May 14, 2025
Emiefele

The Federal High Court in Lagos has ordered the permanent forfeiture of properties worth over N12 billion belonging to the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.

Court Order Justice Chukwujekwu Aneke issued the final forfeiture order after considering a motion filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Chineye Okezie. The properties in question are valued at N11.14 billion and N1.04 billion.

Judge’s Statement Justice Aneke stated, “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”

Properties Involved The properties include:

  • Shops and apartments in Cadastral Zone Maitama and Wuse.
  • Lands and apartments paid for on behalf of Oluwaseun, totaling N1.04 billion.

Allegations and Accomplices The affidavit suggests that Emefiele’s accomplices, Obayemi Oluwaseun Teben, Akomolafe Adebayo, and former CBN staff Olubunmi Makinde, used their positions at the CBN to secure foreign exchange allocations in exchange for kickbacks. These properties were allegedly purchased using proceeds from these fraudulent activities.

Interim Forfeiture An interim forfeiture order was initially granted on June 5, 2024, by Justice Aneke, following a motion by EFCC counsel Rotimi Oyedepo. The EFCC argued that Emefiele purchased the properties by proxy using fraudulent proceeds.

Final Forfeiture On June 21, 2024, no parties appeared in court to contest the interim order, leading Chineye Okezie to proceed with the motion for permanent forfeiture. Justice Aneke reviewed a 41-paragraph affidavit by EFCC Investigating Officer Michael John Idoko, along with 19 exhibits and a written address by Okezie. Subsequently, the court granted the application for permanent forfeiture.

Publication and Notice The judge directed the EFCC to publish the forfeiture order in a national newspaper, inviting any interested parties to show cause why the final forfeiture order should not be issued. No contesting parties appeared, leading to the final ruling.

This ruling marks a significant step in the EFCC’s efforts to recover assets obtained through fraudulent activities and highlights ongoing efforts to ensure accountability and transparency within the nation’s financial systems.

79 thoughts on “Emefiele to Permanently Forfeit N12bn Property”

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