Former CBN governor Emefiele loses $1.4m to Tinubu's govt as court gives fresh judgement

• Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has lost the sum of $1,426,175.14 to the federal government
• Federal High Court in Lagos ordered the final forfeiture of the funds to the federal government on Tuesday, June 25
• Justice Ayokunle Faji gave the order after hearing an application filed by the Economic and Financial Crimes Commission (EFCC)

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

Ikeja, Lagos state - In a fresh judgement, the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been ordered to forfeit the sum of $1,426,175.14 to the federal government.

Justice Ayokunle Faji of the Federal High Court in Lagos ordered the final forfeiture of the funds following an application by the Economic and Financial Crimes Commission (EFCC) on Tuesday, June 25.

EFCC lawyer said the funds were proceeds of unlawful activities by Emefiele. Photo credit: CBN
Source: Facebook

The EFCC had secured an interim order temporarily forfeiting the money on May 29, 2014, The Punch reports.

The counsel for the anti-graft agency, Mrs Bilkisu Buhari-Bala, said EFCC had complied with the publication order in the newspaper and no one had come forward to claim the money.

Buhari-Bala argued that the funds were proceeds of unlawful activities by the former CBN governor.

She claimed EFCC investigation showed that Emefiele received the dollars as kickbacks for approving forex allocation to multinational firms during the forex crisis in the country.

According to Buhari-Bala, the court was empowered by Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act to make the forfeiture order.

According to Channels Television, the EFCC lawyer told the court that the application for the final forfeiture of the said sum has been established to be proceeds of unlawful activities.

Emefiele loses N12bn property as court gives fresh judgement

Legit.ng earlier reported that the federal high court in Lagos ordered the permanent forfeiture of properties worth over N11.14 billion and N1.04 billion allegedly belonging to former CBN Governor Emefiele to the federal government.

The properties, located in upscale areas of Abuja, were suspected to have been acquired with proceeds of unlawful activities.

The court's order was made following a motion filed by the Economic and Financial Crimes Commission (EFCC)

Source: Legit.ng