Justice Dehinde Dipeolu of the Federal High Court in Lagos on November 1, 2024, ordered the final forfeiture of $2.045 million, seven properties, and two share certificates connected to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The forfeiture was granted following a motion by Rotimi Oyedepo, SAN, representing the Economic and Financial Crimes Commission (EFCC).
The properties forfeited include two duplexes on Hakeem Odumosu Street in Lekki, Lagos; an undeveloped plot on Oyinkan Abayomi Drive in Ikoyi; a bungalow at Oyinkan Abayomi Drive; a four-bedroom duplex on Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; eight apartment units in Ikoyi; and a duplex on Bank Road, Ikoyi.
The court initially issued an interim forfeiture on August 15, 2024, after an ex parte application by the EFCC, which argued that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities. The EFCC complied with a court order to publish the interim forfeiture notice, allowing any interested party to contest the order.
During the final hearing, Justice Dipeolu ruled that Emefiele failed to demonstrate any lawful source of income to justify the acquisition of the assets. The judge stated that Emefiele’s inability to link his legitimate earnings to the properties indicated potential illegality. Consequently, the court ordered the final forfeiture of all assets to the Federal Government, citing reasonable suspicion that they were acquired with illicit funds.
