Crime

Court Orders Forfeiture of N11.14 Billion in Properties Tracrably to Former CBN Gov, Emefiele

Published by Tope Fakinlede on June 5th, 2024.

Court Orders Forfeiture of N11.14 Billion in Properties Tracrably to Former CBN Gov, Emefiele

On Wednesday, the Federal High Court in Lagos issued an interim forfeiture order for properties worth N11.14 billion linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

According to POLITICS NIGERIA, Justice Chukwujekwu Aneke granted the order following a motion ex parte submitted by Rotimi Oyedepo, a Senior Advocate of Nigeria and counsel for the Economic and Financial Crimes Commission (EFCC).

The court’s directive requires the temporary forfeiture of these properties to the Federal Government.

Oyedepo told the court that Emefiele is believed to have acquired these valuable properties, mainly situated in upscale areas of the Federal Capital Territory, Abuja, through proxies using proceeds from fraudulent activities. The EFCC also identified three CBN employees—Makinde Olubunmi, Obayemi Teben, and Adebayo Akomolafe—as accomplices. These individuals allegedly leveraged their positions to secure retail and special foreign exchange allocations for various companies in return for kickbacks.

Justice Aneke also directed the EFCC to publish the forfeiture order in a newspaper, giving any interested parties the opportunity to contest the final forfeiture order.

The case has been adjourned to June 21 for the hearing on the motion for final forfeiture.