Court orders final forfeiture of N830m, $4.7m, properties linked to Emefiele

The Federal High Court in Lagos has ordered the final forfeiture of N830 million, $4.7 million and a slew of properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

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The trial judge, Yellim Bogoro, gave the order on Friday following a motion on notice filed by the Economic and Financial Crimes Commission (EFCC).

The commission argued that the funds and properties were proceeds of unlawful activities, citing Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution.

EFCC, through its lawyer, Bilikisu Buhari, said the forfeited funds, domiciled in First Bank, Titan Bank, and Zenith Bank, were linked to Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

The properties affected by the ruling include 94 units of an 11-storey building under construction at No. 2, Otunba Elegushi 2nd Avenue (formerly Club Road), Ikoyi, Lagos; AM Plaza, an 11-storey office space on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; and Imore Industrial Park 1, Esa Street.

Others are a plot of land at No. 1 Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos; a property at No. 8 Bayo Kuku Road, Ikoyi, Lagos; and an estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services.

The court also ordered the forfeiture of a 1,038.069-square-meter plot in Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, Lagos, and two properties purchased from Chevron Nigeria at Closed PFA Fund, Block B, Lot Twin Completed Property, Lakes Estate, Lekki, Lagos.

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The ruling also covered the final forfeiture of €20,000 and £1,999.50 traced to Exactquote Bureau De Change. Further forfeited was an investment worth $900,000 traced to Anita Joy Omoile in Titan Bank, $4,414,801.76 traced to Deep Blue Energy Service Limited in First Bank, and N283,086,186.73 traced to Lipam Investment Services.

PREMIUM TIMES had earlier reported that EFCC secured an order of interim forfeiture of the assets, after which the court directed that the order be published in a national newspaper.

The EFCC then urged the court to grant a final forfeiture order, arguing that no valid claims had been made regarding the assets.

Mr Emefiele, who was removed as CBN governor by President Bola Tinubu in 2023, is facing multiple corruption charges in Lagos and Abuja stemming from his activities while in office.

However, Friday’s ruling is a non-conviction-based forfeiture, meaning it was granted without a criminal conviction.

Ruling

In his ruling, the judge held that the funds and properties were proceeds of unlawful activities and should be forfeited to the Federal Government.

He questioned why dollar shortages occurred immediately after Emefiele left office and salaries could not be paid.

“I hold that they are not legitimate business activities. I hold that Anita Omoile is a close crony of the former CBN governor, Godwin Emefiele, who was given undue influence to unlawfully sway dollars from the CBN,” Mr Bogoro ruled, as reported by Punch Newspaper.

He then ordered that all the forfeited monies and properties be transferred to the Federal Government of Nigeria.