The Federal High Court in Lagos, on Thursday, August 15 ordered the interim forfeiture of $2.4m and seven properties connected to Godwin Emefiele, the former Governor of the Central Bank of Nigeria.
The ruling made by Honourable Justice Akintayo Aluko, is followed by an application from the Economic and Financial Crimes Commission (EFFC), in charge of investigating alleged fraudulent activities tied to Emefiele.
Akintayo Aluko, who presided the case, stated that the interim forfeiture was necessary to prevent the dissipation of assets suspected to be proceeds of unlawful activities. The properties include prime real estate in Lekki and Ikoyi, Lagos, and a large industrial complex under construction in Agbor, Delta State.
Additionally, two share certificates from Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele, were also ordered for forfeiture.
“The property listed in this application are reasonably suspected to have been acquired through proceeds of unlawful activities,” he said.
The property, as listed, include two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; a 1,919.592 sqm undeveloped land on Oyinkan Abayomi Drive (formerly Queens Drive) in Ikoyi; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex on 22 plots in Agbor, Delta State; eight apartments on Adekunle Lawal Road, Ikoyi; and a full duplex at 2a Bank Road, Ikoyi.
The EFCC’s counsel, Mr. Rotimi Oyedepo (SAN), who brought the application for the orders in a suit marked FHC/L/MISC/500/24, before the court argued that the assets were obtained through fraudulent activities.
“The money and properties in question are reasonably suspected to be proceeds of unlawful activities.
“We urge the court to grant this application to prevent any further dissipation of these assets,” Oyedepo said.
Oyedepo cited several legal provisions, including Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14, 2006, Section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria..
According to an affidavit filed by Idi Musa, an EFCC investigator, the investigation revealed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies.
The properties were acquired through shell companies linked to Emefiele, with the aim of laundering money.
Musa also testified that significant evidence, including title documents and company seals, was recovered during searches at the office of Ifeanyi Omeke, a senior executive at Zenith Bank, who allegedly acted on Emefiele’s instructions.
He said, “Sometime in 2018, one Olusola Bodunde acquired a parcel of land located at Hakeem Odumosu Street, Lekki Phase 1, Lagos and partnered with one Idowu Sharafa to develop three units of five bedroom duplexes with attached BQ on the land.”
He added that sometime in 2020, Omeke approached Bodunde and subsequently paid the total sum of N460, 000, 000, for two of the three developed duplexes, purchased in the name of Amrash Ventures Limited, all on behalf and on the instructions of Godwin Emefiele.
“That the sum of $2,045,000m and the shares certificate, were also recovered in the office of Mr. Collins Ifeanyi Omeke at the Zenith Bank Head office on Ajose Adeogun Street, Victoria Island, Lagos.
“Upon investigation, we discovered that Mr. Omeke purchased and perfected the title documents for several properties on behalf of Mr. Emefiele,” Musa said.
However, Aluko, after reviewing Oyedepo’s submission, and reading through all the processes filed and the plethora’s of legal authorities cited, granted the interim forfeiture of the money, the share certificates and the landed property
The judge directed the EFCC to publish the interim forfeiture order in national newspapers to notify any interested parties, giving interested parties 14 days to appear in court and show reason why the property should not be permanently forfeited to the Federal Government.
The case has, however, been adjourned until September 5, 2024, for further proceedings.
