Ex-CBN Gov Emefiele Loses N12bn Property as Court Gives Fresh Judgment
- The Federal High Court in Lagos has ordered the permanent forfeiture of properties worth over N11.14 billion and N1.04 billion allegedly belonging to former CBN Governor Emefiele to the federal government
- The properties, located in upscale areas of Abuja, were suspected to have been acquired with proceeds of unlawful activities
- The court’s order was made following a motion filed by the Economic and Financial Crimes Commission (EFCC)
TheTalk.NG journalist Nurudeen Lawal has 8 years of experience covering political campaigns and elections
Lagos, Nigeria—The Federal High Court in Lagos has ordered the permanent forfeiture of properties worth over N11.14 billion and N1.04 billion allegedly belonging to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to the federal government.
TheTalk.NG reports that the properties were suspected to have been acquired with the proceeds of unlawful activities.
Ex-CBN Gov Emefiele appeared at the FCT High Court on August 17, 2023, over allegations of breach of the procurement act and financial fraud in Abuja, Nigeria.
Photo credit: by KOLA SULAIMON/AFPSource: Getty Images
Justice Chukwujekwu Aneke issued the final forfeiture order on Friday, June 21, after considering a motion filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Chineye Okezie, The Punch reported.
The judge ruled that the properties were traced and reasonably suspected to have been acquired with proceeds of unlawful activities, The Cable also reported.
Emefiele’s properties forfeited
The properties include:
- Shops and apartments at Cadastral Zone Maitama and Wuse (Schedule A)
- Lands and apartments paid for on behalf of Oluwaseun at a total value of N1.04 billion
The properties are primarily located in upscale areas of the Federal Capital Territory, Abuja.
“Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that 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 judge was quoted as saying.
Background: EFCC vs Emefiele
The EFCC was granted an interim forfeiture order on Wednesday, June 5, following a motion by its counsel, Rotimi Oyedepo.
The commission suspected Emefiele of purchasing the properties by proxy using proceeds from fraud.
Two current and one former CBN staff, Obayemi Oluwaseun Teben, Akomolafe Adebayo, and Olubunmi Makinde, were identified as Emefiele’s accomplices in the alleged fraud.
Source: TheTalk.NG
