BREAKING: Court Orders Forfeiture of Properties Worth N11.14 Billion Linked to Emefiele

A Federal High Court in Lagos has granted an order for the interim forfeiture of properties valued at N11.14 billion, linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. The ruling was made on Wednesday by Justice Chukwujekwu Aneke.

The order was issued following a motion ex parte filed and argued by Rotimi Oyedepo, Senior Advocate of Nigeria (SAN) and counsel to the Economic and Financial Crimes Commission (EFCC). The court’s directive mandates the interim forfeiture of these properties to the Federal Government.

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Oyedepo informed the court that Emefiele is suspected of purchasing these high-value properties, primarily located in upscale areas of the Federal Capital Territory, Abuja, by proxy, using proceeds from fraud. Additionally, the EFCC implicated three CBN staff members as Emefiele’s accomplices. Makinde Olubunmi, Obayemi Teben, and Adebayo Akomolafe allegedly used their positions to secure retail and special allocations of foreign exchange for various companies in exchange for kickbacks.

Justice Aneke has instructed the EFCC to publish the forfeiture order in a newspaper to allow any interested parties to present reasons why a final forfeiture order should not be issued.

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The case has been adjourned to 21st June for the hearing of the motion for final forfeiture.

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