Court orders final forfeiture of Emefiele’s $2m, property

The Federal High Court in Lagos has ordered permanent forfeiture of $2.045m, seven prime landed property, and share certificates linked to the former Central Bank of Nigeria governor, Godwin Emefiele.

Justice Deinde Dipeolu issued the order on Friday, declaring that the funds and share certificates of Queensdorf Global Fund Limited Trust should be permanently forfeited to the Federal Government.

The decision came after an earlier interim forfeiture, which neither Emefiele nor any interested party contested.

The court also ruled for the forfeiture of the seven property on the ground that Emefiele failed to prove that his earnings from Zenith Bank and CBN were used to acquire them.

Justice Dipeolu held that the former CBN governor did not present documentation linking him to legitimate ownership of the properties.

Emefiele had denied any connection to the companies under which the property was purchased, and these firms did not come forward to claim ownership.

The Economic and Financial Crimes Commission had listed 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 held, “The conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies do not want to come to light.

“The interested party has failed to demonstrate any lawful interest in the properties or prove they were acquired from legitimate earnings.”

“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties… which are reasonably suspected to have been acquired with proceeds of unlawful activities.”

The forfeited properties include two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot measuring 1,919.592 square metres at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

Also forfeited are an industrial complex on 22 plots in Agbor, Delta State; eight units of undetached apartments on a plot measuring 2,457.60 square metres at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex on 2,217.87 square metres at 2a Bank Road, Ikoyi.

The court had on August 15, 2024, allowed the EFCC to temporarily seize the funds, property, and shares linked to Emefiele after considering an ex parte application presented by the commission’s lead counsel, Rotimi Oyedepo, SAN.