“Emefiele’s Ill-Gotten Fortune: Court Seizes $4.7M, N830M, and Multiple Prime Properties”
Justice Yelim Bogoro of the Federal High Court, Lagos, has ordered the final forfeiture of assets and funds linked to Mr. Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN). The assets, including $4.7 million, N830 million, and multiple properties, were deemed proceeds of unlawful activities and will now be forfeited to the Federal Government of Nigeria.
Delivering judgment on Friday, Justice Bogoro dismissed an application filed on the day of the judgment, which was seen as an attempt to delay the ruling. The judge granted the final forfeiture application submitted by the Economic and Financial Crimes Commission (EFCC), represented by its counsel, Mrs. Bilkisu Buhari-Bala.
The funds, which were held in various accounts at First Bank, Titan Bank, and Zenith Bank, were linked to individuals and entities, including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Limited, and others.
Details of the Forfeited Properties
The court also ordered the forfeiture of several high-value properties, including:
- 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
- AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos.
- Imore Industrial Park 1 in Amuwo Odofin Local Council, Lagos.
- Mitrewood and Tatler Warehouse (Furniture Plant) near Elemoro, Okolomi Village, Ibeju-Lekki Local Council, Lagos.
- Two properties in Lakes Estate, Lekki, purchased from Chevron Nigeria.
Additional properties include:
- A plot at Lekki Foreshore Estate, Eti-Osa, Lagos.
- An estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas.
- Land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos.
- A property at 8 Bayo Kuku Road, Ikoyi, Lagos.
Court’s Ruling
Justice Bogoro ruled that the activities related to these funds and properties were unlawful, stating that they were not the result of legitimate business activities. The judge identified Anita Omoile as a close associate of Emefiele, with undue influence to unlawfully channel dollars from the CBN.
“I hold that these are not legitimate business activities,” the judge said. “All the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”
The EFCC, through its counsel Mr. Rotimi Oyedepo (SAN), had invoked Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution in its application for interim forfeiture. The court had initially ordered an interim forfeiture, which was made permanent after no one came forward to legitimately claim the funds and properties.
The final ruling marks a significant step in the ongoing fight against financial crimes and corruption in Nigeria, with the EFCC continuing to focus on assets suspected to be derived from unlawful activities.
