CBN Challenges EFCC’s Bid to Forfeit N2.7 Billion Collateral Property

The Central Bank of Nigeria (CBN) has called on the Federal High Court in Abuja to dismiss the Economic and Financial Crimes Commission’s (EFCC) attempt to seize a N2.7 billion property used as collateral for an unpaid loan.

The disputed property, located at Plot 781, Cadastral Zone 001 in Abuja’s Karmo district, was pledged as security for a loan issued by the CBN through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). The funds were intended to boost rice production under the Anchor Borrowers’ Programme (ABP).

In September 2024, Justice Emeka Nwite granted an interim forfeiture request filed by the EFCC, igniting a legal battle over the ownership and status of the asset.

According to court documents filed by the CBN, the apex bank, through NIRSAL, had granted a N3.87 billion loan to Sadolen Interworld Limited in 2020. As security, a third-party collateral belonging to Toks Properties Limited was provided as a surety. The CBN argues that since the loan remains outstanding, the property should continue to serve as collateral and cannot be forfeited.

During Thursday’s court session, Joseph Abah, legal counsel for the CBN, alongside a representative from Salis Ventilated Homes Limited, both submitted applications to join the case as defendants, aiming to prevent the EFCC’s forfeiture claim.

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Justice Nwite inquired whether the EFCC had been served with the necessary legal documents, to which Abah confirmed in the affirmative. The EFCC’s legal team acknowledged receipt but requested additional time to file their response.

After hearing arguments from both sides, Justice Nwite adjourned the case to May 21, 2025, when all pending applications will be considered.