Headline
Court Orders Final Forfeiture Of $2.04m, Properties Linked To Emefiele
The Federal High Court sitting in Lagos on Friday ordered the final forfeiture of the sum of $2.045m, seven choice landed properties and share certificates linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele.
Justice Deinde Dipeolu ordered the permanent forfeiture of the monies and the two share certificates of Queensdorf Global Fund Limited Trust, after holding that the former CBN governor or any other interested party did not contest same after the initial interim forfeiture.
The court also forfeited the seven choice landed properties on the ground that the former CBN Governor, Emefiele,was not able to connect his lawful earnings from Zenith Bank and the Central Bank of Nigeria (CBN) to the acquisition of the properties.
The court held that the former CBN Governor failed to provide documents or links to show that he owned the properties.
Emefiele had denied any connection between him and the companies in whose names the properties were purchased and the companies had also failed to appear before the court to claim the properties.
The EFCC had listed the companies as; Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited and SDEM Erectors Nigeria Limited.
Justice Dipeolu held, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies does not want to come to light.”
The judge further held “that the interested party has failed to demonstrate any lawful interest in the properties and that they were aquired from his legitimate earnings”.
“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties…which are reasonably suspected to have been acquired with proceeds of unlawful activities.”
The properties are: two fully detached duplexes of identical structures, lying being and situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, (Formerly Queens Drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Others are an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a full duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.
On August 15, 2024, the court had authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele after hearing an Exparte application filed by lead counsel to the Commission, Rotimi Oyedepo (SAN).
The court’s ruling followed the EFCC’s assertion that the money and other items sought to be forfeited were reasonably suspected to be proceeds of unlawful activities
However, counsel to Emefiele, Olalekan Ojo (SAN), had urged the court to stay proceedings and not grant the final forfeiture of the properties.
Tinubu, represented by Vice President Senator Kashim Shettima at a formal reception in Uyo on Saturday, welcomed the governor and his supporters to the ruling party.
He pledged that Governor Eno would not be abandoned and would have no regrets about joining the APC.
According to Shettima, “The strength of any political party comes not from division, but from unity of purpose. We are here today because we understand that enduring power lies in standing together, not in isolation or internal strife.”
He emphasized that the APC is a party of the people, saying, “We believe in building bridges, not walls; in mending fences, not erecting new ones. Above all, we know that the strength of a political party lies in its people — the people are the party.”
Speaking directly to Governor Eno, Shettima added: “President Tinubu is a bridge-builder and a democrat. Your decision to join the APC is one you will never regret. You will not be humiliated or forsaken. You are home.”
Speaking through Ghana’s Finance Minister at the West Africa Economic Summit (WAES) in Abuja on Saturday, President Mahama warned that economic integration and trade cannot thrive in an atmosphere of political instability.
“Trade cannot flourish where democracy is in retreat. Investment does not land where governance is broken.
“The recent wave of instability and military takeovers in our region is not just a security concern—it is an economic emergency. We must defend democracy as a prerequisite for prosperity.
“Let West African leaders recommit to constitutional order—not as an abstract ideal, but as a practical requirement for growth. We cannot unlock trade while our region is locked in conflict,” Mahama was quoted as saying.
In January 2025, ECOWAS formally acknowledged the withdrawal of Niger, Mali, and Burkina Faso—now members of the Alliance of Sahel States—following tensions rooted in the 2023 Niger coup.
To this end, Mahama called for the creation of an ECOWAS Charter on Democratic Stability and Economic Development, linking good governance with access to regional investment support.
The president urged leaders to recommit to constitutional order as a practical foundation for development, rather than merely a political ideal.
Akpabio said this on Saturday at the Godswill Akpabio International Stadium, Uyo, the Akwa Ibom capital, during the official reception of Umo Eno to the APC.
“Governor Sheriff of Delta State thank you for joining the progressive family and moving the South South in a progressive direction.
“Governor Umo Eno, after you, Rivers State will just tumble, after Rivers State, Bayelsa will join.
“We won election with Governor Otu in Edo State and we produced an amiable Monday Okpebholo, congratulations once again for your victory.”
In April, Eno had hinted at leaving the Peoples Democratic Party, PDP, for APC.
The governor had blamed the internal crisis within the PDP for his decision to leave the party for APC.
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