Emefiele to Surrender N7.76 Billion, Two Eleven-Story Buildings, and Other Assets to Nigerian Government

A former governor of the Central Bank of Nigeria (CBN) has been ordered to forfeit N7.76 billion (approximately $4,719,054 and N830,875,611), two eleven-storey buildings, and other properties to the Nigerian government.

On Friday, May 24, 2024, Justice Yellim Bogoro of the Federal High Court in Lagos issued the temporary forfeiture order after hearing an ex-parte application from the Economic and Financial Crimes Commission (EFCC), represented by lawyer Bilkisu Buhari.

The forfeited funds, held in various bank accounts, are linked to Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

The properties forfeited by Emefiele to the federal government include:

– 94 units of an 11-storey building under construction at 2 Otunba Elegushi 2nd Avenue (formerly Club Road), Ikoyi, Lagos
– AM Plaza, an 11-storey office space located at 1E Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos
– Imore Industrial Park 1, Esa Street, Imoore Land, purchased with Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos
– Mitrewood and Tatler Warehouse (furniture plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos
– Two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B, Lot Twin, Completed Property Lakes Estate, Lekki, Lagos

Other forfeited properties include:

– A plot measuring 1,038.069 sqm at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa LGA
– An estate located at 100 Cottonwood Coppel Texas Drive, Coppell, Texas, owned by Lipam Investment Services
– Land at 1 Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos
– A property situated at 8 Bayo Kuku Road, Ikoyi, Lagos

The EFCC sought the interim forfeiture of the funds and properties under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, Section 44(2)(b) of the Constitution, and the court’s inherent jurisdiction. The anti-graft agency requested:

1. An interim order forfeiting to the Federal Government of Nigeria the funds held in the accounts listed in Schedule ‘A,’ which are reasonably suspected to be proceeds of unlawful activities.
2. An interim order forfeiting to the Federal Government of Nigeria the properties listed in Schedule ‘B,’ which are suspected to be proceeds of unlawful activities.
3. An order directing the publication of the interim order in any national newspaper, allowing anyone interested in the properties and funds to appear before the court within 14 days to show cause why the final order of forfeiture should not be made in favor of the Federal Government of Nigeria.

Justice Bogoro, after considering the submission of the EFCC’s counsel, granted the ex-parte motion, stating, “I have listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support.” The case was adjourned to July 2, 2024, for the motion for final forfeiture.