Court Denies Emefiele’s Stay on Asset Forfeiture Case

On Friday, the Federal High Court in Lagos rejected to halt further proceedings in the Economic and Financial Crimes Commission’s (EFCC) petition seeking the confiscation of assets and funds linked to former Central Bank (CBN) governor Godwin Emefiele.

The former banker, through his lawyer, Olalekan Ojo (SAN), had urged the judge to postpone proceedings pending the hearing of an appeal he filed with the Court of Appeal seeking to overturn the court’s temporary forfeiture order.

However, Justice Deinde Dipeolu ruled that interested parties had the right to pursue the Court of Appeal, but this had to be contingent on the trial court’s decision.

The court also stated that an appeal follows a trial court ruling, although in this case, the court made no decision on any application submitted or the substantive grounds in the matter.

Justice Dipeolu therefore denied the appeal brought by counsel to the former CBN governor, Olalekan Ojo (SAN), seeking to stop the court’s proceedings.

At the court’s most recent hearing, Ojo urged the court to postpone further proceedings in the matter until the banker’s appeal was resolved.

“We’re urging your lordship to stay proceedings pending the hearing and determination of the appeal court in order to avoid judicial rascality,” the nobleman stated.

The Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), had, however, protested, stating that no application from Emefiele had been made, and the ruling led to an appeal.

Oyedepo said: “My lord how can the defendant in this case rush to the Court of Appeal because the (Federal High) Court returned the (case) file to the administrative judge for assignment, because the annual vacation of the court ends on the next adjourned date?

“I submit with due respect that the defendant just went to dump mere documents in the registry of the Appeal Court. Therefore, I urge the court to hold that there is no appeal.”

Oyedepo had also argued that the former CBN governor’s appeal cannot stop the proceedings in this matter because the leave of the court was not sought, as the rule of the court has made it mandatory when it is an appeal filed on the ground of mixed fact and law.

Justice Dipeolu then adjourned ruling on the issue till Friday, October 11th.

Temporary Custody

On August 15, 2024, the court authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele.

The ruling followed the EFCC’s assertion via an ex parte application that the money and other items sought to be forfeited were reasonably suspected to be proceeds of unlawful activities.

Justice Akintayo Aluko, sitting as vacation judge. had ordered an interim forfeiture of the cash sum and some landed properties.

The 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 include an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi; and a full duplex with all its appurtenances on a plot measuring 2217.87 sqm at 2a Bank Road, Ikoyi, Lagos.

Justice Aluko further ruled that Emefiele’s two Queensdorf Global Fund Limited Trust share certificates be forfeited.

After granting the application, the judge directed the EFCC to publish the forfeiture notice in a widely circulated national newspaper within 14 days, allowing any interested party to show cause and explain why the money and property should not be forfeited.

However, during the court’s following session, Ojo announced Emefiele’s appearance as an interested party in the suit.

Another lawyer, Chibuzor Opara, has declared his appearance for the occupants of 8a, Adekunle Lawal Road, Ikoyi, Lagos.

Ojo informed the court that he had also filed processes on Emefiele’s behalf to suspend further proceedings in the forfeiture matter.