land parcel on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi, a bungalow at No. 65a Oyinkan Abayomi Drive, a four-bedroom duplex on Probyn Road in Ikoyi, an industrial complex on 22 plots of land in Agbor, Delta State, and additional apartments and a full duplex in Ikoyi. The court also ordered the forfeiture of two share certificates of Queensdorf Global Fund Limited Trust.

Emefiele could not provide documentation or link his lawful income from Zenith Bank or CBN to the acquisition of these assets, nor did companies tied to the properties—including Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited—appear in court to claim ownership. The court concluded there were significant “dark areas” regarding the acquisitions, suggesting they may not have been funded by legitimate income.

On August 15, 2024, the court had initially authorized the Economic and Financial Crimes Commission (EFCC) to temporarily seize these assets based on evidence suggesting the funds and properties were tied to unlawful activities. Counsel for Emefiele, Olalekan Ojo (SAN), sought to halt the final forfeiture order, but the court ruled in favor of the EFCC’s claims, concluding that Emefiele had failed to demonstrate legitimate ownership.