The Federal High Court in Lagos has ordered the final forfeiture of properties valued at over N12.18 billion, linked to former Central Bank of Nigeria Governor, Godwin Emefiele.

Justice Chukwujekwu Aneke made this decision after hearing an application from the Economic and Financial Crimes Commission, represented by its counsel, Chineye Okezie.

On June 5, 2024, the court had already granted a temporary forfeiture of the properties. EFCC’s lawyer, Rotimi Oyedepo, informed the court that Emefiele was suspected of buying these properties using proxies, with proceeds from fraudulent activities. The properties are mainly located in high-end areas of the Federal Capital Territory, Abuja.

The EFCC accused two current CBN staff members, Obayemi Oluwaseun Teben and Akomolafe Adebayo, and a former CBN staff member, Olubunmi Makinde, of being Emefiele’s accomplices in the alleged fraud.

According to the affidavit, these individuals used their positions at the CBN to secure foreign exchange allocations for various companies in exchange for kickbacks.

Justice Aneke had previously ordered the EFCC to publish the interim forfeiture in a national newspaper, allowing any interested parties to contest it. However, no one came forward to contest the interim order.

On June 21, EFCC’s counsel, Chineye Okezie, moved forward with the application for permanent forfeiture. After considering a 41-paragraph affidavit from EFCC Investigating Officer Michael John Idoko, and hearing Okezie’s arguments, Justice Aneke granted the application.

The properties were listed in two schedules, A and B. The judge stated, “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”

For Schedule B, Justice Aneke added, “That a final forfeiture order of this Honourable Court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which properties were traced to have been acquired with proceeds of unlawful activities.”

The forfeited properties include shops, apartments in Maitama and Wuse, and lands and apartments valued at N1.04 billion, paid for on behalf of Oluwaseun.

According to the EFCC, Oluwaseun, Adebayo, and Makinde used their positions to manipulate the bidding process for foreign exchange at the CBN, providing foreign exchange to companies in exchange for bribes.