A Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and several properties associated with Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).
Justice Yellim Bogoro delivered the judgment, granting the Economic and Financial Crimes Commission (EFCC) application for forfeiture. The EFCC, represented by counsel Bilkisu Buhari-Bala, had previously dismissed Emefiele’s arrest application.
The forfeited funds were held in accounts at First Bank, Titan Bank, and Zenith Bank, managed by various individuals and entities linked to Emefiele. A range of properties, including multiple high-value estates in Lagos, have also been affected. These include:
- 94 units of an 11-floor building in Ikoyi
- AM Plaza, an 11-floor office space in Lekki
- Imore Industrial Park in Amuwo Odofin
- Several additional properties in Lekki and Ikoyi
Justice Bogoro stated that the funds and properties are proceeds of unlawful activities, emphasizing the illegitimacy of the business dealings linked to Emefiele. He noted, “Why should they have a problem of dollars immediately Godwin Emefiele left CBN as governor?”
The EFCC cited relevant sections of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Nigerian Constitution to support its case. Following a failure by the defendants to prove the legitimacy of the funds, the judge made the interim forfeiture permanent.
This judgment marks a significant development in the ongoing investigations into Emefiele’s financial dealings during his tenure at the CBN.
