Court Ordered Final Confiscation of $2 Million

In a landmark ruling, a Lagos court has ordered the confiscation of multimillion-dollar properties linked to former CBN chief Godwin Emefiele, citing suspicion of illicit gains.

The Federal High Court sitting in Ikoyi, Lagos, in a final judgment on November 1, 2024, ordered the final forfeiture of $2.045 million along with seven properties and two shares of stock belonging to the former Central Bank of Nigeria (CBN) Governor. Godwin Emefiele. The judgment issued by Justice Dehinde Dipeolu marks a significant step in Nigeria’s fight against corruption and provides for the recovery of assets suspected to have been obtained through illegal means.

According to court documents, Justice Dipeolu’s order followed a comprehensive notice filed by the Economic and Financial Crimes Commission (EFCC). The case, led by Rotimi Oyedepo, SAN, sought to establish that these properties were acquired illegally. EFCC media spokesperson, Dele Oyewale, said the assets lost include two identical fully detached duplexes located at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; 1,919,592 square meters of undeveloped land at Oyinkan Abayomi Drive, Ikoyi; a bungalow at 65A Oyinkan Abayomi Drive; and a four-bedroom duplex in Probyn Road, Ikoyi. Other properties include a construction site built on 22 plots of land in Agbor, Delta State; eight apartment blocks on Adekunle Lawal Road, Ikoyi; and a full duplex with amenities at Bank Road, Ikoyi.

In his ruling, Justice Dipeolu noted that a crucial factor was the former CBN executive’s failure to attribute these purchases to legitimate profits. The case first gained attention on August 15, 2024, when Justice Akintayo Aluko, who was serving as a recess judge, issued an interim confiscation order. This preliminary ruling came in response to an ex parte application by the EFCC’s counsel, CC Okezie, who argued that the assets in question appeared to be proceeds of illegal activities.

“Translating the application dated August 13, 2024 and filed on August 14, 2024, Okezie had told the court that it was reasonably suspected that the properties, cash and shares were acquired by Emefiele with proceeds of illegal activities.” Oyewale explained in a statement. Justice Aluko then ordered the EFCC to publish the interim order in a leading newspaper within 14 days, giving the parties concerned an opportunity to challenge the confiscation order.

The court’s requirement required the plaintiff to show that he had a legitimate interest in the properties. However, no one, including Emefiele, objected to the provisional confiscation order within the stipulated time. Following this silence from Emefiele and other parties, the EFCC took action for final forfeiture. Counsel to the agency, Rotimi Oyedepo, emphasized that the EFCC had complied with all procedural requirements, including the issuance of the interim order, and that it was up to the court to determine the final forfeiture.

During the hearing on October 11, Oyedepo filed the final forfeiture request, reiterating that the EFCC had complied with all directions imposed by the court. After reviewing the case details, Justice Dipeolu accepted the EFCC’s argument and ultimately held that Emefiele’s failure to justify his ownership or source of financing of the assets made their acquisition suspect.

“The implication is that there must be something shady about the acquisition of the properties that Emefiele and the companies do not want to come to light,” Justice Dipeolu said. He further explained that the lack of documentary evidence or a transparent connection to legitimate income strengthens the conclusion that these assets were not acquired lawfully. The judge added that “the relevant party has not shown that it has any legal interest in the properties and that they are derived from legitimate profits.” “I therefore order the Federal Government of Nigeria to undertake the final confiscation of all property reasonably suspected to have been acquired with the proceeds of illegal activities.”

Legal experts say the court’s decision serves as a strong message highlighting the consequences of unexplained wealth and strengthening the government’s resolve to enforce financial accountability among public officials. By recovering these assets, the EFCC underscores its commitment to preventing corruption, especially where individuals in senior positions abuse their influence for personal gain. The extent and value of Emefiele’s lost assets have reignited debates about ethics and transparency in Nigeria’s financial sector.

The lost properties are worth multimillions and are located in some of Nigeria’s most desirable real estate destinations, particularly Lagos and Delta State. For example, the eight-unit apartment complex at Adekunle Lawal Road, Ikoyi occupies a prime plot of 2,457.60 square meters in an upscale area. The industrial estate being developed in Agbor also represents a valuable asset due to its large land area which could offer huge economic benefits if pursued for legitimate enterprises. Analysts argue that such real estate holdings underscore the level of financial power wielded by authorities and further emphasize the importance of accountability mechanisms.

While the court’s decision represents a significant victory for anti-corruption agencies, observers note that challenges remain. Strengthening financial transparency and preventing similar cases in the future will require sustained attention and systematic reforms in Nigeria’s public and financial sectors. To promote a more transparent governance environment, legal experts recommend strengthening the independence of institutions such as the EFCC, increasing funding for investigative work, and creating frameworks to facilitate international cooperation in tracking and recovering assets potentially hidden abroad.

As part of his duty, EFCC It is expected to transfer the recovered assets back to the federal government, where they can be allocated to essential public services, infrastructure and other urgent national needs.