The Federal High Court in Lagos has ordered the permanent forfeiture of $2.045 million, seven prime properties, and stock certificates linked to former Central Bank Governor Godwin Emefiele.
Justice Deinde Dipeolu issued this ruling, noting that neither Emefiele nor any interested parties had contested the earlier interim forfeiture order.
The seized assets include two share certificates from Queensdorf Global Fund Limited Trust and seven prime properties, which the EFCC claimed were not derived from legitimate income sources during Emefiele’s tenure at either Zenith Bank or the CBN.
Justice Dipeolu observed that Emefiele failed to provide any evidence of legitimate earnings to justify his acquisition of these properties.
Despite denying any connections to the implicated companies, Emefiele did not appear in court to dispute their ownership. The companies involved—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 contest the forfeiture.
Justice Dipeolu remarked, “The lack of any legitimate claim over these assets raises serious questions about the nature of the acquisitions that Emefiele and these companies are attempting to hide.”
The judge further ordered the final forfeiture of the properties, citing reasonable suspicion that they were acquired through unlawful means.
The properties include:
– Two detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
– Undeveloped land at Oyinkan Abayomi Drive (Queens Drive), Ikoyi, Lagos
– A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos
– A four-bedroom duplex at 12a Probyn Road, Ikoyi
– An industrial complex under construction on 22 plots in Agbor, Delta State
– Eight apartment units at No. 8a Adekunle Lawal Road, Ikoyi
– A full duplex with appurtenances on 2a Bank Road, Ikoyi, Lagos
In August 2024, the court granted the EFCC temporary custody of the cash, seven properties, and share certificates following an ex-parte application from lead EFCC counsel Rotimi Oyedepo (SAN), who argued that the assets were proceeds of unlawful activities.
Emefiele’s attorney, Olalekan Ojo (SAN), requested the court to postpone the final forfeiture of these assets, a plea the court ultimately denied.
