Justice Akintayo Aluko of the Federal High Court, Ikoyi, Lagos, has ordered the interim forfeiture of a cash sum amounting to $2.045 million, alongside seven prime landed properties and share certificates. These assets are linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The decision follows a legal suit initiated by the Economic and Financial Crimes Commission (EFCC), represented by Senior Advocate of Nigeria (SAN) Rotimi Oyedepo.
Emefiele served as the governor of the CBN from June 2014 until his suspension in June 2023. During his tenure, he was known for policies aimed at stabilizing the Nigerian naira and managing the country’s foreign reserves. However, his term was also marred by allegations of corruption and financial impropriety, which led to investigations by the EFCC and other anti-corruption bodies.
The court’s ruling, filed under suit number FHC/L/MISC/500/2, calls for the forfeiture of assets allegedly acquired through unlawful means. Among the properties affected are:
- Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- Undeveloped land, covering 1,919.592 square meters at Oyinkan Abayomi Drive, Ikoyi, Lagos.
- A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos.
- A four-bedroom duplex at 12a Probyn Road, Ikoyi, Lagos.
- An industrial complex under construction on a 22-plot of land in Agbor, Delta State.
- Eight units of undetached apartments on a plot measuring 2,457.60 square meters at No. 8a Adekunle Lawal Road, Ikoyi, Lagos.
- A full duplex with all its appurtenances on a plot measuring 2,217.87 square meters at 2a Bank Road, Ikoyi, Lagos.
Additionally, the court ordered the forfeiture of two share certificates associated with Queensdorf Global Fund Limited Trust.
In his argument, Mr. Oyedepo pointed out that the assets in question were reasonably suspected to be proceeds of unlawful activities. He based his legal grounds on Section 17 of the Advanced Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, Section 44 (2)(B) of the 1999 Constitution, and the court’s inherent jurisdiction. The motion was further supported by an affidavit from EFCC investigator Idi Musa.
The affidavit filed by the EFCC sheds light on the alleged misconduct. It claims that there was a systematic defrauding of the Central Bank, involving senior officers who allegedly diverted large sums of money for personal use. The affidavit also highlights that many of these properties were acquired through these fraudulent means. According to the EFCC, the former CBN governor and his associates received kickbacks in exchange for foreign exchange allocations to companies needing foreign currency for their operations.
Justice Aluko, after reviewing the submission by Mr. Oyedepo and considering the legal framework, granted the interim forfeiture. The court has instructed the EFCC to publish the interim forfeiture order in a national newspaper. This step aims to inform any interested parties to appear in court within 14 days to explain why the final forfeiture order should not be executed in favor of the Federal Government of Nigeria.
The case has been adjourned to September 5, 2024, for further proceedings.
