Court Orders Final Confiscation of $2.045 Million on Properties Related to Emefiele

On November 2, 2024By Karl

A federal high court in Lagos has ordered the permanent forfeiture of several luxury properties worth $2.045 million and two shares of stock held by former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The presiding judge, Deinde Dipeolu, handed down the verdict on Friday, ordering the final confiscation of the assets to the Nigerian government.

The case stemmed from an interim order granted by vacation judge Akintayo Aluko on August 15 after the Economic and Financial Crimes Commission (EFCC), represented by lawyer Rotimi Oyedepo, filed a petition alleging that the assets were probably obtained from illegal activities.

The EFCC subsequently issued the order, inviting all parties involved to appeal the forfeiture. At the hearing on October 11, Oyedepo moved for final forfeiture of the assets that remained uncontested.

In his ruling, Justice Dipeolu stated that Emefiele failed to show any legal income that would justify purchasing the properties from his positions at Zenith Bank or CBN.

“The conclusion that can be drawn is that there must be something shady going on with the acquisition of properties that Emefiele and the companies do not want to see the light of day.”

The properties lost include high-end real estate assets such as two detached duplexes at Hakeem Odumosu Street, Lekki Phase 1, Lagos, an undeveloped plot at Oyinkan Abayomi Drive, Ikoyi, Lagos, a bungalow and a four-bedroom duplex at An, Ikoyi is taking. The industrial complex under construction on 22 plots in Agbor, Delta State, eight flats on Adekunle Lawal Road, Ikoyi and a duplex with land on Bank Road, Ikoyi.

The confiscation order also includes assets of several companies allegedly linked to Emefiele: Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited and SDEM Erectors Nigeria Limited.

Emefiele has denied connections to the companies and no representatives have appeared to claim ownership of the assets.

Chioma Kalu