The Federal High Court in Lagos has issued a final forfeiture order for $4.7 million, ₦830 million, and various properties connected to Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN). The decision, delivered on February 21, 2025, followed the Economic and Financial Crimes Commission’s (EFCC) successful application for the forfeiture of the assets.
Justice Yellim Bogoro, who presided over the case, granted the final forfeiture, stating that the funds and properties in question were proceeds of unlawful activities. The EFCC’s counsel, Bilkisu Buhari-Bala, presented compelling evidence that these assets were acquired through illicit means, marking a significant legal victory for the anti-corruption body.
The forfeited funds were linked to various accounts managed by individuals and entities, including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, and others. These accounts were held in prominent banks such as First Bank, Titan Bank, and Zenith Bank. In addition to the funds, several properties associated with Emefiele were also ordered to be forfeited, including multiple real estate holdings across Lagos and beyond.
Among the properties forfeited are 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space located in Lekki Peninsula Scheme 1, Lagos; and several other high-value assets spread across strategic locations in Lagos, including Lekki, Ikoyi, and the U.S. The court also ordered the forfeiture of a property located in Texas, USA, owned by Lipam Investment Services.
Justice Bogoro, in his judgment, questioned the legitimacy of the funds, particularly after the abrupt departure of Emefiele from the CBN. He asked, “Why should they have a problem of dollars immediately Godwin Emefiele left CBN as governor and salary could not be paid?” His comments pointed to the suspicious nature of the funds following Emefiele’s exit, adding weight to the EFCC’s claims.
The court also addressed the role of Anita Omoile, a close associate of Emefiele, stating that she had a significant influence in diverting funds from the CBN. Justice Bogoro concluded, “Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria,” marking a clear legal victory for the nation in its ongoing fight against corruption.
In defense, the EFCC, through counsel Rotimi Oyedepo SAN, relied on relevant provisions of the law, including Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. These legal frameworks were used to demonstrate that the forfeited assets were indeed proceeds of illicit financial dealings.
Earlier in the case, the court had granted an interim forfeiture order, which was published in national newspapers to allow for public awareness. Despite efforts by the defendants to prove the legitimacy of the assets, the court ruled in favor of the final forfeiture, confirming the unlawful origin of the assets.
