Justice Deinde Dipeolu of the Federal High Court in Lagos has set November 1, 2024, to rule on the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of $2.045 million and a series of high-value assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The court will also decide on Emefiele’s challenge to its jurisdiction over the forfeiture proceedings.
The case stems from an earlier ruling on August 25, 2024, when the court granted the EFCC interim custody of the $2.045 million, seven choice properties, and shares connected to Emefiele. Justice Dipeolu had then ordered the EFCC to publish a notice, allowing any interested party to show cause why the assets should not be permanently forfeited to the Federal Government.
At the hearing on Friday, EFCC counsel Rotimi Oyedepo SAN, supported by Bilkisu Buhari-Bala and C.C. Okezie, moved for the final forfeiture of the funds and assets. Oyedepo emphasized that the interested party, Emefiele, had failed to establish a lawful source of income from his tenure at both a new-generation bank and the Central Bank of Nigeria to justify the acquisition of the properties.
According to Oyedepo, the sum declared by Emefiele as his earnings and savings before becoming the CBN Governor did not match the scale of the properties in question, suggesting they were acquired through unlawful means. He adopted his written submission from August 29, 2024, and pressed for the final forfeiture of the assets to the Federal Government.
However, Emefiele’s legal counsel, Mr. Olalekan Ojo SAN, led by Labi Lawal, contested the forfeiture. Ojo argued that his client had shown, on a balance of probabilities, that the court should not grant the final forfeiture order. He adopted his written arguments and urged the court to dismiss the EFCC’s application.
Ojo also filed an application challenging the court’s jurisdiction to continue with the forfeiture proceedings, urging the court to stay the process pending the final determination of the charges filed by the EFCC against Emefiele in both the Federal High Court, Abuja, and the Lagos State High Court. He argued that any decision on the forfeiture could impact ongoing trials in those courts.
Citing various legal precedents, Ojo contended that the forfeiture case should be paused until the criminal proceedings against Emefiele were concluded, as a final forfeiture could prejudice those trials. However, Oyedepo countered this argument, maintaining that pending charges should not prevent the court from proceeding with the forfeiture of assets reasonably suspected to be the proceeds of unlawful activities.
This high-profile case gained momentum on August 15, 2024, when Justice Akintayo Aluko issued an interim forfeiture order for the $2.045 million and several landed properties linked to Emefiele. The court had acted on an ex-parte application by the EFCC, which detailed the assets and funds believed to be connected to corrupt practices during Emefiele’s tenure as CBN Governor.
The properties subject to the forfeiture include two fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; undeveloped land measuring 1919.592 sqm at Oyinkan Abayomi Drive, Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi. Also included is an industrial complex under construction on 22 plots of land in Agbor, Delta State, and eight apartment units on a plot at No. 8a Adekunle Lawal Road, Ikoyi, Lagos.
In addition, the court ordered the interim forfeiture of two share certificates belonging to Emefiele through Queensdorf Global Fund Limited Trust.
Justice Aluko, in his ruling, instructed the EFCC to publish the forfeiture notice in a national newspaper within 14 days to allow any interested party to come forward and provide reasons why the funds and properties should not be permanently forfeited. However, with the lack of strong opposition to the forfeiture, the court is now poised to decide on making the forfeiture final.
