The Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, seven premium properties, and share certificates tied to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu issued the ruling on Friday, stating that neither Emefiele nor any claimant contested the interim forfeiture order.
The forfeited assets include two share certificates of Queensdorf Global Fund Limited Trust and seven high-value properties.
The Economic and Financial Crimes Commission (EFCC) argued that these assets were not linked to any verifiable lawful earnings from Emefiele’s tenure at Zenith Bank or the CBN.
Justice Dipeolu highlighted that Emefiele failed to provide documentation or any lawful source of funds to substantiate his ownership of the properties.
The implicated properties include:
- Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- An undeveloped land at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
- A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos.
- A four-bedroom duplex at 12a Probyn Road, Ikoyi, Lagos.
- An industrial complex on 22 plots of land in Agbor, Delta State.
- Eight units of undetached apartments at No. 8a Adekunle Lawal Road, Ikoyi.
- A full duplex with appurtenances at 2a Bank Road, Ikoyi, Lagos.
The court noted that the companies connected to the properties—Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited—did not challenge the forfeiture.
Justice Dipeolu remarked, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies do not want to come to light.”
Emefiele’s counsel, Olalekan Ojo (SAN), urged the court to stay proceedings and resist granting the final forfeiture, but Justice Dipeolu ruled otherwise, ordering the assets’ final forfeiture to the Federal Government of Nigeria.
This ruling follows an earlier August 15, 2024 court authorization for the EFCC to take temporary custody of the cash, properties, and shares tied to Emefiele.
