Emefiele loses $2.4m and 7 properties to forfeiture

As part of the judiciary’s commitment to accountability and transparency, the Federal High Court in Lagos has ordered the interim forfeiture of $2.4 million and seven properties linked to the former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele. 

Justice Akintayo Aluko granted the order following an application by the Economic and Financial Crimes Commission (EFCC), which is investigating alleged fraudulent activities involving Emefiele. 

The properties include real estate in prestigious areas of Lagos, such as Lekki and Ikoyi, and a large industrial complex under construction in Agbor, Delta State. 

Rotimi Oyedepo (SAN), counsel for the EFCC, stated that  

“These assets were obtained through fraudulent activities and laundered through shell companies.” 

The Aluko order reflects the judiciary’s proactive approach to combating corruption and sets a precedent for other government officials to adhere to high standards of integrity and trustworthiness, thus enhancing public confidence and participation in governance.

The court’s decision, delivered on Thursday, August 15, marks a significant step in the ongoing efforts to recover assets linked to corruption. 

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EFCC investigator Idi Musa provided compelling evidence, including title documents and company seals, demonstrating how Emefiele used shell companies to acquire the properties. 

The judge has ordered the EFCC to publish the forfeiture order in a national newspaper, giving interested parties 14 days to appear in court to contest the forfeiture. 

The case is set to continue on September 5, 2024. This ruling serves as a reminder to all government officials of the importance of transparency and accountability in public service and the consequences of engaging in corrupt practices.