Final Forfeiture: Court Seizes $4.7m, N830m, and Multiple Properties Linked to ex-CBN Governor Emefiele

A Federal High Court sitting in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and an extensive collection of properties linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

The ruling, delivered by Justice Yellim Bogoro, comes after a lengthy legal battle initiated by the Economic and Financial Crimes Commission (EFCC), which alleged that the seized funds and assets were proceeds of unlawful activities during Emefiele’s tenure as Nigeria’s apex bank chief.

The court also ordered the final forfeiture of investments worth $900,000 traced to Anita Joy Omoile, a close associate and relative of Emefiele, further underscoring the financial irregularities that characterized his time in office.

The ruling follows an earlier interim forfeiture order issued in May 2024, which mandated the EFCC to publish the order in a national newspaper to allow interested parties to contest the forfeiture. However, with no substantial challenge mounted against the commission’s claims, the court has now ruled in favor of the federal government, effectively stripping Emefiele and his associates of the assets in question.

Justice Bogoro, while delivering his judgment, strongly condemned the activities of the former CBN governor and his associates, stating that their financial dealings were not the result of legitimate business activities. The judge pointed out that the country’s sudden scarcity of dollars following Emefiele’s removal from office in 2023 was a clear indication of financial mismanagement and abuse of power, emphasizing that the transactions leading to the accumulation of the seized wealth were unlawful.

The final forfeiture order extends to a series of luxurious properties and prime real estate holdings, including a 94-unit, 11-floor building in Ikoyi, an 11-floor office space in Lekki, an industrial park in Amuwo Odofin, and an estate in Texas, USA. Additionally, Emefiele and his associates have forfeited millions of naira deposited across multiple bank accounts in First Bank, Titan Bank, and Zenith Bank, all linked to various entities and individuals connected to the former apex bank chief.

Emefiele, who served as CBN governor from 2014 to 2023, was once regarded as one of the most powerful financial figures in Nigeria. However, his tenure was fraught with allegations of financial mismanagement, corruption, and abuse of office, which ultimately led to his dramatic fall from grace.

During his time at the helm of Nigeria’s apex bank, Emefiele was accused of reckless monetary policies, unauthorized forex transactions, and secret allocations of funds that allegedly benefited a select group of individuals. One of the most controversial claims against him was the misappropriation of billions of dollars in forex transactions, which the EFCC is currently investigating.

His handling of Nigeria’s financial sector was further criticized when it was revealed that under his leadership, the CBN engaged in opaque dealings with Bureau de Change operators, allegedly leading to the massive depletion of the country’s foreign reserves. The EFCC also suspects that he played a key role in manipulating foreign exchange rates, which created artificial scarcity and fueled economic hardship for millions of Nigerians.

Beyond financial crimes, Emefiele was also accused of partisan politics, a move that many believe directly led to his fallout with President Bola Ahmed Tinubu. His decision to contest the 2023 presidential election under the All Progressives Congress (APC) while still serving as the CBN governor raised serious ethical and legal concerns. Despite denials from Emefiele, reports indicated that he was actively involved in political scheming and had mobilized significant financial resources to fund his political ambitions.

This political ambition is believed to have been a major catalyst behind one of the most controversial policies of his tenure—the Naira redesign policy, which was implemented just months before the 2023 general elections. The policy, which saw the sudden and poorly executed demonetization of old naira notes, led to a nationwide cash crisis, causing immense hardship for Nigerians.

Critics, including then-candidate Bola Tinubu, accused Emefiele of weaponizing monetary policy to sabotage his presidential bid by starving the political system of cash.

Tinubu, who was running under the APC, openly suggested that the CBN’s policy was politically motivated, as it disproportionately affected his campaign structure, which relied on mobilizing supporters at the grassroots level. Other politicians, including members of the APC, also condemned the policy, labeling it as a deliberate attempt to influence the election outcome.

The backlash against the naira redesign policy was swift and severe, erupting across the country as Nigerians struggled to access cash, businesses suffered, and the informal economy grounded to a halt. The Supreme Court later ruled that the policy was unlawful, further tarnishing Emefiele’s legacy.

Following Tinubu’s election victory, one of his first major moves was to remove Emefiele from office in June 2023. This decision marked the beginning of Emefiele’s legal troubles, as security agencies immediately placed him under investigation. The Department of State Services (DSS) arrested him shortly after his suspension, and he has since faced multiple legal battles on charges ranging from corruption, and abuse of office, to economic sabotage.

With the court’s ruling now finalized, the federal government is set to repossess and potentially repurpose the forfeited assets, including the luxurious properties, foreign investments, and millions of dollars seized from Emefiele and his associates. The EFCC’s victory in securing the final forfeiture order is being hailed as a major step in Nigeria’s ongoing anti-corruption drive, particularly in efforts to recover stolen public funds.

However, despite this forfeiture, there are concerns about whether Emefiele will face full legal consequences for his actions. Nigeria has a long history of high-profile corruption cases ending without convictions.

While the forfeiture of assets provides a symbolic victory, many are demanding that Nigeria’s judicial system go beyond asset recovery to ensure that those responsible for economic mismanagement and financial crimes face real consequences, including imprisonment.

For now, Emefiele remains embroiled in multiple legal battles, with the EFCC intensifying its investigations into other financial transactions tied to his tenure. The agency has hinted at the possibility of further charges, including more revelations regarding the mismanagement of Nigeria’s foreign reserves and unauthorized financial dealings under his leadership.

However, the former CBN governor has denied any involvement with the forfeited properties. In a statement on Friday by Olawale Fapohunda on behalf of his legal team, Emefiele distanced himself and his immediate family from ownership of the said properties and funds.

He said a part of the assets belong to his relatives, but asked those associating him and his immediate family with the assets to stop doing so in the interest of fairness.

“Our attention has been drawn to recent news reports indicating that Justice Bogoro of the Federal High Court, Ikoyi, Lagos, has granted a final forfeiture order on certain properties allegedly linked to one Anita Joy Omoile and her companies, including DeepBlue Energy Limited,” the statement reads.

“It is important to clarify that DeepBlue Energy Limited, established in 2009, is owned by a relative of our client, Mr. Godwin Emefiele, but not by Mr. Emefiele himself.

“For the avoidance of any doubt, we, as the legal representatives of Godwin Emefiele, categorically disassociate our client from the ownership of the assets in question.

“For emphasis, the assets in question do not belong to our client or any member of his immediate family.

“Furthermore, information reaching us suggests that Justice Aneke of the same Federal High Court, Ikoyi, Lagos, had previously discharged an interim forfeiture order on the same assets now forfeited by Honourable Justice Bogoro.

“We urge all stakeholders and members of the public to take note of this clarification and stop associating these assets with Mr. Godwin Emefiele.”