Court Orders Final Forfeiture of Millions in Cash, Properties Linked to Emefiele

• A Federal High Court in Lagos ordered the final forfeiture of $4.7 million and N830 million linked to ex-CBN Governor Emefiele

• The court ruled that the forfeited assets were proceeds of unlawful activities, including properties in Lagos and Texas

A Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and several properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Delivering judgment on Friday, Justice Yellim Bogoro granted the final forfeiture application filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala. This ruling follows an earlier dismissal of an application seeking Emefiele’s arrest.

The forfeited funds, now under federal government control, were previously held in accounts at First Bank, Titan Bank, and Zenith Bank, managed by various individuals and entities, including 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.

Properties affected by the ruling include:

• 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
• AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos.
• Imore Industrial Park 1 on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos.
• Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos.
• Two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos.
• A plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa LGA.
• An estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services.
• Land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos.
• A property at 8 Bayo Kuku Road, Ikoyi, Lagos.

Justice Bogoro ruled that these funds and properties were proceeds of unlawful activities and must be forfeited to the Federal Government of Nigeria.

“I find that the activities of the respondents here were unlawful. Why should they face a dollar shortage immediately after Godwin Emefiele left the CBN, and salaries could not be paid?” the judge questioned.

“I hold that these are not legitimate business activities. I also find that Anita Omoile is a close associate of the former CBN governor and was unlawfully given undue influence to siphon dollars from the CBN.”

“Consequently, I declare that all the monies and properties listed are finally forfeited to the Federal Government of Nigeria,” Justice Bogoro ruled.

The EFCC, through its counsel Rotimi Oyedepo SAN, cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution to support its case. The commission had earlier obtained an interim forfeiture order, which was published in a national newspaper as mandated by the court.

After the defendants failed to prove the funds’ legitimate origins, the court confirmed the final forfeiture order, ensuring that all the seized assets remain under government control.