Justice Yellim Bogoro of the Federal High Court in Lagos has ruled that $4.7 million, N830 million, and several properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, be permanently forfeited to the Federal Government. The judge granted the final forfeiture application filed by the Economic and Financial Crimes Commission (EFCC), rejecting an appeal by an interested party seeking to stop the ruling.
The seized funds were held in accounts with First Bank, Titan Bank, and Zenith Bank under the names of individuals and companies, including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.
Luxury Properties Linked to Emefiele Also Forfeited
The court’s order also covers prime real estate assets allegedly acquired through illicit funds. These properties include:
94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos. AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos. Imore Industrial Park 1 on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos. Mitrewood and Tatler Warehouse (Furniture Plant at Bogije), near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos.
Two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos. A plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa LGA, Lagos. An estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, USA, owned by Lipam Investment Services. Land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos. A luxury property at 8 Bayo Kuku Road, Ikoyi, Lagos.
EFCC Proves Illicit Origins of Funds and Assets
Justice Bogoro ruled that these assets were proceeds of unlawful activities, making them eligible for forfeiture under Nigerian law. The judge stated:
“I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately after Godwin Emefiele left CBN as a governor of the Bank and salary could not be made? I hold that they are not legitimate business activities.”
He further ruled:
“I hold that Anita Omoile is a close crony of the former CBN governor, Godwin Emefiele, who has been given undue influence to unlawfully sway dollars from CBN. Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”
The EFCC, represented by Rotimi Oyedepo (SAN), cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution to justify the forfeiture. The court had initially issued an interim forfeiture order and instructed that it be published in a national newspaper. With no legal challenge proving legitimate ownership, the judge made the order permanent.
With the court’s final ruling, Godwin Emefiele’s forfeited assets—including $4.7 million, N830 million, and multiple luxury properties, now belong to the Federal Government. This decision reinforces Nigeria’s anti-corruption stance, but it raises pressing questions: Will this forfeiture be the end of Emefiele’s legal troubles, or is prosecution the next step in holding the former CBN governor accountable?
