BREAKING: Emefiele Loses as Court Orders Final Forfeiture of $2.04m, Properties Linked to Him

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  • Godwin Emefiele, the former governor of the CBN, has been told to forfeit the sum of $2.045 million
  • The Federal High Court sitting in Abuja gave the order while delivering judgment on the application filed by the EFCC
  • Justice Deinde Dipeolu of the High Court gave the order after the failure of Emefiele to present evidence that the properties were acquired from his lawful earnings

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A Federal High Court in Lagos has ordered the final forfeiture of $2.045 million, seven choice properties, and share certificates linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. The court's ruling followed an application by the Economic and Financial Crimes Commission (EFCC).

Justice Deinde Dipeolu granted the final forfeiture order after Emefiele failed to provide evidence linking his lawful earnings to the acquisition of the properties. The EFCC had alleged that the properties and funds were proceeds of unlawful activities.

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Court asks Emefiele to forfeit $2.04m, properties linked to him Photo Credit: @officialEFCCSource: Twitter

List of properties Emefiele forfeited

The properties forfeited include two fully detached duplexes in Lekki Phase 1, an undeveloped land in Ikoyi, a bungalow on Oyinkan Abayomi Drive, and a four-bedroom duplex on Probyn Road, Ikoyi. Others are an industrial complex under construction in Agbor, Delta State, and eight units of undetached apartments on Adekunle Lawal Road, Ikoyi.

According to Channels TV, Emefiele had denied any connection to the companies in whose names the properties were purchased. However, the companies failed to appear in court to claim the properties. The EFCC listed the companies as Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited.

Justice Dipeolu concluded that Emefiele's failure to demonstrate a lawful interest in the properties suggested that their acquisition was suspicious. He ordered the final forfeiture of the properties to the Federal Government of Nigeria, stating that they were reasonably suspected to have been acquired with proceeds of unlawful activities.