Supreme Court Confirms Final Forfeiture of Property, $2.045 Million, Share Certificates Linked to Former CBN Governor, Emefiele – THIS UPDATE

By Victor Osula, Abuja

The Supreme Court on Friday upheld the final forfeiture of seven land properties, $2,045 million, and share certificates linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to the federal government.

In a unanimous ruling delivered by a five-member bench led by Justice Ibrahim Mohammed Saulawa, the Supreme Court overturned the Court of Appeal’s decision and reinstated the ruling of the Federal High Court in Lagos, which had ordered the permanent confiscation of assets.

The case arose from a final confiscation order granted on November 1, 2024 by Justice DI Dipeolu of the Federal High Court, Lagos, in case no. FHC/L/MISC/500/24.

Following the ruling, Emefiele appealed the decision to the Court of Appeal, which overturned the lower court’s ruling.

Dissatisfied with the verdict of the court of appeal, the EFCC appealed to the Supreme Court, arguing that the Federal High Court had rightly ordered the confiscation under the relevant provisions of the law.

In its unanimous ruling, the Supreme Court ruled in favor of the anti-corruption agency, overturned the Court of Appeal’s decision and reinstated the Federal High Court’s ruling, saying the assets should remain permanently confiscated from the Federal Government.

The Supreme Court held that the properties, funds and share certificates were reasonably suspected to have been acquired with the proceeds of illegal activities and were therefore liable to confiscation.

Among the confiscated assets are seven high-value properties located in Lagos and Delta States.

They include a fully detached duplex at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot of land measuring 1,919,592 square meters at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow a No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.

Also seized was an industrial complex under construction on 22 plots of land in Agbor, Delta state; eight undetected residential units on a plot of 2,457.60 m2 No. 8A Adekunle Lawal Road, Ikoyi; and a full duplex with all its appurtenances on a plot of 2,217.87 m2 in 2A Bank Road, Ikoyi.

The apex court also affirmed the forfeiture of $2,045,000 (two million and forty-five thousand US dollars) and share certificates of Queensdorf Global Fund Limited to the federal government.

The confiscation proceedings were initiated by the EFCC through its Director of Public Prosecutions, Rotimi Oyedepo, SAN, under section 17 of the Advance Fee Fraud and Other Fraud Related Offenses Act, 2006, and section 44(2)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

The Commission initiated the proceedings as an in rem action, seeking the confiscation of assets which it reasonably suspected had been acquired with the proceeds of illicit activities.

The application was supported by an affidavit filed by EFCC Investigating Officer David Jayeoba, who told the court that investigations had established reasonable grounds to believe that the properties, funds and share certificates were acquired through illegal means.

The anti-corruption agency called on the court to order its permanent confiscation in accordance with the legal provisions regulating proceeds of crime.

Post views:
180