In a significant development, the Federal High Court sitting in Lagos has issued a final forfeiture order for properties valued at N11,140,000,000.00 (billion) and N1.04 billion linked to the embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. The court's decision comes after a thorough consideration of a motion filed and argued by the Economic and Financial Crimes Commission (EFCC), represented by its counsel Chineye Okezie, and the subsequent hearing of the case.
Justice Chukwujekwu Aneke, presiding over the case, had previously granted the EFCC's motion for an interim forfeiture of the properties on June 5, 2024. The EFCC's counsel, Rotimi Oyedepo (SAN), presented compelling evidence to the court, suggesting that Emefiele had allegedly acquired the properties through proxy, utilizing the proceeds of fraudulent activities. The EFCC further implicated two current and one former CBN staff as Emefiele's accomplices in the alleged fraud.
The properties in question, predominantly situated in high-end areas of the Federal Capital Territory (FCT), Abuja, have now been permanently forfeited to the Federal Government. To ensure transparency and give interested parties an opportunity to respond, Justice Aneke ordered the EFCC to publish the final forfeiture order in a national newspaper. This publication will provide a platform for any concerned parties to present their case and demonstrate why the final order of forfeiture should not be made.
The EFCC's case was bolstered by a 41-paragraph affidavit deposed to by an EFCC Investigating Officer, Michael John Idoko, which was accompanied by 19 exhibits. Furthermore, a Written Address signed by Chineye Okezie, the counsel for the EFCC, provided additional legal support for the motion. After thoroughly reviewing the evidence and hearing Okezie's motion, Justice Aneke granted the application for final forfeiture.
The properties listed in the forfeiture order were classified by the EFCC into two schedules, A and B. Schedule A includes shops and apartments located in prestigious areas such as Cadastral Zone Maitama and Wuse. These properties, valued at N11,140,000,000.00, were reasonably suspected to have been acquired with proceeds of unlawful activities. On the other hand, Schedule B comprises lands and apartments with a total value of N1.04 billion, which were traced to have been acquired through similar illicit means.
The EFCC's investigations revealed that Obayemi Oluwaseun Teben and Akomolafe Adebayo, both current CBN staff, in collaboration with Olubunmi Makinde, a former CBN staff, played integral roles in the alleged fraud. Their positions and influence within the CBN allowed them to secure retail and special allocations of foreign exchange for various companies in exchange for kickbacks. The affidavit further indicated that Olubunmi Makinde acted as the link between Obayemi Oluwaseun Teben, Akomolafe Adebayo, and the companies applying for the purchase of foreign exchange.
The final forfeiture order marks a significant milestone in the efforts to combat financial impropriety and address alleged fraudulent activities. The court's decision demonstrates a clear commitment to upholding the principles of justice and ensuring that those who engage in illicit practices face the consequences of their actions.
As the legal proceedings continue, it is crucial for interested parties to closely follow the case and exercise their right to respond to the court's order. The publication of the final forfeiture order in a national newspaper serves as an opportunity for any concerned individuals or organizations to present their arguments and provide relevant information before the court makes its final decision.
The Nigerian government, represented by the EFCC, remains resolute in its pursuit of justice and the restoration of integrity in financial matters. It is imperative that the country continues to prioritize accountability and transparency to foster a conducive environment for economic growth and development.
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