The Federal High Court in Lagos, on Friday, ruled for the final forfeiture of $2.045 million, seven premium landed properties, and share certificates tied to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Justice Deinde Dipeolu issued the ruling after determining that neither Emefiele nor any other claimant contested the interim forfeiture order.
The forfeiture includes two share certificates of Queensdorf Global Fund Limited Trust and seven high-value properties, which the Economic and Financial Crimes Commission (EFCC) argued were not linked to any verifiable lawful earnings from Emefiele’s time at Zenith Bank or the CBN.
Justice Dipeolu held that Emefiele had not provided documentation or any legitimate source of funds to substantiate his acquisition of the properties. 
Emefiele, who has consistently denied any connection to the implicated companies through which the properties were purchased, did not appear in court to defend his ownership claims.
The companies—Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited, and SDEM Erectors Nigeria Limited—also failed to challenge the forfeiture.
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 authorized the EFCC to take custody of the cash sum of $2.045million temporarily, 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.
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