The Federal High Court in Lagos, presided over by Justice Deinde Dipeolu, has ruled for the final forfeiture of $2.045 million, seven premium properties, and share certificates associated with former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. This decision comes after no opposition was filed to contest an interim forfeiture order previously issued on these assets.
The court’s final forfeiture includes two share certificates of Queensdorf Global Fund Limited Trust and seven high-value properties, which the Economic and Financial Crimes Commission (EFCC) claimed were unsubstantiated by lawful income from Emefiele’s tenure at Zenith Bank or the CBN. Justice Dipeolu noted that Emefiele had not provided evidence to confirm a legitimate source of funds for acquiring these properties, stating, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies does not want to come to light.”
Emefiele, who has denied any connection to the implicated companies involved in these acquisitions, was not present in court to contest his ownership claims. Additionally, the 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 failed to challenge the forfeiture.
The forfeited properties include:
- Two detached duplexes on Hakeem Odumosu Street, Lekki Phase 1, Lagos;
- An undeveloped parcel measuring 1919.592sqm on Oyinkan Abayomi Drive, Ikoyi, Lagos;
- A bungalow and a four-bedroom duplex on Oyinkan Abayomi Drive and Probyn Road in Ikoyi, Lagos, respectively;
- An industrial complex under construction on 22 plots of land in Agbor, Delta State;
- An eight-unit apartment complex on Adekunle Lawal Road, Ikoyi;
- A duplex and adjoining plot at 2a Bank Road, Ikoyi.
The EFCC initially obtained temporary custody of the cash and assets on August 15, 2024, following an Ex-parte application filed by the Commission’s lead counsel, Rotimi Oyedepo (SAN). Despite an appeal from Emefiele’s counsel, Olalekan Ojo (SAN), urging the court to stay proceedings, the judge ruled that no legitimate claim had been substantiated and ordered the final forfeiture to the Federal Government, concluding these assets were “reasonably suspected to have been acquired with proceeds of unlawful activities.”
