In a significant ruling, Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered the final forfeiture of $2.045 million and several high-value properties associated with former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. The decision was made on Friday, November 1, during a court session that also highlighted serious allegations regarding the source of these assets.
Justice Dipeolu ordered the permanent seizure of the money and two share certificates tied to Queensdorf Global Fund Limited, concluding that neither Emefiele nor any party with a vested interest contested the forfeiture application. Additionally, the court directed the forfeiture of seven prime properties located in the affluent Ikoyi district, determining that Emefiele could not demonstrate any legitimate connection between his earnings from Zenith Bank and the CBN and the acquisition of these assets.
The judge noted that Emefiele had failed to provide sufficient documentation to prove ownership of the properties, as the title documents bore names different from his own. In his assessment, Justice Dipeolu expressed concern over the lack of transparency regarding the properties' acquisition. "There must be something dark about the acquisition of the properties, which Emefiele and the companies do not want to come to light," he stated.
The properties in question include two identical duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos, and an undeveloped land parcel in Ikoyi. Additional properties listed for forfeiture include a bungalow on Oyinkan Abayomi Drive and an industrial complex under construction in Delta State.
The court's decision comes on the heels of an earlier order issued on August 25, 2024, granting the Economic and Financial Crimes Commission (EFCC) temporary custody of the funds and assets linked to Emefiele. The EFCC's counsel, Rotimi Oyedepo (SAN), argued that Emefiele's declared lawful earnings prior to his appointment as CBN Governor did not account for the properties involved in the forfeiture application.
Emefiele's legal representative, Olalekan Ojo (SAN), contested the forfeiture, maintaining that the court should not grant such an order, as his client had demonstrated a reasonable claim to the properties.
This ruling marks a critical development in ongoing investigations into Emefiele’s financial dealings and underscores the court's commitment to addressing corruption and illicit financial activities in Nigeria.
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