Court to rule on forfeiture of $2m, property linked to Emefiele on November 1

A federal high court in Lagos has fixed November 1 for the ruling on an application filed by the Economic and Financial Crimes Commission (EFCC) for final forfeiture of money and properties linked to Godwin Emefiele, ex-governor of the Central Bank of Nigeria (CBN).

The application is seeking the forfeiture of $2.045 million, seven choice landed properties and shares.

The court had authorised the EFCC to temporarily take custody of the funds and assets.

The court directed the EFCC to publish the order of interim forfeiture, for any person interested in the funds to show cause why it should not be finally forfeited to the federal government.

At the hearing on October 11, Rotimi Oyedepo, the EFCC counsel, applied for the final forfeiture of the sum as well as share certificates, which he said were not contested by the interested party.

Oyedepo adopted his written address dated August 29, 2024 and urged the court to order final forfeiture of the property to the federal government.

Olalekan Ojo, Emefiele’s lawyer, prayed the court to refuse the application.

After listening to the counsels, Deinde Dipeolu, presiding judge, adjourned the case to November 1 for ruling.

The court is expected to also rule on the application filed by Emefiele challenging the jurisdiction of the court to hear the forfeiture proceedings.

On August 15, Akintayo Aluko, a vacation judge, issued an interim order of forfeiture against Emefiele following an application filed by Oyedepo.

Oyedepo said the forfeited assets were reasonably suspected to be proceeds of unlawful activities.