The Federal High Court in Lagos has set November 1, 2024, as the date to deliver its ruling on the Economic and Financial Crimes Commission’s (EFCC) request for the final forfeiture of $2.045 million, seven prime properties, and shares associated with former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. On the same day, the court will also address Emefiele’s formal application for a stay of proceedings regarding the case.
This development follows an earlier court ruling on August 15, 2024, that allowed the EFCC to temporarily seize the assets in question. The court directed the EFCC to publish the interim forfeiture order, giving interested parties the opportunity to contest the forfeiture of the funds.
During the resumed hearing on Friday, EFCC counsel Rotimi Oyedepo argued for the final forfeiture of the $2.045 million and the associated share certificates, stating that the interested party had not contested the application. In response, Emefiele’s attorney, Olalekan Ojo, contended that his client had demonstrated, on a balance of probabilities, that the court should not grant the final forfeiture.
Earlier in the proceedings, the court denied Emefiele’s request to stay further proceedings in the case. Emefiele’s legal team sought a stay pending the outcome of an appeal filed with the Court of Appeal, aimed at overturning the temporary forfeiture order issued by the court.
Justice Deinde Dipeolu ruled that interested parties had the right to appeal the trial court’s decisions, but emphasized that the court had not yet made any determinations on the applications or substantive issues related to the case. Consequently, the court dismissed Ojo’s oral application to stay proceedings.
In the last hearing, Ojo argued for a stay to prevent what he termed “judicial rascality,” while Oyedepo countered that Emefiele’s appeal was premature and lacked merit, as the necessary procedures had not been followed. Oyedepo further asserted that the appeal should not impede the current proceedings, given that proper leave from the court had not been obtained for an appeal based on mixed facts and law.
As the case progresses, all eyes are on the upcoming ruling, which may have significant implications for the former CBN governor and the ongoing fight against financial crimes in Nigeria.
