The Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, alongside seven prime properties and share certificates associated with Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN).

Justice Deinde Dipeolu ruled for the permanent forfeiture of the funds and two share certificates from Queensdorf Global Fund Limited Trust, noting that neither Emefiele nor any interested party contested the initial interim forfeiture.

The court further determined that Emefiele failed to demonstrate a legitimate connection between his earnings from Zenith Bank and the CBN and the acquisition of the properties in question. He did not provide documentation to substantiate his ownership.

Emefiele has denied any affiliation with the companies that purchased the properties, all of which failed to appear before the court to claim their interests. The companies listed by the Economic and Financial Crimes Commission (EFCC) include Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited.

Justice Dipeolu stated, “The conclusion to be drawn is that there must be something dubious about the acquisition of these properties, which Emefiele and the companies do not want to disclose.” He further asserted that the interested parties had not demonstrated any lawful interest in the properties, which were believed to be acquired through unlawful means.

The properties involved include two identical detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot measuring 1919.592 sqm at Oyinkan Abayomi Drive, Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

Additional properties include an industrial complex under construction across 22 plots in Agbor, Delta State; eight units of detached apartments on a plot measuring 2457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex with its appurtenances on a plot measuring 2217.87 sqm at 2a Bank Road, Ikoyi, Lagos.

On 15 August 2024, the court authorised the EFCC to temporarily take custody of the cash sum of $2.045 million, the seven properties, and shares linked to Emefiele following an ex parte application by the Commission’s lead counsel, Rotimi Oyedepo (SAN). This ruling came after the EFCC asserted that the forfeited assets were reasonably suspected to be proceeds of illegal activities. Emefiele’s counsel, Olalekan Ojo (SAN), had urged the court to suspend proceedings and not grant the final forfeiture of the properties.