The Federal High Court in Lagos has adjourned until November 1, 2024, to deliver its ruling on an application by the Economic and Financial Crimes Commission for the permanent forfeiture of $2.045 million, seven luxury properties, and shares linked to former Central Bank of Nigeria Governor, Godwin Emefiele.
According to The PUNCH, Justice Deinde Dipeolu is also expected to rule on Emefiele’s challenge regarding the court’s jurisdiction over the forfeiture case.
On August 25, 2024, the court granted the EFCC interim custody of the assets.
The judge ordered the agency to publish the interim forfeiture in a national newspaper, allowing any interested parties the opportunity to explain why the assets should not be permanently seized by the government.
At the resumed hearing on Friday, EFCC counsel, Rotimi Oyedepo, moved a formal application for the final forfeiture of the funds and shares, emphasizing that no objections had been filed by any interested parties.
Regarding the real estate, Oyedepo argued that Emefiele had failed to demonstrate that the properties were acquired through lawful income from his time at Zenith Bank and the Central Bank of Nigeria.
“Emefiele’s declared lawful savings before assuming office as CBN Governor were insufficient to buy the properties in question,” Oyedepo stated.
He adopted his written submission from August 29, 2024, urging the court to approve the final forfeiture.
In defense, Emefiele’s lawyer, Olalekan Ojo, maintained that his client had provided sufficient evidence to block the forfeiture.
Ojo also filed a separate application challenging the court’s jurisdiction, citing ongoing criminal cases involving Emefiele in both the Federal High Court in Abuja and the Lagos State High Court.
He argued that the forfeiture ruling could prejudice those trials and requested a stay of the proceedings.
However, Oyedepo countered this, noting that courts have previously ruled that pending criminal charges do not prevent asset forfeiture in cases of suspected unlawful activities.
In an earlier decision on August 15, 2024, Justice Akintayo Aluko granted interim forfeiture of the $2.045 million and various properties linked to Emefiele.
The assets include luxury homes in Lekki and Ikoyi, Lagos, an industrial complex in Agbor, Delta State, and share certificates belonging to Queensdorf Global Fund Limited Trust.
The court gave interested parties 14 days to contest the order.
