Court Orders Forfeiture of N11.14 Billion Property Tied to Emefiele

Adewole Kehinde
2 Min Read
Court Orders Forfeiture of N11.14 Billion Property Tied to Emefiele

Yesterday, the Federal High Court in Lagos granted an interim forfeiture order for property valued at N11.14 billion, allegedly linked to the former Central Bank of Nigeria (CBN) governor, Mr. Godwin Emefiele.

The ruling, delivered by Justice Chukwujekwu Aneke, followed an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC) and argued by their counsel, Mr. Rotimi Oyedepo, SAN. The court’s order mandates the interim forfeiture of the property to the Federal Government.

READ ALSO: EFCC Set to Arraign Godwin Emefiele in Lagos Court

Mr. Oyedepo informed the court that Emefiele is suspected of acquiring the high-value properties, primarily located in upscale areas of the Federal Capital Territory, Abuja, through proxies using proceeds from fraudulent activities.

The EFCC also implicated three CBN staff members, Makinde Olubunmi, Obayemi Teben, and Adebayo Akomolafe, as Emefiele’s accomplices. They allegedly used their positions to secure retail and special allocations of foreign exchange for various companies in exchange for kickbacks.

READ ALSO: Mother and Daughter-in-Law Arraigned by EFCC for N6 Million Land Fraud

Justice Aneke ordered the EFCC to publish the forfeiture order in a newspaper to allow any interested parties to present reasons why a final forfeiture order should not be issued. The case has been adjourned to June 21 for the hearing of the motion for final forfeiture.

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