The Federal High Court in Lagos has ruled for the final forfeiture of $2.045 million, seven premium properties, and share certificates belonging to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. This decision, made by Justice Deinde Dipeolu, came after it was determined that Emefiele or any other claimant did not contest the earlier interim forfeiture order.
The forfeited assets include share certificates from Queensdorf Global Fund Limited Trust and several high-value properties, which the Economic and Financial Crimes Commission (EFCC) argued were not connected to any legitimate earnings during Emefiele’s tenure at Zenith Bank or the CBN. The judge noted that Emefiele failed to provide documentation proving the lawful source of the funds used to acquire the properties.
Emefiele, who has denied any links to the companies implicated in the property acquisitions, did not appear in court. The implicated companies—Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited—also did not challenge the forfeiture.
Justice Dipeolu stated that the lack of defense from Emefiele and the companies suggested something dubious about the acquisition of the properties, leading to the conclusion that they were likely purchased with proceeds from unlawful activities. Consequently, he ordered the final forfeiture of the assets to the Federal Government of Nigeria.
The properties forfeited include several high-end residential and commercial real estate locations in Ikoyi, Lekki, and Delta State. The initial custody of the funds and properties was authorized on August 15, 2024, after an Exparte application by the EFCC, which asserted that the assets were suspected to be the proceeds of illegal activities. Despite efforts by Emefiele’s legal counsel to stay the proceedings, the court ruled in favor of the EFCC.
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