Economy
Court Nullifies Final Forfeiture Of Emefiele’s Properties, Orders Retrial
Court Nullifies Final Forfeiture Of Emefiele’s Properties, Orders Retrial
Court nullifies final forfeiture of Emefiele’s properties, orders retrial. The court of appeal in Lagos has overturned the final forfeiture order issued on assets owned by Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).
BACKGROUND
On November 1, 2024, Deinde Dipeolu, judge of a federal high court in Lagos, ordered the permanent forfeiture of monies (including $2.045 million), seven choice landed properties and the two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele, to the federal government.
The assets were said to be reasonably suspected to have been acquired with proceeds of unlawful activities.
The forfeited properties include two fully detached duplexes of identical structures situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592 sqm 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 are an industrial complex under construction on 22 plots of land in Agbor, Delta state; eight units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.
THE RULING
Dissatisfied with the high court’s decision, Emefiele, through his counsel, Olalekan Ojo, challenged the final forfeiture order.
In the appeal marked CA/LAG/CV/1051/24, Emefiele raised five issues for determination, including a question on whether the trial judge adequately evaluated the totality of the affidavit evidence before granting the EFCC’s motion for the final forfeiture.
Among several arguments raised, Rotimi Oyedepo, EFCC counsel, said the “appellant did not produce single evidence on how He acquired the forfeited properties but only placed the purported income he received from Zenith Bank and Central Bank before the court and that how he used the funds to acquire the properties were not shown to the court”.
He added that Emefiele did not show the court a shred of evidence of transfer of legitimate funds from him to the sellers of the properties.
Oyedepo added that none of the properties was acquired in the name of the appellant as submitted by his counsel, but rather they were acquired in various company names, which do not have Emefiele as a shareholder or director.
“The companies in whose names the properties were acquired did not challenge the forfeiture of the properties,” Oyedepo added.
Delivering judgment on April 9, 2025, two of the three-member panel of justices of the appellate court set aside the trial court’s judgment and ordered a retrial of the case at the lower court.
In the majority judgment delivered by Abdulazeez Anka, the court held that it was convinced that the legitimate earnings of the appellant could acquire the properties.
“These funds are the legitimate earnings of the appellant as provided and the contention of the appellant as I do comprehend is that from his earnings from the days he was at Zenith Bank up to his career as CBN governor for 10 years in office, he can be able to afford the said properties in contention,” Anka held.
“In effect, the court hereby sets aside the final forfeiture order made by the trial court of 1st November 2024.”
Court Nullifies Final Forfeiture Of Emefiele’s Properties
Anka, however, noted that the appellant did not contest the forfeiture of the $2,045,000 forfeited to the federal government.
“Hence, the final forfeiture against the said sum of $2,045,000 to the FGN is hereby affirmed,” he ruled.
“From the totality of all I’m stating, the appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence at the trial court.
“It is also hereby ordered that the case be remitted to the trial court for a rehearing.”
Economy
Nigeria’s Diversity is Our Strengthen, Unity Must Remain Our Greates Asset, Says Minister Mohammed Idris
Nigeria’s Diversity is Our Strengthen, Unity Must Remain Our Greates Asset, Says Minister Mohammed Idris
The Honourable Minister of Information and National Orientation, Mohammed Idris, has described Nigeria’s diversity as a source of strength, urging citizens to promote unity and mutual understanding, noting that what binds Nigerians together is far greater than what divides them.
Eereporter.com
Idris stated this on Friday, August 14, 2026, when he attended the wake-keep of the late Ukandi Placidus Ugar Ogar in Obudu, Cross River State, alongside family members, friends, and dignitaries, including the Deputy Governor of Cross River State, Rt. Hon. Peter Odey; former Governor of Cross River State, Senator Prof. Ben Ayade; Chief of Staff to the Governor of Cross River State, Dr. Emmanuel Ironbar; and the Cross River State Commissioner for Lands, Dr. Erasmus Ekpang.
The late Ukandi Placidus Ugar Ogar, who died at the age of 76, was an elder brother to Senator Ayade and Dr. Frank Ayade.
The Minister said the gathering reflected the richness of Nigeria’s diversity and the ability of citizens from different backgrounds to unite in solidarity.
“What I have seen today is the diversity of Nigeria and how it can be further harnessed to promote unity in this country. Nigerians from all walks of life are Nigerians first. Therefore, we must celebrate them wherever they are,” he said.
While expressing condolences to the bereaved family, Idris noted that the occasion also provided an opportunity to honour a life that fostered unity among people.
“It is a moment of sorrow that he has passed on, but also a moment of gratitude that he lived a worthy life, one that helped bring people together,” the Minister said.
He called on Nigerians to continue to promote unity and shared values, while leveraging the country’s diverse cultures and traditions as assets for national development.
“We must strengthen our unity, uphold our shared values, and also see our diversity as a resource that can contribute meaningfully to the growth of our economy,” he said.
Mohammed Idris
Idris reaffirmed that Nigeria’s strength lies in its people and their collective ability to rise above differences in pursuit of the common good.
Rabiu Ibrahim, mnipr
Special Assistant (Media) to the Honourable Minister of Information and National Orientation
Saturday, August 15, 2026
Eereporter.com
NNPC’s Bebenimibo Receives SPE Nigeria Council Chairman’s Medallion
We congratulate Ebifagha Bebenimibo, Reservoir Engineer, NNPC E&P Limited, on receiving the SPE Nigeria Council Chairman’s Medallion at the Dinner and Awards Night of the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE) 2026 in Lagos. Eereporter.com
The Medallion is conferred by the SPE Nigeria Council Chair on selected individuals for their leadership and service to the Council within the board year. Bebenimibo serves as Student Programs Chair, with oversight of more than 14,000 students across 51 tertiary institutions, and led this year’s students’ conference, which secured internship placements for students, ran field trips for over 300 student delegates across three locations, and returned more than 8 million naira to the Society through cost savings.
Bebenimibo
At NNPC Limited, our core values are Integrity, Excellence, and Sustainability. Delivering a national student programme of that scale while handling a full technical role defines Excellence in action. Eereporter.com
NNPC Limited, Nembe E&P Discuss Higher Output from OML 29
NNPC Limited has held talks with Nembe Exploration and Production Company Limited on raising output from the joint venture the two companies run.
Eereporter.com
The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, received the Group Managing Director of Nembe Exploration and Production Company Limited, Mr. Victor Okoronkwo, at the NNPC Towers, Abuja, recently.
NNPC Limited
Discussions centred on current production on OML 29 and the work required to lift volumes. Nembe E&P is the operator of OML 29, the largest onshore block in Sub-Saharan Africa with an area extent of 990 sq. km.
Eereporter.com
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