A Federal High Court in Lagos has ordered the interim forfeiture of $2.04 million and seven properties linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. The order was issued on Thursday by Justice Akintayo Aluko following an application by the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities connected to Emefiele.
The properties in question include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex under construction in Agbor, Delta State. Justice Aluko stated that the interim forfeiture was necessary to prevent the dissipation of assets suspected to be proceeds of unlawful activities.
“The properties listed in this application are reasonably suspected to have been acquired through proceeds of unlawful activities,” the judge said.
The properties listed for interim forfeiture include:
- Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi, Lagos.
- A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos.
- A four-bedroom duplex at 12a Probyn Road, Ikoyi, Lagos.
- An industrial complex on 22 plots in Agbor, Delta State.
- Eight apartments on Adekunle Lawal Road, Ikoyi, Lagos.
- A full duplex at 2a Bank Road, Ikoyi, Lagos.
In addition to the properties, the court also ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.
The EFCC’s counsel, Mr. Rotimi Oyedepo (SAN), who brought the application in a suit marked FHC/L/MISC/500/24, argued that the assets were obtained through fraudulent activities.
“The money and properties in question are reasonably suspected to be proceeds of unlawful activities. We urge the court to grant this application to prevent any further dissipation of these assets,” Oyedepo stated.
He further explained that the orders sought are pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, Section 44(2)(B) of the 1999 Constitution of the Federal Republic of Nigeria, and the court’s inherent jurisdiction.
Oyedepo supported his motion with an affidavit from Idi Musa, an EFCC investigator based in Lagos. The EFCC’s investigation revealed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies needing foreign currency for legitimate business purposes.
Musa testified that the properties were acquired through shell companies linked to Emefiele, with the primary goal of laundering money. He further revealed that during a search of the office of Ifeanyi Omeke, a senior executive at Zenith Bank, EFCC investigators recovered significant evidence, including title documents and company seals.
Musa stated, “Sometime in 2018, one Olusola Bodunde acquired a parcel of land located at Hakeem Odumosu Street, Lekki Phase 1, Lagos, and partnered with Idowu Sharafa to develop three units of five-bedroom duplexes with attached BQ on the land. In 2020, Omeke approached Bodunde and subsequently paid N460,000,000 for two of the three developed duplexes on behalf and on the instructions of Godwin Emefiele.”
He added that $2,045,000 and the share certificates were recovered from Omeke’s office at Zenith Bank’s Head Office on Ajose Adeogun Street, Victoria Island, Lagos. “Upon investigation, we discovered that Mr. Omeke purchased and perfected the title documents for several properties on behalf of Mr. Emefiele,” Musa testified.
After reviewing Oyedepo’s submission and the legal documents filed, Justice Aluko granted the interim forfeiture of the money, the share certificates, and the properties. The judge directed the EFCC to publish the interim forfeiture order in national newspapers, including The Punch, The Guardian, and The Nation, to notify any interested parties.
The court gave the parties 14 days to appear and show cause why the properties should not be permanently forfeited to the Federal Government. The case has been adjourned until September 5, 2024, for further hearing.
