Emefiele’s Alleged Fraud: Court Orders Forfeiture of N12.18 Billion Properties

The Federal High Court in Lagos has issued a final forfeiture order for properties worth over N11.14 billion and N1.04 billion linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

The Economic and Financial Crimes Commission (EFCC), represented by attorney Chineye Okezie, filed a motion seeking the permanent forfeiture of these assets, which the court has now granted.

Justice Chukwujekwu Aneke, after carefully considering the application and submissions from counsel, declared that properties listed in Schedule A and Schedule B, traced to have been acquired with proceeds of unlawful activities, are to be forfeited to the Federal Government of Nigeria. These properties include shops and apartments located in prestigious areas such as Cadastral Zone Maitama and Wuse.

The court proceedings revealed that the acquisitions were allegedly facilitated through fraudulent means involving CBN staff, namely Obayemi Oluwaseun Teben, Akomolafe Adebayo, and Olubunmi Makinde. These individuals reportedly used their positions to manipulate the allocation of foreign exchange to various companies in exchange for kickbacks.

Initially, an interim forfeiture order was granted on June 5, 2024, following an application by EFCC counsel Rotimi Oyedepo, who asserted that Emefiele used proxies to acquire the properties with proceeds from fraud. The subsequent permanent forfeiture order was issued after no parties appeared to challenge the interim order during subsequent court hearings.

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The judge instructed the EFCC to publicize the forfeiture order in a national newspaper and invited any interested parties to present reasons why the order should not be made permanent. With no opposition received, the court proceeded to finalize the forfeiture.

This development marks a significant legal outcome in the ongoing investigation into financial impropriety involving high-profile figures, highlighting the judiciary’s commitment to addressing corruption and economic crimes in Nigeria.