Court Sets November 1 to Rule on Final Forfeiture of $2.045m and Properties Linked to Emefiele

The Federal High Court in Lagos has scheduled November 1, 2024, to rule on the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of $2.045 million, seven properties, and shares linked to former Central Bank of Nigeria Governor, Godwin Emefiele.

Additionally, the court will decide on Emefiele’s plea for a stay of proceedings during the same session.

 Previously, on August 15, 2024, the court had granted the EFCC temporary custody of the assets.

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The court had instructed the anti-graft agency to publish the interim forfeiture order, allowing any interested party to present reasons why the assets should not be permanently forfeited.

During the October 11 hearing, the EFCC’s counsel, Rotimi Oyedepo (SAN), urged the court to approve the final forfeiture, while Emefiele’s lawyer, Olalekan Ojo, argued that the properties should not be forfeited based on the balance of probability.

 Justice Deinde Dipeolu dismissed an oral application by Ojo seeking to stay proceedings, stating that no substantive decision had yet been made to justify such a request.

Oyedepo had previously objected to Emefiele’s appeal to the Court of Appeal, arguing that it had not met the legal requirements to halt the trial.

The court’s decision on the forfeiture and stay of proceedings is eagerly awaited, as it could have significant implications for the former CBN governor’s legal standing.