Court Orders Final Forfeiture of $4.7M, ₦830M, and Properties Linked to Emefiele
The Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, ₦830 million, and multiple properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Delivering judgment on Friday, Justice Yellim Bogoro granted the forfeiture request filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala. This decision follows the court’s earlier dismissal of an application seeking to halt the forfeiture.
The forfeited funds were held in accounts with 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 Forfeiture
The ruling also affects several high-value properties, including:
•94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
•AM Plaza, an 11-floor office complex 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, Eti-Osa LGA, Lagos.
•An estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, USA, owned by Lipam Investment Services.
•A property at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos.
•A property at 8 Bayo Kuku Road, Ikoyi, Lagos.
Court’s Justification for the Forfeiture
Justice Bogoro ruled that the funds and properties were proceeds of unlawful activities and, therefore, must be forfeited to the Federal Government.
“I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately after Godwin Emefiele left CBN as governor and salary payments could not be made?” the judge questioned.
The court also identified Omoile Anita Joy as a close associate of Emefiele, alleging that she had been granted undue influence to unlawfully divert funds from the CBN.
“Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria,” Justice Bogoro ruled.
EFCC’s Legal Basis for the Forfeiture
The EFCC, through its counsel Rotimi Oyedepo (SAN), based its application on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. The commission argued that the funds and properties were proceeds of fraudulent activities.
After the court initially granted an interim forfeiture, it mandated the publication of the order in a national newspaper. With no credible challenge or proof of legitimate ownership from the defendants, the court made the forfeiture permanent.
This ruling marks another significant step in the EFCC’s ongoing anti-corruption and asset recovery efforts under the leadership of its Executive Chairman, Mr. Ola Olukoyede.
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