Lagos Court Slams Emefiele with N11bn Asset Forfeiture in Ongoing Case

Godwin Emefiele and his lawyer in court 

A Lagos court has ordered the temporary confiscation of N11 billion worth of Emefiele's properties.

A Federal High Court located in Lagos has mandated the temporary seizure of more assets purportedly connected to the troubled former governor of the Central Bank of Nigeria, Godwin Emefiele.

According to the Economic and Financial Crimes Commission's legal team, the properties, which are valued at N11,140,000,000, are situated in upscale areas of Abuja.

The EFCC's Rotimi Oyedepo (SAN) informed Judge Chukwujekwu Aneke in its ex parte motion that the contested property was bought by proxy using the proceeds of criminal activity.

Oyedepo alleged that Obayemi Oluwaseun Teben, Akomolafe Adebayo, and Olubunmi Makinde—three CBN employees—had utilized their positions and power to help Emefiele in the purported scam.

The CBN employees were charged with obtaining special and retail foreign currency allotments to various corporations in return for bribes.

He pleaded with the court to act justly by issuing an order of temporary forfeiture against the properties.

The judge authorized an interim forfeiture against the contested properties after hearing arguments from the EFCC's legal team.

Additionally, he directed the EFCC to release property information in the press so that a concerned party might argue against the interim forfeiture becoming final.

The hearing on the motion for final forfeiture was then postponed until June 21st.

President Bola Tinubu removed Emefiele from office, which opened the door for an inquiry into his time as the governor of CBN and eventual legal action.

Additionally, the suspended governor sued Justice O. Adeniyi for fundamental human rights violations related to his protracted confinement; the action was allowed.

On July 25, 2023, Emefiele was charged with two counts of unlawfully possessing firearms and ammunition in front of Justice Nicholas Oweibo. Ultimately, the Attorney General of the Federation withdrew the case, and the court dismissed it.

The former governor of the CBN was charged with six counts of procurement fraud by the EFCC on November 17, 2023, in front of Justice Muazu.

Emefiele entered a “not guilty” plea to the accusation. Emefiele was re-arrested after the EFCC modified the charges in front of Justice Muazu.

On April 4, 2024, Emefiele was charged by the EFCC with abuse of authority related to suspected illegal allocation of billions of US dollars in foreign currencies before Justice Rahman Oshodi of the Lagos High Court.

The CBN governor who was suspended entered a not guilty plea, and the matter is still pending.

On the EFCC's request, Justice Yellim Bogoro of a different court division had decreed the interim seizure of some multi-million naira properties associated with Emefiele as well as the sums of $4,719,054, N830,875,611, and other monies.

Last week, Titan Bank was purported to be the residence of another court-ordered interim in relation to a $1.4 million purportedly associated with the former governor.