Justice Deinde Dipeolu of the Federal High Court in Lagos has scheduled November 1, 2024, to deliver a ruling on the jurisdictional challenge brought by former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, against forfeiture proceedings involving $2.045 million, seven properties, and shares allegedly linked to him.
The ruling will also address the Economic and Financial Crimes Commission’s (EFCC) request for the final forfeiture of the assets in question.
The EFCC had previously secured an interim order from the court on August 25, 2024, allowing temporary custody of the cash and properties, pending final determination. The court’s order was published for any interested party to present reasons why the assets should not be forfeited permanently to the federal government.
At the recent hearing, Rotimi Oyedepo, SAN, representing the EFCC, argued for the final forfeiture, claiming the interested party (Emefiele) failed to connect his legitimate earnings with the acquisition of the properties. He emphasized that Emefiele’s declared lawful earnings prior to his appointment as CBN Governor were insufficient to justify the assets’ purchase.
In response, Olalekan Ojo, SAN, representing Emefiele, urged the court to reject the EFCC’s application, arguing that Emefiele had demonstrated sufficient grounds against the final forfeiture. He further challenged the court’s jurisdiction, requesting a stay of proceedings until the resolution of related charges against Emefiele in Abuja and Lagos courts.
Oyedepo countered, arguing that ongoing criminal charges should not hinder the court’s ability to order the final forfeiture of assets suspected to be derived from unlawful activities.
The assets in question include two duplexes in Lekki Phase 1, an undeveloped land and a bungalow on Oyinkan Abayomi Drive, Ikoyi, and a four-bedroom duplex on Probyn Road, Ikoyi. The outcome of the November 1 ruling could have significant implications for both Emefiele and the EFCC’s pursuit of the alleged proceeds of unlawful activities.
