A Federal High Court in Lagos has issued an order for the interim forfeiture of $2.04 million and seven properties linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). The order was granted by Justice Akintayo Aluko on Thursday, following an application by the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities connected to Emefiele.
The properties in question include valuable real estate in Lekki and Ikoyi, Lagos, as well as a significant industrial complex under construction in Agbor, Delta State. Justice Aluko stated that the interim forfeiture was essential to prevent the dissipation of assets suspected to be proceeds of unlawful activities. “The property listed in this application is reasonably suspected to have been acquired through proceeds of unlawful activities,” he said.
Properties Listed for Forfeiture
- Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi.
- A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi.
- A four-bedroom duplex at 12a Probyn Road, Ikoyi.
- An industrial complex on 22 plots in Agbor, Delta State.
- Eight apartments on Adekunle Lawal Road, Ikoyi.
- A full duplex at 2a Bank Road, Ikoyi.
In addition to the properties, the court ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.
EFCC’s Argument
EFCC’s counsel, Mr. Rotimi Oyedepo (SAN), who filed the application in a suit marked FHC/L/MISC/500/24, argued that the assets were acquired through fraudulent activities. “The money and properties in question are reasonably suspected to be proceeds of unlawful activities. We urge the court to grant this application to prevent any further dissipation of these assets,” Oyedepo said.
The orders were sought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, Section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria, and the court’s inherent jurisdiction.
Investigation Details
The EFCC’s investigation, as detailed in court documents, revealed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies in need of foreign currency for legitimate business purposes. An EFCC investigator, Idi Musa, stated in his affidavit that the properties were acquired through shell companies linked to Emefiele for money laundering purposes.
Musa testified that significant evidence, including title documents and company seals, was recovered during searches at the office of Ifeanyi Omeke, a senior executive at Zenith Bank, who was allegedly acting on Emefiele’s instructions. Musa highlighted an incident in 2018 when Olusola Bodunde acquired land on Hakeem Odumosu Street, Lekki Phase 1, Lagos, and partnered with Idowu Sharafa to develop three five-bedroom duplexes with attached BQ. In 2020, Omeke allegedly purchased two of these duplexes for N460,000,000 on behalf of Emefiele, using the name Amrash Ventures Limited.
Interim Forfeiture Granted
Justice Aluko, after reviewing the submissions and legal authorities, granted the interim forfeiture of the money, share certificates, and properties. He ruled that the parties have 14 days to appear before the court and provide reasons why the assets should not be permanently forfeited to the Federal Government.
The case has been adjourned to September 5, 2024, for further hearing.
