Court of Appeal in Lagos has nullified the final forfeiture order issued on assets owned by Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN).
Gatekeepers News reports that the appellate court set aside the judgment of the Federal High Court, which had granted the Economic and Financial Crimes Commission (EFCC) the right to permanently seize Emefiele’s luxury properties, $2,045,000 in cash, and shares in Queensdorf Global Fund Limited.
The EFCC had alleged that these assets were proceeds of unlawful activities. However, Emefiele’s counsel argued that the trial court failed to properly evaluate his affidavit evidence and didn’t acknowledge his legitimate interest in the assets.
The appellate court ruled that the conflicting evidence required a proper trial, including oral testimony, to determine the legitimacy of the assets.
The court ordered a retrial, emphasising the need for oral testimony and cross-examination of witnesses to resolve disputed facts.
While the court set aside the forfeiture order for most of the assets, it upheld the forfeiture of $2,045,000 to the federal government.
The assets in question include several luxury properties in Lagos and Delta State, including duplexes, a bungalow, and an industrial complex under construction.
Emefiele’s counsel had argued that the trial court should have considered Emefiele’s legitimate earnings from his career at Zenith Bank and as CBN governor.
