Court orders forfeiture of $4.7M, N830M, luxury properties linked to Emefiele

Justice Yellim Bogoro of the Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and multiple luxury properties linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.

The decision, delivered on Friday, marks a significant win for the Economic and Financial Crimes Commission (EFCC), which had pursued the case against Emefiele and his associates over allegations of financial misconduct and corruption.

The case had been fraught with legal maneuvering, including a last-ditch effort by an interested party to halt the judgment. But Justice Bogoro dismissed the application, clearing the way for the EFCC’s final forfeiture request to be granted.

At the heart of the case were staggering sums of money traced to multiple accounts held in First Bank, Titan Bank, and Zenith Bank. The accounts were managed by individuals and entities allegedly connected to Emefiele, including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

The court ruled that these funds were proceeds of unlawful activities and should be forfeited to the Nigerian government.

Beyond the financial assets, the case uncovered an extensive portfolio of high-value properties linked to Emefiele’s network. These included:

*94 units of an 11-floor building under construction in Ikoyi, Lagos
*AM Plaza, an 11-floor office space in Lekki Peninsula Scheme 1
*Imore Industrial Park in Amuwo Odofin LGA, Lagos
*Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) in Ibeju-Lekki
*Two properties in Lakes Estate, Lekki, purchased from Chevron Nigeria
*A plot in Lekki Foreshore Estate Scheme, Eti-Osa LGA
*An estate in Coppel, Texas, USA owned by Lipam Investment Services
*A property at 8 Bayo Kuku Road, Ikoyi, Lagos

Justice Bogoro left no room for doubt in her ruling, stating, “I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately after Godwin Emefiele left CBN as governor, and salaries could not be paid?”

She further emphasized that these were not legitimate business transactions, adding that Omoile Anita Joy, a key figure in the case, was a “close crony” of Emefiele who was “given undue influence to unlawfully sway dollars from CBN.”

Emefiele, once one of the most powerful figures in Nigeria’s financial sector, now finds himself at the center of multiple corruption allegations. His tenure as CBN governor was marked by controversial policies, but it is the financial dealings uncovered in this case that have cast the longest shadow.

The EFCC, represented by senior counsel Rotimi Oyedepo (SAN), had invoked Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution to argue that the funds and properties in question were derived from illicit activities.

Justice Bogoro, finding merit in the EFCC’s claims, initially ordered an interim forfeiture and instructed that the order be published in a national newspaper. After no defendant or claimant came forward with proof of legitimate ownership, the judge made the forfeiture permanent.

The ruling is a significant victory for anti-corruption efforts in Nigeria, sending a clear message that financial misconduct at the highest levels will not go unchecked.

On 21 Feb 2025, at 4:03 PM, Ripples Nigeria wrote:


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