Court Orders Final Forfeiture of N830m, $4.7m, and Properties Linked to Emefiele
A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of ₦830,875,611 (₦830 million), $4,719,054 ($4.7 million), and several properties linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
Justice Yellim Bogoro issued the forfeiture order on Friday, February 21, 2025, following a motion on notice filed by the Economic and Financial Crimes Commission (EFCC). The Commission argued that the funds and assets were proceeds of unlawful activity, citing Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution.
Forfeited Funds and Properties
The forfeited sums were held in multiple bank accounts across First Bank, Titan Bank, and Zenith Bank, operated by individuals and companies linked to Emefiele, including:
Omoile Anita Joy
Deep Blue Energy Service Limited
Exactquote Bureau De Change Ltd
Lipam Investment Services Limited
Tatler Services Limited
Rosajul Global Resources Ltd
TIL Communication Nigeria Ltd
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Properties Seized by the Court
The ruling also affected several high-value properties across Lagos, Nigeria, and Texas, USA, including:
1. 94 units of an 11-storey building under construction at No. 2, Otunba Elegushi 2nd Avenue, Ikoyi, Lagos
2. AM Plaza and an 11-storey office space at 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos
3. Imore Industrial Park 1, Esa Street and Imoore Land in Oriade LCDA, Amuwo Odofin, Lagos
4. Mitrewood and Tatler Warehouse (Furniture Plant at Bogije), near Elemoro, Lagos
5. Two properties acquired from Chevron Nigeria at Lakes Estate, Lekki, Lagos
6. A 1,038 sqm plot of land in Lekki Foreshore Estate, Eti-Osa, Lagos
7. An estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, USA, owned by Lipam Investment Services
8. A land property at No.1 Bunmi Owulude Street (Maruwa), Lekki Phase 1, Lagos
9. A property situated at No. 8 Bayo Kuku Road, Ikoyi, Lagos
Additional Forfeitures
Aside from the forfeited Naira and Dollar accounts, the court also ordered the final forfeiture of:
€20,000 (Twenty Thousand Euros) and £1,999.50 (One Thousand, Nine Hundred and Ninety-Nine Pounds, Fifty Pence) traced to Exactquote Bureau de Change
An investment worth $900,000 (Nine Hundred Thousand Dollars) traced to Anita Joy Omoile in Titan Bank
An investment of $4,414,801.76 (Four Million, Four Hundred and Fourteen Thousand, Eight Hundred and One Dollars, Seventy-Six Cents) traced to Deep Blue Energy Service Limited in First Bank ₦283,086,186.73 (₦283 million) traced to Lipam Investment Services.
Legal and Financial Implications
The forfeiture marks another major step in Nigeria’s anti-corruption fight, particularly in recovering assets allegedly linked to financial misconduct and abuse of power. The EFCC has intensified efforts to trace and recover funds suspected to have been diverted during Emefiele’s tenure as CBN governor.
This ruling also sends a strong message regarding financial accountability in public service and reinforces the government’s stance on economic and financial crimes.
For more updates on this developing story, visit diamondfountainmedia.com.
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