The Federal High Court in Lagos has permanently forfeited properties valued at over N11 billion and N1.04 billion, linked to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to the Nigerian government.
Justice Chukwujekwu Aneke issued the order after a motion filed by the Economic and Financial Crimes Commission (EFCC) was argued by counsel Chineye Okezie.
The properties, mostly located in high-end areas of Abuja, were suspected to have been acquired through fraud. On June 5, 2024, Justice Aneke had upheld the EFCC’s motion for interim forfeiture of the properties.
The EFCC’s counsel, Rotimi Oyedepo (SAN), had informed the court that Emefiele allegedly purchased the properties by proxy with fraudulent proceeds.
Three CBN staff members were named as Emefiele’s accomplices in the alleged fraud: current employees Obayemi Oluwaseun Teben and Akomolafe Adebayo, along with former staff member Olubunmi Makinde.
The court ordered the EFCC to publish the interim forfeiture in a national newspaper to allow any interested parties to contest the order. However, no parties appeared in court on June 21 to challenge the interim order, leading Okezie to move for permanent forfeiture.
Justice Aneke, after considering a 41-paragraph affidavit by EFCC Investigating Officer Michael John Idoko, 19 exhibits, and a written address by Okezie, granted the motion for final forfeiture.
The properties listed in Schedules A and B were ordered forfeited to the Federal Government of Nigeria.
Schedule A included shops and apartments in Maitama and Wuse, while Schedule B comprised lands and apartments valued at N1.04 billion, allegedly acquired on behalf of Oluwaseun.
The affidavit stated that Teben and Adebayo, leveraging their positions at the CBN, facilitated special foreign exchange allocations to companies in exchange for kickbacks, with Makinde acting as the intermediary.
The affidavit alleged that the proceeds were used to acquire the properties, which were linked to Emefiele.
Justice Aneke held that the EFCC had proved its case beyond reasonable doubt, and the properties were accordingly forfeited to the Federal Government.
The judge also ordered the EFCC to investigate Emefiele and his alleged accomplices, and to report the outcome to the court.
The EFCC had earlier accused Emefiele of fraudulently enriching himself and his associates while serving as CBN governor.
Emefiele, who led the CBN from 2014 to 2024, has denied any wrongdoing.
The development comes as the EFCC intensifies its crackdown on corruption and money laundering in the country’s financial sector.
The court’s ruling is seen as a significant victory for the anti-graft agency in its efforts to recover assets allegedly looted by public officials and their associates.
In recent months, the EFCC has secured several convictions and forfeitures in high-profile corruption cases involving former government officials and businessmen.
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