A Lagos Federal High Court ordered the final forfeiture of $2.04 million and multiple properties linked to ex-CBN Governor Godwin Emefiele, citing unproven lawful ownership. The ruling follows the EFCC's investigation, with assets deemed proceeds of crime now forfeited to the Nigerian government.
Justice Deinde Dipeolu of the Federal High Court in Lagos has ruled in favor of the final forfeiture of $2.045 million, as well as several properties and shares, connected to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Delivered on November 1, the judgment orders that seven prime properties in Ikoyi, Lagos, and two share certificates from Queensdorf Global Fund Limited be permanently forfeited, as these assets are considered proceeds of alleged illicit activities.
The court’s decision stems from Emefiele’s inability to demonstrate that the assets were acquired through legitimate earnings. Additionally, the judge noted discrepancies in property ownership documents, which were not in Emefiele’s name but rather listed under various companies, including Amrash Ventures Limited and Finebury Properties Limited. As neither Emefiele nor these companies came forward to claim lawful ownership, the judge determined that there was insufficient proof connecting the properties to legitimate income.
Earlier, the Economic and Financial Crimes Commission (EFCC) secured a temporary order to seize these assets pending investigation. Justice Dipeolu concluded that the acquisition process of the properties raised significant concerns, as Emefiele and the associated companies did not adequately address the legitimacy of these purchases. Thus, an order of permanent forfeiture has been issued, transferring the assets to the federal government as part of the EFCC's crackdown on financial misconduct.
