Court to rule on Emefiele’s forfeiture case November 1

The Federal High Court, in Lagos, has adjourned till November 1, 2024, to deliver a ruling on the Economic and Financial Crimes Commission’s application for the final forfeiture of $2.045m, seven prime landed property, and shares linked to a former Central Bank of Nigeria Governor, Godwin Emefiele.

Justice Deinde Dipeolu will also rule on an application by Emefiele challenging the court’s jurisdiction to hear the forfeiture case.

Earlier, on August 25, 2024, the court granted the EFCC’s request for temporary custody of the cash, property, and shares linked to Emefiele.

The court directed the anti-graft agency to publish the interim forfeiture order, giving anyone interested the chance to explain why the assets shouldn’t be permanently forfeited to the Federal Government.

At the resumed hearing on Friday, EFCC counsel, Rotimi Oyedepo, moved an application for the final forfeiture of the $2.045 m and share certificates, noting that no objections had been raised by any interested party.

Regarding the property, Oyedepo argued that Emefiele failed to show that his lawful earnings from Zenith Bank and the CBN were used to acquire the property in question.

He further stated that Emefiele’s declared lawful savings before assuming office as CBN Governor were insufficient to purchase the property sought for forfeiture.

Oyedepo adopted his written address dated August 29, 2024, and urged the court to approve the final forfeiture.

In response, Olalekan Ojo, representing Emefiele, argued that his client had provided enough evidence to show why the final forfeiture shouldn’t be granted.

He also adopted his written address, urging the court to reject the EFCC’s application.

Ojo had earlier filed a separate application challenging the court’s jurisdiction to proceed with the forfeiture hearing, citing ongoing charges against Emefiele at both the Federal High Court in Abuja and the Lagos State High Court.

He requested a stay of the forfeiture proceedings until the cases were concluded, arguing that the court’s decision would affect the ongoing trials.

However, Oyedepo countered this, stating that courts had previously ruled that pending criminal charges do not prevent the final forfeiture of assets suspected to be the proceeds of unlawful activity.

In an earlier ruling, on August 15, 2024, Justice Akintayo Aluko had granted an interim forfeiture of the $2.045 m, and several property allegedly linked to Emefiele after an ex-parte application by the EFCC.

The property include two detached duplexes on Hakeem Odumosu Street, Lekki Phase 1, Lagos, a plot of undeveloped land on Oyinkan Abayomi Drive, Ikoyi, a bungalow on the same street, a four-bedroom duplex on Probyn Road, Ikoyi, an industrial complex under construction in Agbor, Delta State, eight apartment units on Adekunle Lawal Road, Ikoyi, and a duplex on Bank Road, Ikoyi.

Additionally, the court ordered the temporary forfeiture of two share certificates belonging to Queensdorf Global Fund Limited Trust, linked to Emefiele.

Justice Aluko directed that the forfeiture notice be published in a national newspaper, giving interested parties 14 days to contest the order.