Court Freezes Over $2Million and Properties Linked to Emefiele

Court Orders Emefiele To Forfeit $1.4M Gained Through FX Bribes

The Federal High Court in Lagos has ordered the forfeiture of over $2 million and seven high-value properties linked to former Central Bank of Nigeria Governor, Godwin Emefiele. The decision, rendered on Thursday, August 15, by Justice Akintayo Aluko, follows a high-stakes application by the Economic and Financial Crimes Commission (EFCC), which is investigating allegations of extensive fraud involving Emefiele.

The court’s order targets a selection of luxury properties, including luxurious duplexes in Lagos’s exclusive Lekki and Ikoyi districts, and a sprawling industrial complex under construction in Agbor, Delta State.

The prime properties under scrutiny include:

1) Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos

2) A 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi

3) A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi

4) An industrial complex on 22 plots in Agbor, Delta State

5) Eight apartments on Adekunle Lawal Road, Ikoyi

6) And a full duplex at 2a Bank Road, Ikoyi, Lagos.

Also Read: The Crimes of Godwin Emefiele: From Illegal Bank Acquisition to Billions Stashed Abroad

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Additionally, the court has ordered the interim forfeiture of two share certificates from Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.

EFCC counsel Rotimi Oyedepo, SAN, argued that these assets were likely acquired through fraudulent means. “These properties are suspected to be proceeds of unlawful activities,” Oyedepo asserted. He emphasized the need for the court’s intervention to prevent further dissipation of the assets.

According to court documents, Emefiele is alleged to have orchestrated kickbacks in exchange for foreign exchange allocations, which were then funneled into acquiring these assets through shell companies.

EFCC investigator Idi Musa testified that substantial evidence, including title documents and company seals, was recovered during searches. Musa revealed that transactions involved substantial sums, including $2,045,000 and significant property purchases made on Emefiele’s behalf.

Justice Aluko’s order not only freezes these assets but also directs the EFCC to publish the forfeiture notice in national newspapers, giving any interested parties 14 days to contest the order. The case is set for further hearing on September 5, 2024.

Emefiele’s Previous Corruption Charges

This latest forfeiture order is part of a broader crackdown on Emefiele, who faces multiple corruption charges. Earlier this year, the court granted similar forfeiture orders involving $1.4 million and $4.7 million, among other assets. The agency has also secured a permanent forfeiture of properties valued at N12.18 billion.