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Court orders final forfeiture of Emefiele’s $2.04m, properties,shares

THE Federal High Court sitting in Lagos on Friday, November 1, ordered the final forfeiture of the sum of $2.045m, seven landed properties, and share certificates linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The judge, Deinde Dipeolu ordered the permanent forfeiture of the monies and the two share certificates of Queensdorf Global Fund Limited Trust, after holding that the former CBN governor or any other interested party did not contest the same after the initial interim forfeiture.

The court also ordered the forfeiture of the seven landed properties on the ground that the former CBN Governor, Emefiele, was not able to connect his lawful earnings from Zenith Bank and the Central Bank of Nigeria (CBN) to the acquisition of the properties.

The court held that the former CBN Governor failed to provide documents or links to show that he owned the properties.

Emefiele had denied any connection between him and the companies in whose names the properties were purchased and the companies had also failed to appear before the court to claim the properties.

The EFCC had listed the companies as; Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited.

Justice Dipeolu held, “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.”

The judge further held “that the interested party has failed to demonstrate any lawful interest in the properties and that they were acquired from his legitimate earnings”.

“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties…which are reasonably suspected to have been acquired with proceeds of unlawful activities.”

The properties are two fully detached duplexes of identical structures, lying being and situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592 sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, (Formerly Queens Drive), Ikoyi, Lagos, and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

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Others are an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a full duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.




     

     

    On August 15, 2024, the court authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choices landed properties, and shares linked to Emefiele after hearing an Exparte application filed by lead counsel to the Commission, Rotimi Oyedepo (SAN).

    The court’s ruling followed the EFCC’s assertion that the money and other items sought to be forfeited were reasonably suspected to be proceeds of unlawful activities.

    However, counsel to Emefiele, Senior Advocate of Nigeria, Olalekan Ojo had urged the court to stay proceedings and not grant the final forfeiture of the properties.

    The ICIR earlier reported in May that the Federal High Court sitting in Lagos has ordered an interim forfeiture of the sums of $4,719,054, N830,875,611, and several properties linked to the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

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