Just In: Former CBN Chief Emefiele’s $2 Million And Elite Properties Seized In Major Court Decision

Just In: Former CBN Chief Emefiele’s $2 Million And Elite Properties Seized In Major Court Decision

The Federal High Court in Lagos has ordered the permanent forfeiture of $2.045 million, seven prime properties, and stock certificates associated with former Central Bank Governor, Godwin Emefiele. Justice Deinde Dipeolu made this ruling, noting that neither Emefiele nor any interested party had contested the prior interim forfeiture order.……..CONTINUE READING 

The forfeited assets include two share certificates from Queensdorf Global Fund Limited Trust and seven premium properties, which the EFCC claimed were not traceable to lawful income sources from Emefiele’s tenure at either Zenith Bank or the CBN.

Justice Dipeolu observed that Emefiele had failed to provide any proof of legitimate earnings to support his acquisition of these properties.

Despite denying connections to the implicated companies, Emefiele did not attend the court to contest ownership. The companies involved—Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited—did not challenge the forfeiture either.

Justice Dipeolu remarked, “The absence of any legitimate claim over these assets suggests something questionable about the acquisitions Emefiele and the companies wish to keep concealed.”

The judge further ordered the final forfeiture of the properties, stating they were reasonably suspected of being acquired through unlawful activities.

The properties include:

• Two detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
• Undeveloped land at Oyinkan Abayomi Drive (Queens Drive), Ikoyi, Lagos
• A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos
• A four-bedroom duplex at 12a Probyn Road, Ikoyi
• An industrial complex under construction on 22 plots in Agbor, Delta State
• Eight apartment units at No. 8a Adekunle Lawal Road, Ikoyi
• A full duplex with appurtenances on 2a Bank Road, Ikoyi, Lagos

In August 2024, the court granted the EFCC temporary custody of the cash sum, seven properties, and share certificates following an ex-parte application by lead EFCC counsel Rotimi Oyedepo (SAN), who argued that the assets were proceeds of unlawful activity.

Emefiele’s counsel, Olalekan Ojo (SAN), had urged the court to delay final forfeiture of these assets, which the court ultimately denied.