A federal high court in Lagos has ordered the forfeiture of millions of dollars, vast sums in naira, and several high-value properties linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN). This development is the latest in an ongoing investigation into allegations of financial misconduct during his tenure.
Massive Forfeiture of Assets Justice Yellim Bogoro granted the forfeiture order following a motion by the Economic and Financial Crimes Commission (EFCC). The anti-corruption agency, represented by counsel Bilikisu Buhari, argued that the seized assets were obtained through illicit activities. The court’s decision is based on Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006, as well as Section 44(2)(b) of Nigeria’s 1999 Constitution.
The funds, amounting to approximately $4.7 million and ₦830.9 million, were traced to accounts in multiple Nigerian banks, including First Bank, Titan Bank, and Zenith Bank. These accounts were reportedly managed by various individuals and companies with alleged ties to Emefiele, such as 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.
In addition to these funds, the court ordered the forfeiture of €20,000, £1,999.50, and investments worth $5.3 million linked to the same individuals and entities.
Emefiele’s Troubled Tenure Emefiele, who led the CBN from 2014 until his removal in June 2023, has been at the centre of financial misconduct allegations. His tenure saw the implementation of controversial monetary policies and extensive government borrowing, sparking criticism over the central bank’s independence. Despite the allegations, he has denied any wrongdoing.
The EFCC’s investigation into his financial dealings is ongoing, with this latest court ruling marking a significant step in the legal proceedings against him.
I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
No Comments