In a landmark ruling, the Federal High Court in Lagos has ordered the final forfeiture of a sprawling warehouse along the Lagos-Ibadan Expressway linked to embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
The ruling, delivered on Thursday by Justice Deinde Dipeolu, marked another significant blow in the ongoing investigations into alleged financial misconduct tied to Emefiele’s tenure at the apex bank.
The Economic and Financial Crimes Commission (EFCC), which had initiated the forfeiture proceedings, hailed the court’s decision as a major step in its fight against corruption and financial crimes in Nigeria.
Warehouse and Containers Forfeited to FG
The court ordered the permanent forfeiture of a warehouse sitting on 1.925 hectares of land at Km 8, Lagos-Ibadan Expressway, Magboro, in Ogun State.
Fifty-four general-purpose steel containers, suspected to have been purchased with proceeds of unlawful activities, were also included in the forfeiture.
The EFCC had earlier secured an interim forfeiture order on November 28, which was widely publicised in national newspapers, inviting any interested party to come forward and contest the claim.
No individual or organisation stepped forward to claim the assets.
Justice Dipeolu ruled that the Federal Government of Nigeria would take ownership of the warehouse and its contents.
EFCC: “Due Process Followed”
Rotimi Oyedepo (SAN), counsel to the EFCC, confirmed that the anti-graft agency had complied with all court directives.
The final forfeiture application was brought under Section 44(2)(B) of the Nigerian Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
After reviewing the submission, Justice Dipeolu granted the EFCC’s request, citing the strong evidence presented by the commission.
Larger Scandals Emerge
The Magboro warehouse is just one of many properties linked to the former CBN governor that have been forfeited to the Nigerian government.
In another case earlier this week, Justice Jude Onwuegbuzie of the Federal High Court in Abuja ordered the forfeiture of an estate in the Lokogoma District of the Federal Capital Territory (FCT).
The estate, described as the EFCC’s largest-ever seizure, spans 150,500 square metres and contains 753 duplexes and other apartments.
Sources revealed that the estate, reportedly worth billions of naira, was part of Emefiele’s ambitious plan to build 774 luxury duplexes.
“He planned to name each duplex after a Nigerian local government area and sell each unit for N200 million,” an insider disclosed.
The EFCC said this was its single largest asset recovery since its establishment in 2003.
Shockwaves Across Nigeria
The forfeiture of Emefiele’s properties has sent shockwaves across the nation, raising questions about the level of financial misconduct during his tenure at the CBN.
Emefiele, who served as CBN governor from 2014 to 2023, has been at the centre of multiple corruption allegations since his suspension and subsequent arrest.
Critics argue that the recovered assets paint a grim picture of unchecked power and lack of accountability within Nigeria’s financial sector.
Public Reacts to Revelations
The Nigerian public has expressed outrage over the scale of alleged corruption unveiled in the EFCC’s investigations.
“How did one man manage to accumulate so much wealth while millions of Nigerians live in poverty?” asked Yusuf Adamu, a social activist in Lagos.
Others have called for stricter measures to prevent such abuses in the future.
“It’s not enough to recover these assets. We need reforms to ensure this doesn’t happen again,” said Chioma Nwankwo, a political analyst in Abuja.
Emefiele’s Legacy in Tatters
Once seen as a respected figure in Nigeria’s financial landscape, Emefiele’s reputation has plummeted amid allegations of corruption and mismanagement.
The forfeited properties, including the warehouse and the Lokogoma estate, are stark reminders of the magnitude of the accusations he faces.
While Emefiele has yet to publicly respond to the latest forfeiture ruling, his legal troubles show no signs of abating.
A Warning to Others
The EFCC’s actions against Emefiele serve as a warning to public officials who may be tempted to abuse their positions.
“This case demonstrates that no one is above the law,” said an EFCC spokesperson.
As the agency continues its investigations, Nigerians are hopeful that the recovered assets will be put to good use for the benefit of the nation.
The forfeitures underscore the urgent need for transparency and accountability in Nigeria’s public and financial institutions.
