The Federal High Court in Lagos, presided over by Justice Dehinde Dipeol, ordered the final forfeiture of $2.045 million, several real estate properties, and shares linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The forfeiture comes as part of ongoing efforts by the Economic and Financial Crimes Commission (EFCC) to recover assets suspected to have been acquired through illegal activities.
The EFCC, represented by Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, successfully argued for the forfeiture based on evidence suggesting that the assets in question were likely acquired through unlawful means.
According to a statement from EFCC spokesperson Dele Oyewale, the forfeited properties include seven real estate assets in prime areas of Lagos and Delta states.
The listed properties are a mix of luxurious duplexes, bungalows, and undeveloped plots. They include two duplexes on Hakeem Odumosu Street in Lekki Phase 1, Lagos, an undeveloped plot on Oyinkan Abayomi Drive in Ikoyi, and a bungalow located at 65A Oyinkan Abayomi Drive. Other properties are a four-bedroom duplex at Probyn Road, Ikoyi; an industrial complex under construction in Agbor, Delta State; a cluster of eight apartments at Adekunle Lawal Road, Ikoyi; and a full duplex with amenities at Bank Road, Ikoyi.
The EFCC began pursuing the interim forfeiture of these properties earlier in the year. In August 2024, vacation judge Justice Akintayo Aluko approved the EFCC’s initial request for interim forfeiture.
The court’s order required the EFCC to publicize this interim forfeiture, allowing any interested party to come forward with legitimate claims to the properties within 14 days. This publication appeared in major Nigerian newspapers and on the EFCC’s website.
However, Emefiele did not challenge the forfeiture order or demonstrate legal ownership of the properties within the given timeframe.
On October 11, 2024, EFCC attorneys took further steps, filing an application for final forfeiture based on Emefiele’s lack of response.
During Friday’s proceedings, Oyedepo confirmed that all publication requirements had been met, and no claims had been submitted.
Justice Dipeolu, after reviewing the evidence and hearing the EFCC’s arguments, issued a final forfeiture ruling, citing the lack of proof linking Emefiele’s earnings from either the CBN or his previous role at Zenith Bank to the properties.
In his ruling, Justice Dipeolu observed that Emefiele failed to provide any legal documentation or earnings records to justify his ownership of the assets.
Justice Dipeolu stated, “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.
“That the interested party has failed to demonstrate any lawful interest in the properties and that they were acquired from his 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.”
