The estate, located in the Cadastral Zone, Lokogoma District, spans 150,500 square meters and is described as the EFCC’s largest single recovery in its fight against corruption since its inception in 2003.

Justice Jude Onwuegbuzie of the FCT High Court in Apo ordered the forfeiture of the property on December 2, 2024. The EFCC’s investigation revealed that Emefiele allegedly acquired the estate through fraudulent means, using three companies to make payments totaling ₦2.2 billion.

In court documents obtained on Tuesday, the EFCC disclosed that the property had been abandoned since June 2023, following Emefiele’s arrest. Investigators reportedly traced the property using title documents retrieved from the office of one of Emefiele’s alleged associates, Ifeanyi Omeke.

The former CBN governor is currently facing prosecution in three separate cases involving charges of procurement fraud, forgery, and embezzlement of funds. He is accused of negotiating kickbacks in foreign exchange allocations and awarding contracts in exchange for illicit payments during his tenure.

In Lagos, Emefiele is standing trial for alleged fraud involving $4.5 billion and ₦2.8 billion. In Abuja, he faces charges for authorizing the printing of ₦684.5 million notes at an inflated cost of ₦18.96 billion.

The EFCC alleged that Emefiele used cronies to launder proceeds of corruption, acquiring multiple high-value properties in Lagos and Abuja. The agency stated that the directors of the companies involved in the transactions had been arrested and provided incriminating statements during the investigation.

“The funds used in acquiring the property are not legitimate earnings of Godwin Emefiele but proceeds of unlawful activities, including corrupt enrichment and abuse of office,” the EFCC investigator stated in a court affidavit.

The court had earlier granted an interim forfeiture of the property on November 1, 2024. With no opposition filed against the forfeiture, the court has now permanently transferred ownership of the estate to the Federal Government.

EFCC spokesperson Dele Oyewale defended the agency’s decision to initially withhold the identity of the property owner, citing provisions of the Advance Fee Fraud Act. “This is a civil proceeding targeting the property, not an individual. Since investigations are ongoing, revealing identities prematurely would be unprofessional,” he stated.

Efforts to reach Emefiele’s legal team, including senior lawyer Matthew Burkaa (SAN), for comments were unsuccessful at the time of this report.

The massive recovery has drawn public attention, with criticisms regarding the EFCC’s handling of the case and the concealment of ownership details. However, the anti-graft agency maintains that its actions align with legal protocols for unclaimed assets.

This case marks a significant milestone in the EFCC’s efforts to combat corruption and recover assets linked to unlawful activities in Nigeria.

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The Central Bank of Nigeria (CBN) has issued a stern warning to financial institutions over the persistent cash shortages at Automated Teller Machines (ATMs), vowing to impose heavy penalties on those failing to comply with regulatory standards.

CBN Governor Olayemi Cardoso announced the measures on Friday during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.

Reports of cash scarcity at both ATMs and bank counters have sparked frustration among Nigerians, with many struggling to access basic funds. Addressing these concerns, Cardoso acknowledged the disproportionate burden the situation places on ordinary citizens and emphasized the CBN’s commitment to resolving the issue.

To tackle the problem, Cardoso revealed that the CBN has begun conducting unannounced inspections at deposit money banks to assess their compliance with cash distribution mandates.

Institutions found underperforming or engaging in practices that exacerbate cash shortages will face strict sanctions.

Effective December 1, 2024, customers are encouraged to report any difficulties with cash withdrawals at bank branches or ATMs. The CBN has established designated phone numbers and email addresses for this purpose, which will be shared publicly to ensure accessibility across all states.

The governor also stressed the importance of digital transaction channels as a solution to cash shortages, urging mobile money operators and POS agents to adhere strictly to regulatory guidelines.

He reaffirmed the CBN’s dedication to maintaining adequate cash flow nationwide, especially during peak periods like the festive season and year-end celebrations.

Cardoso warned that any financial institution found sabotaging efforts to improve cash availability or engaging in malpractice would face severe consequences. The CBN’s proactive measures aim to alleviate the ongoing cash crisis and restore public confidence in the financial system, ensuring that Nigerians can access the funds they need without undue hardship.

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The verdict, delivered by Justice Deinde Dipeolu on Friday, followed a lack of opposition from Emefiele or any other interested parties regarding the assets after an initial interim forfeiture was ordered.

Justice Dipeolu’s ruling also covered two share certificates of Queensdorf Global Fund Limited Trust. In his judgment, the court underscored that Emefiele failed to establish a clear connection between his lawful earnings from positions held at Zenith Bank and the CBN to the acquisition of these properties.

The former governor also could not provide documentation proving ownership of the assets.

In prior hearings, Emefiele had disclaimed any association with the companies listed as owners of the properties. The Economic and Financial Crimes Commission (EFCC), however, identified the companies as Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited, none of which appeared in court to claim the properties.

Justice Dipeolu remarked, “The refusal by Emefiele and these companies to openly justify ownership raises suspicion around the origin of these assets,” concluding that there was no evidence they were acquired through legitimate income sources. Consequently, the judge ordered the permanent forfeiture of the assets to the Federal Government of Nigeria.

The seized properties include two identical duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land plot at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; eight apartment units at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex on Bank Road, Ikoyi.

Previously, on August 15, 2024, the court had granted an interim forfeiture to the EFCC, enabling the commission to temporarily seize the assets based on suspicions that they were linked to unlawful activities. Emefiele’s counsel, Olalekan Ojo (SAN), sought to pause the forfeiture process but was unsuccessful in persuading the court

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