Court orders final forfeiture of over N11b properties linked to Emefiele

The Federal High Court sitting in Lagos has ordered the final forfeiture of properties valued at over N11,140,000,000.00 (Eleven Billion One Hundred and Forty Million Naira) and N1.04 billion (One Billion and Forty Million Naira) linked to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

Justice Chukwujekwu Aneke gave the order of final forfeiture in response to a motion filed and argued by the Economic and Financial Crimes Commission (EFCC), through its counsel, Chineye Okezie.

The EFCC had alleged that the properties were acquired with proceeds of fraud.

The Commission had previously obtained an interim forfeiture order on 5 June 2024 as argued by its counsel, Rotimi Oyedepo (SAN).

The properties, listed in two schedules (A and B), include shops, apartments, lands, and apartments located in highbrow areas of the Federal Capital Territory (FCT), Abuja.

The properties were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.

The EFCC alleged that Emefiele used proxies, including two current and one former CBN staff, to acquire the properties.

The staff members were identified as Obayemi Oluwaseun Teben, Akomolafe Adebayo, and Olubunmi Makinde (now a former staff member).

According to the EFCC, the properties were acquired through fraudulent means, including the use of proceeds from illegal foreign exchange transactions.

The commission alleged that the CBN staff members used their positions and influence to secure retail and special allocation of foreign exchange to different companies in exchange for kickbacks.

The court’s order was made after no party appeared to contest the interim forfeiture order.

The properties will be forfeited to the Federal Government of Nigeria.