The Federal High Court in Lagos has mandated the permanent forfeiture of properties valued at over N12 billion, previously owned by Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), to the Federal Government.
Justice Chukwujekwu Aneke issued the final forfeiture order following a motion by the Economic and Financial Crimes Commission (EFCC), represented by counsel Chineye Okezie. The judgment concluded that the properties, worth over N11.14 billion and an additional N1.04 billion, were acquired through unlawful means.
In his ruling, Justice Aneke stated, “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”
The properties in question include shops and apartments located in the Cadastral Zones of Maitama and Wuse, Abuja.
Justice Aneke further elaborated, “A final forfeiture order of this Honourable Court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which were traced to have been acquired with proceeds of unlawful activities.”
The properties listed in Schedule B include lands and apartments purchased on behalf of individuals linked to Emefiele, valued at N1.04 billion. According to the EFCC, CBN staff members Obayemi Oluwaseun Teben and Akomolafe Adebayo, in collaboration with Olubunmi Makinde, exploited their positions to secure foreign exchange allocations for various companies in exchange for kickbacks.
An affidavit detailed the roles of these individuals, highlighting how Makinde facilitated the connection between Teben, Adebayo, and the companies seeking foreign exchange.
An interim forfeiture order had been granted on June 5, 2024, by Justice Aneke, following a motion by EFCC counsel Rotimi Oyedepo. Oyedepo argued that Emefiele used proceeds from fraudulent activities to acquire the high-value properties through proxies.
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The EFCC’s investigation identified Teben, Adebayo, and Makinde, among others, as key accomplices in the alleged fraud. The properties are predominantly situated in affluent areas of Abuja.
The court directed the EFCC to publish the forfeiture order in a national newspaper, inviting any interested parties to contest it. No parties appeared in court to challenge the interim order, leading Okezie to proceed with the motion for permanent forfeiture.
After examining a 41-paragraph affidavit by EFCC Investigating Officer Michael John Idoko, accompanied by 19 exhibits and a written address, Justice Aneke approved the permanent forfeiture order. The EFCC categorized the confiscated properties under two schedules, A and B.
