A Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and several properties linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), following a ruling on Friday.
The court’s decision came after the Economic and Financial Crimes Commission (EFCC) applied for the final forfeiture of the funds and assets, which the court deemed unlawfully acquired.
Presiding over the case, Justice Yellim Bogoro granted the EFCC’s application for forfeiture, ruling that the forfeited funds were held in various accounts managed by individuals and companies closely associated with Emefiele.
The accounts, which were linked to entities such as Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, and others, were domiciled in First Bank, Titan Bank, and Zenith Bank.
In addition to the funds, the court also ordered the forfeiture of several properties, including a 94-unit, 11-floor building under construction in Ikoyi, Lagos; AM Plaza, an office complex in Lekki; Imore Industrial Park in Amuwo Odofin; and two properties purchased from Chevron Nigeria in Lekki.
Other properties forfeited include an estate at 100 Cottonwood Coppel Texas Drive in Coppel, Texas, and a piece of land at Lekki Foreshore Estate.
Justice Bogoro further highlighted the suspicious nature of the funds and properties, noting the difficulty Nigerians faced accessing foreign exchange following Emefiele’s departure from the CBN.
He raised concerns about the legitimacy of the business activities tied to the assets and criticized the sudden financial difficulties faced by entities linked to Emefiele.
The judge specifically pointed to Omoile Anita Joy, described as a close associate of Emefiele, who was allegedly granted undue access to foreign exchange from the CBN during Emefiele’s tenure.
He remarked that these actions were not part of legitimate business activities.
The final ruling, which concludes the legal battle over the funds and assets, is seen as a major victory for the federal government in its ongoing fight against corruption.
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