The Federal High Court in Lagos has delivered a significant ruling, ordering the permanent forfeiture of substantial assets to the Federal Government. These assets, comprising a warehouse and 54 steel containers situated on a sprawling 1.925-hectare plot along the Lagos-Ibadan Expressway in Magboro, Ogun State, are linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria. The forfeiture follows an application by the Economic and Financial Crimes Commission (EFCC) and underscores the ongoing efforts to combat financial crimes and recover illicitly acquired assets.
The court’s decision, presided over by Justice Deinde Dipeolu, culminates a legal process initiated by the EFCC. Initially, the court granted an interim forfeiture order on November 28, 2024, providing an opportunity for any individual or entity with a legitimate claim to the property to come forward. The EFCC, as directed by the court, publicized the interim order in a national newspaper to ensure wide dissemination and allow potential claimants to present their case. However, despite the public notice, no individual or organization stepped forward to challenge the forfeiture.
At the subsequent hearing on Thursday, EFCC counsel, Rotimi Oyedepo, informed the court of the commission’s compliance with the publication directive. He then proceeded to urge the court to grant the final forfeiture order, citing legal provisions that empower the court to take such action. Oyedepo specifically referenced Section 44(2)(B) of the Nigerian Constitution (as amended), Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, and the court’s inherent jurisdiction as the legal basis for the permanent forfeiture.
The EFCC’s application argued that the warehouse and containers were suspected to have been acquired using proceeds derived from unlawful activities, thereby justifying their seizure and transfer of ownership to the Federal Government. Justice Dipeolu, having reviewed the EFCC’s submissions, accompanying documentation, and noting the absence of any contesting claims, granted the application. The court’s order effectively transfers ownership of the substantial assets to the Federal Government, marking a significant victory in the fight against financial crime.
This case highlights the importance of legal mechanisms in recovering assets suspected to have been acquired through illicit means. The EFCC’s proactive approach, coupled with the court’s meticulous adherence to legal procedures, demonstrates a robust framework for addressing financial crimes and ensuring accountability. The forfeiture of these assets sends a strong message that the acquisition of wealth through illegal activities will not be tolerated. Furthermore, it reinforces the commitment of Nigerian authorities to uphold the rule of law and combat corruption.
The final forfeiture of these assets, linked to a prominent figure like the former Central Bank Governor, underscores the seriousness with which financial crimes are being addressed in Nigeria. The successful conclusion of this case serves as a deterrent and reinforces the importance of transparency and accountability in the management of public resources. The recovered assets will now be under the control of the Federal Government, which will determine their appropriate disposition in accordance with the law. This case exemplifies the crucial role of the judiciary in upholding justice and promoting a fair and equitable society.
