Court orders forfeiture of $2.04m, properties linked to Emefiele

A Federal High Court in Lagos has granted an order for the interim forfeiture of $2.04 million and seven properties connected to former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele.

The order was made by Justice Akintayo Aluko on Thursday, following an application by the Economic and Financial Crimes Commission, EFCC, which is investigating alleged fraudulent activities linked to Emefiele.

The affected properties include prime real estate in Lekki and Ikoyi, Lagos, as well as a large industrial complex under construction in Agbor, Delta State.

According to Justice Aluko, the interim forfeiture is necessary to prevent the dissipation of assets suspected to be proceeds of unlawful activities.

“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.

In addition to the property, the court also ordered the interim forfeiture of two share certificates of Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele.

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.

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“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 added that the orders sought are pursuant to 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 and the court’s inherent jurisdiction.

He also informed the court that the motion exparte is supported by an affidavit deposed to by one Idi Musa, an investigator attached to the Lagos office of the EFCC.

The EFCC’s investigation, as detailed in court documents, revealed that Emefiele allegedly negotiated kickbacks in exchange for foreign exchange allocations to companies in need of foreign currency for legitimate business purposes.

An investigator with the EFCC, Musa, in his deposition, claimed that “these properties were acquired through shell companies, all linked to Emefiele, with the sole purpose of laundering money.”

Musa further testified that the EFCC had recovered significant evidence, including title documents and company seals, during searches conducted at the office of Ifeanyi Omeke, a senior executive at Zenith Bank, who was allegedly acting 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 listening to Oyedepo’s submission, and reading through all the processes filed and the plethoras 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, including The PUNCH, The Guardian, and The Nation to notify any interested parties.

He said that the parties have 14 days to appear before the court and show reason why the property should not be permanently forfeited to the Federal Government.

The case has been adjourned till September 5, 2024, for further hearing.

The EFCC’s investigation into Emefiele’s activities has led to the identification of these properties, which are believed to be linked to alleged fraudulent transactions.

NIGERIAN TRIBUNE