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Court Orders Final Forfeiture of Emefiele’s N11.14 Billion Properties to FG

The Federal High Court in Lagos has ordered the permanent forfeiture of properties valued at N11.14 billion and N1.04 billion linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to the Federal Government.

Justice Chukwujekwu Aneke made the order after the Economic and Financial Crimes Commission (EFCC) filed a motion through its counsel, Chineye Okezie.

The properties, mostly located in highbrow areas of Abuja, were suspected to have been bought by proxy using proceeds of fraud. Two current and one former CBN staff were named as Emefiele’s accomplices in the alleged fraud.

The EFCC had earlier obtained an interim forfeiture order on June 5, 2024, which was not contested by any party. Consequently, Justice Aneke granted the application for permanent forfeiture, ordering the EFCC to publish the order in a national newspaper.

The properties forfeited include shops and apartments in Cadastral Zone Maitama and Wuse, as well as lands and apartments worth N1.04 billion, paid for on behalf of Oluwaseun.

The EFCC alleged that the CBN staff used their positions to secure foreign exchange allocations in exchange for kickbacks, with Olubunmi Makinde acting as the link between the staff and companies applying for foreign exchange.

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