A Federal High Court in Lagos has granted an order for the interim forfeiture of property valued at N11.14 billion allegedly linked to former Central Bank of Nigeria (CBN) governor, Mr. Godwin Emefiele, to the Federal Government.
Justice Chukwujekwu Aneke made the ruling on Wednesday following an ex-parte application filed by counsel to the Economic and Financial Crimes Commission (EFCC), Mr. Rotimi Oyedepo, SAN.
The court order mandates that the high-value property, primarily located in upscale areas of the Federal Capital Territory, Abuja, be temporarily forfeited to the Nigerian government.
According to the EFCC, Emefiele is suspected of purchasing the property by proxy using proceeds from fraud.
Background
The Economic and Financial Crimes Commission (EFCC) alleges that Emefiele abused his position as governor of the Central Bank of Nigeria from June 2014 to May 2023 to illegally enrich himself.
According to the anti-graft agency, Emefiele conspired with three senior CBN officials – Makinde Olubunmi, Obayemi Teben and Adebayo Akomolafe – to divert billions of naira through a scheme involving the allocation of foreign exchange.
The EFCC claims the former CBN governor used his influence to secure special forex allocations for certain companies, who would then kick back a percentage of the funds to him and his co-conspirators.
The illegal proceeds were allegedly laundered through the purchase of multi-billion naira properties in Abuja and other high-brow areas, using fronts to conceal Emefiele’s ownership.
The properties in question, valued at over N11 billion, are said to have been acquired between 2015 and 2022 during Emefiele’s 9-year tenure as CBN governor.
Court’s Decision
Justice Chukwujekwu Aneke of the Federal High Court in Lagos granted an order for the interim forfeiture of the N11.14 billion worth of property allegedly linked to the former CBN governor.
The court ruled that the assets, primarily comprising luxury real estate in highbrow areas of Abuja, should be temporarily forfeited to the Federal Government pending the conclusion of the case.
Justice Aneke made the interim forfeiture order based on an ex-parte application filed by the EFCC’s counsel, Mr. Rotimi Oyedepo SAN.
The application alleged that the properties were purchased using proceeds of fraud and other corrupt practices by Emefiele.
The judge directed the EFCC to publish the interim forfeiture order in a national daily newspaper to notify any interested parties who may want to contest the final forfeiture of the assets to the government.
The case has been adjourned until June 21, 2024 for a hearing on the EFCC’s motion for the final and permanent forfeiture of the properties to the Federal Government of Nigeria.
