Court orders final forfeiture of over N12.18bn properties linked to Emefiele

The Federal High Court sitting in Lagos has ordered the final forfeiture to the Federal Government of properties valued at over N12.18 billion linked to former Central Bank of Nigeria, CBN governor, Godwin Emefiele.

Justice Chukwujekwu Aneke on Friday issued 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.

Recall that on June 5, 2024, the judge upheld EFCC’s motion filed and argued by its counsel, Rotimi Oyedepo, SAN, for a temporary forfeiture of the properties.

Oyedepo had told the court that Emefiele is suspected to have bought the choice properties by proxy, with proceeds of fraud during his stint as CBN governor.

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

In an affidavit filed in support of the application by the EFCC, the alleged accomplices were identified as Obayemi Oluwaseun Teben and Akomolafe Adebayo, working with Olubunmi Makinde, a former CBN staff and others.

Ruling on the matter, the judge said, “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honorable 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.”

The properties forfeited are mostly located in highbrow parts of the Federal Capital Territory, FCT, Abuja.

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