Court orders final forfeiture of seven land assets and $2 million in cash linked to Emefiele

The Federal High Court in Lagos on Friday ordered the final forfeiture of $2.045 million and seven land assets mostly located in prime areas of Lagos linked to former Governor of Lagos, Godwin Emefiele. Central Bank of Nigeria (CBN).

In the statement made by the EFCC, it was stated that judge Dehinde Dipeolu similarly ordered the final forfeiture of two shares of Queensdorf Global Fund Limited Trust, which is linked to the former central bank governor.

The court issued the permanent confiscation order following an application made and argued by the case’s legal team. Economic and Financial Crimes Commission (EFCC) is headed by Senior Advocate of Nigeria (SAN), Rotimi Oyedepo.

Mr. Emefiele, Nigeria’s central bank governor for nine years, faces three separate corruption cases in Lagos and Abuja. The hearings are being conducted independently of the confiscation cases that did not involve a conviction, which resulted in Friday’s final confiscation decision.

Among the land assets affected by the permanent forfeiture order are undeveloped land No. In 17b there are two completely detached duplexes consisting of the same structures. Drive (formerly Queens Drive), Ikoyi, Lagos. and No. A bungalow at 65A, Oyinkan Abayomi Drive, (formerly Queens Drive), Ikoyi, Lagos.

Also affected by the permanent forfeiture order are a four-bedroom duplex at 12 A, Probyn Road, Ikoyi, Lagos, which has been permanently forfeited, and an industrial complex under construction on 22 plots of land in Agbor, Delta State.

The rest of the lost assets were located at Adekunle Lawal Road, Ikoyi No. It has 8 detached flats on a 2457.60 m2 land in 8A and a full duplex with all its annexes on a 2217.87 m2 land in 2a Bank. Road, Ikoyi, Lagos.

Earlier in August, Akintayo Aluko, acting as a vacation judge, had ordered the temporary confiscation of properties.

The provisional seizure order, issued on August 15, followed an ex parte application by the EFCC through its lawyer, CC Okezie.

Arguing for the ex parte motion during the hearing on August 13, Mr Okezie told the court that it was suspected that the properties, cash and shares were acquired by Mr Emefiele with proceeds of illegal activities.

Justice Aluko granted the application as prayed.

The judge also ordered the commission to publish the interim decision within 14 days in any of The Punch, The Nation or The Guardian newspapers and on the EFCC website.

The essence of the publications was to enable interested parties who may have legitimate claims to any of the assets to show why the final order of forfeiture in favor of the Federal Government of Nigeria should not be granted.

Mr. Emefiele did not object to the confiscation order within the time limit stipulated by the court.

The EFCC then applied for final confiscation of the assets on October 11.

Leading counsel for the EFCC, Mr. Oyedepo, on Friday, submitted the application for final confiscation of the properties, telling the court that the commission had complied with the court order regarding the publication.

After hearing the views of the EFCC lawyer, the judge ordered the final confiscation of the assets.

The judge ruled that Mr Emefiele could not explain how he could have acquired the assets through legitimate earnings from Zenith Bank and later CBN.

The court also ruled that the former CBN governor failed to produce documents showing that the properties belonged to him.

Judge Dipeolu said “the inference that can be drawn is that there must be something shady about the acquisition of properties that Emefiele and the companies do not want to see come to light.”

The judge also noted that “the relevant party has not demonstrated any legitimate interest in the properties and that these properties were acquired from its own legitimate gain.” “I therefore order the Federal Government of Nigeria to undertake the final forfeiture of all property reasonably suspected to have been acquired with the proceeds of illegal activities.”

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Mr Emefiele, who was dismissed in June 2023, faces prosecution before separate judges.

He and co-accused Henry Omoile are on trial before Rahman Oshodi of the Lagos State Special Offenses Court in Ikeja on 23 counts of abuse of office, accepting gratifications, accepting corrupt demands, receiving property obtained by fraud and obtaining corrupt advantage.

The former CBN governor is also accused in another case related to the illegal printing of naira notes before Maryanne Anenih of the Federal Capital Territory (FCT) High Court in Abuja.

In the case, the EFCC accused him of printing N18.96 billion in N684 million notes without the approval of then President Muhammadu Buhari.

The EFCC alleged that between October 2022 and March 2023, Mr. Emefiele illegally approved the issuance of notes, particularly N1,000, N500 and N200, without obtaining the approvals required by law.
The EFCC said the process cost the country billions of dollars and violated Section 19 of the CBN Act 2007, which requires the approval of the Board and the president for currency changes.

EFCC is also filing a case against the former CBN governor before Hamza Mu’azu of FCT G.

In the case, Mr. Emefiele is accused of 20 counts, including obtaining a corrupt advantage, conspiracy, breach of trust, forgery and obtaining approximately $6.23 million belonging to the Nigerian government under false pretenses.

On some counts, the prosecution alleged that the former CBN governor forged a document titled: Re: Presidential Directive on Foreign Election Observer Missions dated January 26, 2023, Ref No. SGF.43/L.01/201. It will be from the office of the Secretariat to the Government of the Federation (SGF).

The EFCC accused him of using his position as CBN governor to provide unfair and corrupt advantages to two companies (April 1616 Nigeria Ltd and Architekon Nigeria Ltd).

Most of the charges stemmed from the indictment of Mr. Emefiele by Jim Obaze, a private investigator appointed by President Bola Tinubu to investigate the activities of the CBN under his supervision.

However, the former CBN governor denied all the accusations. The EFCC is still calling witnesses in three cases, Mr. Emefiele will next take his turn to call defense witnesses.