[By Abigail Philip David]
The Federal High Court in Lagos has set November 1, 2024, to deliver a ruling on the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of $2.045 million, seven prime properties, and shares linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu will also rule on an application from Emefiele challenging the court’s jurisdiction to hear the forfeiture case.
On August 25, 2024, the court had granted the EFCC’s request for the temporary forfeiture of the assets and directed the anti-corruption agency to publish the interim order, allowing any interested parties to present reasons why the assets should not be permanently forfeited to the Federal Government.
At the hearing on Friday, EFCC counsel Rotimi Oyedepo moved for the final forfeiture of the $2.045 million and shares, noting that no objections had been raised by any interested parties. Regarding the properties, Oyedepo argued that Emefiele failed to prove that his legitimate earnings from Zenith Bank and his time at the CBN were used to acquire the assets in question. He pointed out that Emefiele’s declared savings before becoming CBN governor were insufficient to purchase the properties now under forfeiture proceedings.
Emefiele’s counsel, Olalekan Ojo, opposed the EFCC’s application, asserting that his client had provided enough evidence to challenge the final forfeiture. He also reiterated a separate application challenging the court’s jurisdiction, citing ongoing legal proceedings against Emefiele in Abuja and Lagos courts, and requested a stay of the forfeiture proceedings until those cases were concluded. Ojo argued that the forfeiture ruling could impact the ongoing trials.
Oyedepo countered, stating that courts had ruled in the past that pending criminal charges do not preclude final forfeiture of assets suspected to be proceeds of unlawful activities.
In an earlier ruling on August 15, 2024, Justice Akintayo Aluko had granted an interim forfeiture of the $2.045 million and several properties allegedly linked to Emefiele following an ex-parte application by the EFCC. These properties include two duplexes in Lekki Phase 1, a plot of land and a bungalow on Oyinkan Abayomi Drive in Ikoyi, a duplex on Probyn Road in Ikoyi, an industrial complex in Agbor, Delta State, eight apartment units in Ikoyi, and a duplex on Bank Road, Ikoyi.
Additionally, two share certificates belonging to Queensdorf Global Fund Limited Trust, reportedly connected to Emefiele, were also temporarily forfeited. Justice Aluko had ordered that the forfeiture notice be published in a national newspaper, giving interested parties 14 days to challenge the order.
