The Federal High Court in Lagos has ordered the final forfeiture of $2.04 million, multiple luxury properties, and shares linked to Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), following an investigation by the Economic and Financial Crimes Commission (EFCC).
In a ruling on November 1, 2024, Justice Deinde Dipeolu ordered that the funds, seven properties in high-end areas of Lagos, and two share certificates of Queensdorf Global Fund Limited be permanently forfeited to the federal government. The court found these assets to be unaccounted-for proceeds of crime, citing Emefiele’s failure to prove lawful sources of income that could justify their acquisition.
The seized properties include luxury duplexes and prime land in Ikoyi and Lekki, Lagos, as well as an industrial complex under construction on 22 plots in Agbor, Delta State. Companies through which these properties were acquired, including Amrash Ventures Limited, Modern Hotels Limited, and Finebury Properties Limited, did not appear in court to claim the assets.
Justice Dipeolu stated that Emefiele and these companies failed to demonstrate any legitimate ownership links to the properties. “There must be something concealed about the acquisition of these assets,” he concluded, affirming the forfeiture. This decision follows a prior interim order issued in August, which also went uncontested by Emefiele or the companies involved.
This ruling further underscores the EFCC’s ongoing efforts to recover allegedly misappropriated assets, as the court officially grants the properties to the federal government.
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