Court Orders Forfeiture of Emefiele’s $2.4 Million, Multiple Lagos, Delta Assets

The Federal High Court in Lagos has ordered the interim forfeiture of $2.04 million and seven properties linked to the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

Justice Akintayo Aluko issued the order on Thursday in response to an application filed by the Economic and Financial Crimes Commission (EFCC), which is investigating allegations of fraudulent activities connected to Emefiele.

The assets in question include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex under construction in Agbor, Delta State.

Justice Aluko emphasized that the interim forfeiture was necessary to prevent the dissipation of assets suspected to be the proceeds of unlawful activities. “The properties listed in this application are reasonably suspected to have been acquired through proceeds of unlawful activities,” he said.

The properties subject to forfeiture include:

• Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos;
• A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi;
• A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi;
• A four-bedroom duplex at 12a Probyn Road, Ikoyi;
• An industrial complex on 22 plots in Agbor, Delta State;
• Eight apartments on Adekunle Lawal Road, Ikoyi;
• A full duplex at 2a Bank Road, Ikoyi.

In addition to these properties, the court also ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.

The EFCC’s counsel, Rotimi Oyedepo (SAN), who filed the application under suit number FHC/L/MISC/500/24, argued that the assets were obtained through fraudulent activities. “The money and properties in question are reasonably suspected to be proceeds of unlawful activities. We urge the court to grant this application to prevent any further dissipation of these assets,” Oyedepo stated.

Oyedepo further noted that the court has the authority to issue the interim forfeiture order under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, and Section 44 (2)(b) of the 1999 Constitution.

According to court documents, the EFCC’s investigation revealed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies needing foreign currency for legitimate business purposes.

An EFCC investigator, Idi Musa, testified that “These properties were acquired through shell companies, all linked to Emefiele, with the sole purpose of laundering money.” Musa also claimed that the EFCC recovered significant evidence during searches, including title documents and company seals.

He provided specific details, stating, “Sometime in 2018, one Olusola Bodunde acquired a parcel of land located at Hakeem Odumosu Street, Lekki Phase 1, Lagos, and partnered with one Idowu Sharafa to develop three units of five-bedroom duplexes with attached BQ on the land. Sometime in 2020, Omeke approached Bodunde and subsequently paid ₦460 million for two of the three developed duplexes, purchased in the name of Amrash Ventures Limited, all on behalf and on the instructions of Godwin Emefiele.”

Musa added that $2.04 million and share certificates were recovered from the office of Mr. Collins Ifeanyi Omeke. “Upon investigation, we discovered that Mr. Omeke purchased and perfected the title documents for several properties on behalf of Mr. Emefiele. Most of the fraudulently earned funds were invested in acquiring these properties, which are now sought to be forfeited to the Federal Government,” he said.

Following the interim forfeiture order, Justice Aluko directed the EFCC to publish the details in a national newspaper. He also gave a 14-day window for any interested parties to appear in court and show cause why the assets should not be permanently forfeited to the Federal Government. The case has been adjourned to September 5, 2024, for further hearing.

This latest forfeiture order is part of a series of actions taken against Emefiele, who faces multiple corruption charges. On May 29, the same Federal High Court in Lagos ordered the forfeiture of $1.4 million linked to the former CBN governor. Earlier, on May 23, the EFCC obtained forfeiture orders on $4.7 million, ₦830 million, and several properties tied to Emefiele. Additionally, a separate permanent forfeiture order was issued for properties worth ₦12.18 billion connected to him.