A federal high court in Lagos has ordered the final forfeiture of $4.7 million, ₦830 million, and multiple properties linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. The ruling marks a significant step in Nigeria’s anti-corruption crackdown.
Justice Yellim Bogoro approved the final forfeiture request by the Economic and Financial Crimes Commission (EFCC), solidifying the government’s claim to the assets. “The activities of the respondents were unlawful,” Justice Bogoro stated in the judgment delivered on Friday.
The court also ordered the forfeiture of $900,000 traced to Anita Joy Omoile, a close associate of Emefiele. According to the EFCC, Omoile allegedly used her influence to funnel dollars from the CBN through illicit means.
High-Value Assets Seized
The forfeited funds were held in First Bank, Titan Bank, and Zenith Bank accounts under various names, including Deep Blue Energy Service Ltd, Exactquote Bureau De Change Ltd, and Lipam Investment Services Ltd.
Luxury real estate linked to Emefiele and his associates includes:
- 94-unit high-rise under construction in Ikoyi, Lagos
- AM Plaza, an 11-floor office complex in Lekki
- An industrial park in Amuwo Odofin LGA, Lagos
- Two Chevron Nigeria properties in Lekki’s Lakes Estate
- A waterfront plot in Lekki Foreshore Estate
- A Texas estate in the U.S. owned by Lipam Investment Services
The EFCC cited Section 17 of the Advance Fee Fraud and Other Related Offenses Act, 2006, as the legal basis for the forfeiture. The Nigerian Constitution’s Section 44(2)(b) also empowers authorities to seize assets linked to unlawful activities.
Anti-Corruption Crackdown Intensifies
In May 2024, the court had issued an interim forfeiture order following an ex-parte motion by EFCC counsel Bilkisu Buhari-Bala. The final ruling dismisses all legal challenges and fully transfers the assets to the Nigerian government.
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“Why should they have a problem with dollars immediately after Emefiele left CBN, and salaries could not be paid?” Justice Bogoro questioned in the ruling. “I hold that these are not legitimate business activities.”
The court had earlier directed the EFCC to publish notices in national newspapers, giving interested parties 14 days to contest the forfeiture. With no successful challenge, the assets are now permanently seized.
This latest development underscores Nigeria’s aggressive pursuit of financial accountability, as authorities tighten oversight on public officials accused of corruption.
