Court Orders Permanent Forfeiture of N12.18bn Properties Linked to Ex-CBN Boss Emefiele

The Federal High Court sitting in Lagos on Friday ordered the final forfeiture to the Federal Government properties valued at over N11.14bn and another N1.04 billion linked to the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Justice Chukwujekwu Aneke made the order of permanent forfeiture after hearing an application filed and argued by the Economic and Financial Crimes Commission (EFCC), through its counsel Chineye Okezie.

On June 5, 2024, The judge had upheld the anti-graft agency’s motion filed and argued by its counsel, Senior Advocate of Nigeria, Mr. Rotimi Oyedepo for a temporary forfeiture of the properties.

Oyedepo informed the court that Emefiele was suspected of having bought the choice properties by proxy, with the proceeds of fraud.

The EFCC named two current and one former CBN staff as Emefiele’s accomplices in the alleged fraud.

The trio, according to the affidavit filed in support of the application, are Obayemi Oluwaseun Teben and Akomolafe Adebayo working with Olubunmi Makinde a former CBN staff and others.

The properties which are mostly located in highbrow parts of the Federal Capital Territory (FCT), Abuja were listed by the EFCC in two schedules, A and B.

The judge however ruled, saying: “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.

“They include shops and apartments at Cadastral Zone Maitama and Wuse.

“That a final forfeiture order of this Honourable Court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which properties were traced to have been acquired with proceeds of unlawful activities.”