Former CBN Governor to Forfeit N11.1bn Properties to Nigerian Government

By Douglas Jones

In a significant development, the Federal High Court in Lagos has granted the Nigerian government an interim order to seize properties worth N11.1 billion linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). 

Justice Chukwujekwu Aneke issued the order after a motion ex parte filed by Rotimi Oyedepo, a Senior Advocate of Nigeria and counsel for the Economic and Financial Crimes Commission (EFCC). The court's directive mandates the interim forfeiture of these properties, suspected to be purchased with proceeds from fraudulent activities.

Emefiele allegedly acquired these high-value properties, predominantly located in upscale areas of the Federal Capital Territory, Abuja, through proxies. The EFCC has implicated three CBN staff members—Makinde Olubunmi, Obayemi Teben, and Adebayo Akomolafe—as accomplices who facilitated retail and special allocations of foreign exchange for various companies in exchange for kickbacks.

Justice Aneke has also instructed the EFCC to publish the forfeiture order in a newspaper to notify any interested parties, who may then present their reasons against a final forfeiture order. The court will reconvene on June 21 to hear the motion for final forfeiture.

This ruling follows a similar order by the same court on May 23, issued by Justice Y. Bogoro. This earlier order involved the interim forfeiture of funds and properties tied to corruption and unlawful activities connected to Emefiele and his associates. The EFCC's application revealed attempts to recover significant sums of money held in various accounts and properties suspected to be acquired through illegal activities.

The properties and funds under scrutiny include real estate developments and land parcels across Nigeria. The EFCC's investigation has implicated Emefiele’s close associates in concealing and laundering funds from unlawful activities. Among those implicated are Anita Joy Omoile and Lipam Investment Services Limited. Omoile, a relative of Emefiele, has been declared wanted by the EFCC for evading arrest and non-cooperation with the investigation.

The court has scheduled further proceedings for July 2, 2024, as the EFCC continues its pursuit to recover the allegedly misappropriated assets and apprehend the suspects involved.