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Court Orders Seizure of Assets Linked to Former CBN Governor

A Federal High Court in Ikoyi, Lagos, has ordered the temporary forfeiture of $4.7 million, N830.8 million, and multiple properties linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria.

The ruling was issued on Friday by Justice Yellim Bogoro following an ex-parte motion by Economic and Financial Crimes Commission (EFCC) lawyers Bilkisu Buhari and C.C. Chineye.

The seized funds, held in various bank accounts, were associated with individuals and companies including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

The properties ordered to be forfeited include: A 94-unit, 11-storey building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos, AM Plaza, an 11-storey office building at 1E Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos, Imore Industrial Park 1 on Esa Street, purchased with Deep Blue Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos, Mitrewood and Tatler Warehouse (a furniture plant in Bogije), near Elemoro, Lagos, Two properties in Lakes Estate, Lekki, purchased from Chevron Nigeria’s closed PFA Fund

Other properties include: A plot measuring 1,038 square meters at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; An estate located at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos; A property at 8 Bayo Kuku Road, Ikoyi, Lagos

The EFCC sought the interim forfeiture under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Constitution, suspecting the funds and properties were proceeds from illegal activities. They also requested the order be published in a national newspaper to notify any interested parties, who have 14 days to contest the forfeiture.

Justice Bogoro, after reviewing the submission and supporting affidavit, granted the motion. The case has been adjourned to July 2, 2024, for the hearing on the motion for final forfeiture.

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