Justice Deinde Dipeolu of the Federal High Court in Lagos has set November 1, 2024, to decide on the EFCC’s request for the final forfeiture of $2.045 million and assets linked to ex-CBN Governor, Godwin Emefiele.
The court will also rule on the application filed by Emefiele challenging the jurisdiction of the court to entertain the forfeiture proceedings.
The court had on August 25, 2024, authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties, and shares linked to Emefiele.
In granting the application, the court had directed the EFCC to publish the order of interim forfeiture for any person interested in the funds to show the cause why it should not be finally forfeited to the FG.
At the resumed hearing on Friday Rotimi Oyedepo (SAN), who led Bilkisu Buhari-Bala and C.C Okezie counsel for the EFCC, moved an application for the final forfeiture of the sum of $2.045m, as well as share certificates, which he said was not contested by the interested Party.
On the properties sought to be forfeited, Oyedepo submitted that the party interested failed to connect his lawful earnings from Zenith Bank and the Central Bank of Nigeria (CBN) to the acquisition of the properties sought to be forfeited.
He stated that the totality of the amount the party interested lawfully earned and saved before the assumption of office as CBN Governor as declared by him was not used for the acquisition of the properties sought to be forfeited.
Oyedepo further adopted his written address dated August 29, 2024, and urged the court to order the final forfeiture of the properties to the Federal Government.
In his opposition, Mr. Olalekan Ojo, counsel to the interested Party (Emefiele), who led Labi Lawal urged the court to hold that the interested party has shown in a balance of probability that the court ought not to grant final forfeiture of the properties.
He adopted his written address and urged the court to refuse the application.
Earlier, in his application challenging the jurisdiction of the court to continue with the forfeiture proceedings, Olalekan Ojo (SAN) urged the court to stay further proceedings pending final determinations of the charges filed by the EFCC against Emefiele before the Federal High Court in Abuja and at the Lagos State High Court.
Citing several legal authorities to buttress his argument, Ojo argued that the decision of the court will affect ongoing trials at the Federal High Court, Abuja, and the Lagos State High Court respectively.
However, Oyedepo in his reply urged the court to discountenance the argument, adding the court had held on several occasions that the penance of a charge, will not prevent the court from making final forfeiture of properties reasonably suspected to be proceeds of unlawful activity.
Justice Akintayo Aluko had on August 15 ordered an interim forfeiture of $2.045 million, and some landed properties allegedly linked to Emefiele following an ex-parte application by the Economic and Financial Crimes Commission (EFCC).
The judge granted the forfeiture order, after hearing EFCC counsel, Mr. Rotimi Oyedepo (SAN).
Other properties ordered to be forfeited by the court include 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.
The judge also ordered that two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele be temporarily forfeited.
After granting the motion, Justice Aluko further ordered the EFCC to publish the forfeiture notice in a well-circulated national newspaper within 14 days, for any interested party to show cause and tell the court why the money and properties should not be finally forfeited.