Emefiele to permanently forfeit N12bn property

• Published On: 22 June 2024 at 14:56

The Federal High Court in Lagos has ordered the permanent seizure of properties worth approximately N11.14 billion and N1.04 billion owned by former Central Bank of Nigeria Governor Godwin Emefiele to the federal government.

Justice Chukwujekwu Aneke issued the final forfeiture order on Friday after hearing a motion brought by the Economic and Financial Crimes Commission, which was represented by counsel Chineye Okezie.

The judge further stated: "Having carefully considered the application and submission of counsel, it is hereby ordered as follows: - that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities."

The property comprised businesses and residences in Cadastral Zone Maitama and Wuse.


Aneke continued: "A final forfeiture order of this Honourable Court is, hereby, made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which properties were traced to have been acquired with proceeds of unlawful activities."

The property includes farmland and flats that Oluwaseun paid for in total for N1.04 billion.

According to the affidavit, Obayemi Oluwaseun Teben and Akomolafe Adebayo, who worked with Olubunmi Makinde, "used their positions and influence as CBN staff to secure retail and special allocations of foreign exchange to different companies in exchange for kickbacks."


"OLUBUNMI MAKINDE is the connector between OBAYEMI OLUWASEUN TEBEN and AKOMOLAFE ADEBAYO and the numerous enterprises requesting for foreign exchange purchases.

"That OBAYEMI OLUWASEUN TEBEN and AKOMOLAFE ADEBAYO as staff of the Central Bank of Nigeria have access to the bidding processes and bidding Data of companies who have applied for the approval of form Ms to the CBN through their various commercial banks."

On June 5, 2024, Aneke awarded an interim forfeiture in response to a motion filed by EFCC counsel Rotimi Oyedepo.

Oyedepo told the court that Emefiele was accused of purchasing the desirable homes through a proxy using fraudulent money.

He also named two current and one former CBN employees as Emefiele's accomplices in the alleged scam.

According to the affidavit filed in support of the application, the conspirators include Obayemi Oluwaseun Teben, Akomolafe Adebayo, and former CBN employee Olubunmi Makinde, among others.

The properties are mostly situated in affluent neighbourhoods of the Federal Capital Territory, Abuja.


The judge ordered the EFCC to publish the decision in a national newspaper, requesting any interested parties to explain why the final forfeiture judgement should not be given.

The judge then scheduled a hearing on the motion for final forfeiture.

On June 21, no party appeared in court to challenge the temporary ruling. Consequently, Chineye Okezie proceeded on with her motion for permanent forfeiture.

After analysing EFCC Investigating Officer Michael John Idoko's 41-paragraph affidavit, 19 attached exhibits, and Okezie's signed written address, Justice Aneke granted the application for permanent forfeiture.

The EFCC classified the properties under two schedules: A and B.