, Court Seizes Millions, Properties from Former CBN Governor Emefiele -

Court Seizes Millions, Properties from Former CBN Governor Emefiele

In a major development, the Federal High Court has ordered the interim forfeiture of N830.88 million and $4.72 million linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Justice Yellim Bogoro issued the ruling on Thursday, May 24th, following an ex-parte motion filed by the Economic and Financial Crimes Commission (EFCC).

The court ordered these funds, currently held in various bank accounts, to be transferred to the Federal Government. The accounts in question are reportedly associated with entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Lipam Investment Services Limited, and several others.

The order extends beyond just financial assets. Justice Bogoro also mandated the forfeiture of numerous properties believed to be tied to Emefiele. This includes a high-rise building under construction in Ikoyi, Lagos, an office complex in Lekki, and industrial parks in both Imoore and Bogije. Additionally, several plots of land across Lagos and even a property in Texas, USA, were included in the court’s decision.

The EFCC based its request on Section 17 of the Advance Fee Fraud and other Fraud Related Offences Act of 2006. This legislation empowers authorities to seize assets suspected of being linked to criminal activity. The EFCC also cited Section 44(2)(b) of the Nigerian Constitution, which grants the government the right to confiscate property acquired through unlawful means. Finally, the court’s inherent jurisdiction was invoked to support the forfeiture order.

This is a developing situation, and it remains unclear whether Emefiele will contest the court’s decision. The EFCC is likely to continue its investigation while the seized assets remain under government control.

The case has sparked significant public interest in Nigeria. Transparency and accountability within financial institutions are paramount, and the outcome of this case will be closely monitored by Nigerians seeking a fair and just resolution.

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