The Federal High Court in Lagos on Friday issued a landmark judgment, ordering the final forfeiture of $2.045 million, seven high-value properties, and share certificates tied to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Justice Deinde Dipeolu granted the permanent forfeiture after ruling that Emefiele and other interested parties had failed to contest the initial interim forfeiture order.
The properties, located in exclusive areas of Lagos and Delta State, include two luxury duplexes in Lekki Phase 1, prime real estate on Ikoyi's Oyinkan Abayomi Drive and Probyn Road, a sprawling industrial complex in Agbor, and an upscale apartment complex in Ikoyi. The court also ordered the forfeiture of shares held under Queensdorf Global Fund Limited Trust.
The Economic and Financial Crimes Commission (EFCC) argued that the assets were "reasonably suspected" to have been acquired through unlawful activities. Justice Dipeolu concurred, noting that Emefiele failed to provide documentation linking his earnings from Zenith Bank and the CBN to these acquisitions.
The court also highlighted that Emefiele's denial of ownership and the failure of the listed companies to claim the assets hinted at potential irregularities in the acquisitions.
“The conclusion that can be deduced is that there must be something dark about the acquisition of the properties,” Justice Dipeolu stated, ordering that the assets be forfeited to the Federal Government.
Emefiele’s counsel, Olalekan Ojo (SAN), had attempted to delay proceedings, requesting a stay on the final forfeiture order. However, the court rejected the plea, underscoring the EFCC's commitment to curbing financial malfeasance among public officials. This ruling marks a significant development in the government's efforts to recover alleged proceeds of corruption.