The Federal High Court in Lagos has ordered the interim forfeiture of $2.04m and seven properties connected to former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele. This decision was made by Justice Akintayo Aluko following an application by the Economic and Financial Crimes Commission, which is investigating alleged fraudulent activities linked to Emefiele.
The properties in question include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex under construction in Agbor, Delta State. Justice Aluko stated that the interim forfeiture was necessary to prevent the dissipation of the assets suspected to be proceeds of unlawful activities.
“The properties listed in this application are reasonably suspected to have been acquired through proceeds of unlawful activities,” he said.
Aside from the properties, the court also ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele. The EFCC counsel, Rotimi Oyedepo, (SAN), argued that the assets were obtained through fraudulent activities and should be preserved to prevent further dissipation.
The EFCC’s investigation disclosed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies in need of foreign currency for legitimate business purposes. The investigator with the EFCC, Idi Musa, claimed that the properties were acquired through shell companies linked to Emefiele for the purpose of money laundering.
The court, after granting an interim forfeiture order, directed the EFCC to publish the same in a national newspaper and provided a 14-day window for anyone with an interest in the funds and assets to show cause why they should not be permanently forfeited to the Federal Government. The case is scheduled for further hearing on September 5, 2024.
This Thursday’s forfeiture is the latest in a series of forfeiture orders obtained against Emefiele by the anti-graft agency, who is facing multiple corruption charges. Earlier orders have included forfeitures of $1.4m, $4.7m, N830m, and properties worth N12.18bn linked to Emefiele.