Court Orders Forfeiture of $4.7M, N830M, and Properties Linked to Emefiele
Justice Yellim Bogoro of the Federal High Court in Lagos has ruled for the permanent forfeiture of $4.7 million, N830 million, and several properties linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The judge’s decision came on Friday after dismissing an application filed by the respondents, who sought to block the final forfeiture order requested by the Economic and Financial Crimes Commission (EFCC).
The assets to be forfeited include funds held in accounts at Titan Bank and Zenith Bank, as well as properties managed by various individuals and companies, such as Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.
The forfeited properties include:
- 94 units of an 11-floor building under construction on Otunba Elegushi 2nd Avenue, Ikoyi, Lagos;
- AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki;
- Imore Industrial Park 1 in Oriade LCDA, Amuwo Odofin LGA, Lagos;
- Mitrewood and Tatler Warehouse (Furniture Plant) at Bogije, near Elemoro, Lagos;
- A number of properties located at various sites across Lagos, including Lekki, Ikoyi, and other high-value areas.
The EFCC also listed properties in the U.S. owned by Lipam Investment Services, including an estate in Coppell, Texas.
EFCC’s lawyer, Rotimi Oyedepo (SAN), cited the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Nigerian Constitution to support the claim that the funds and properties were acquired through illicit means.
Justice Bogoro sided with the EFCC, agreeing that the assets were proceeds of unlawful activities, leading to their final forfeiture to the Nigerian government.
The judge emphasized that the funds were suspiciously found immediately after Emefiele’s tenure at the CBN, especially when the country was facing financial challenges, including salary delays. She pointed out that Anita Omoile, a close associate of Emefiele, had undue influence in accessing these funds from the CBN.
As a result, the judge ruled that the funds and properties were acquired through illegal activities and should be permanently forfeited to the Federal Government of Nigeria.
This order follows an earlier ruling by Justice Bogoro for the interim forfeiture of the assets and a national publication of the order. Since the respondents failed to prove the legitimacy of the assets, the permanent forfeiture was granted.
