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Court Orders Final Forfeiture Of $2.04m, Properties Linked To Emefiele

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A Federal High Court in Lagos has ordered the final forfeiture of assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

These assets include $2.045 million, seven high-value properties, and share certificates of Queensdorf Global Fund Limited Trust.

Justice Deinde Dipeolu’s ruling came after Emefiele and other interested parties failed to contest the initial interim forfeiture order.

The court found that Emefiele could not adequately explain the source of funds used to acquire the properties, despite his previous employment at Zenith Bank and the CBN.

Emefiele had denied any connection between him and the companies in whose names the properties were purchased and the companies had also failed to appear before the court to claim the properties.

The EFCC had listed the companies as; Amrash Ventures Limited, Modern Hotels Limited, Finebury Properties Limited, Fidelity Express Services Limited, H & Y Business Global Limited and SDEM Erectors Nigeria Limited.

Justice Dipeolu held, “the conclusion that can be deduced is that there must be something dark about the acquisition of the properties which Emefiele and the companies does not want to come to light.”

The judge further held “that the interested party has failed to demonstrate any lawful interest in the properties and that they were acquired from his legitimate earnings”.

“I therefore order the final forfeiture to the Federal Government of Nigeria of all those properties…which are reasonably suspected to have been acquired with proceeds of unlawful activities.”

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

On August 15, 2024, the court had authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele after hearing an Exparte application filed by lead counsel to the Commission, Rotimi Oyedepo (SAN).

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

However, counsel to Emefiele, Olalekan Ojo (SAN), had urged the court to stay proceedings and not grant the final forfeiture of the properties.

BIG STORY

UPDATE: Nigerian Police File 12 Fresh Cybercrime Charges Against Dele Farotimi [PHOTOS]

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The Nigerian Police have brought new cybercrime charges against detained human rights lawyer, Dele Farotimi.

The additional 12-count charge was filed on Friday, December 6, 2024, before a Federal High Court sitting in Ado-Ekiti.

This comes after 16 charges were previously filed against Farotimi by the Police on Wednesday.

It will be recalled that the human rights lawyer was arrested in Lagos on Tuesday, December 3, 2024, by operatives of the Ekiti State Police Command.

The following day, he was arraigned in a magistrate court in Ado-Ekiti on a 16-count charge of defamation of character against Senior Advocate of Nigeria (SAN) Afe Babalola, who was mentioned in his book, ‘Nigeria and its Criminal Justice System’.

In his ruling, Magistrate Abayomi Adeosun remanded Farotimi in prison custody until December 10.

In the latest charges, Farotimi is accused of making defamatory statements on Seun Okinbaloye’s podcast, based on content in his book, ‘Nigeria and Its Criminal Justice System’.

He is further accused of intimidating and maligning Afe Babalola during the podcast.

The lawyer was also charged with publicly discussing details of legal actions taken against him during a press conference on December 2, 2024, prior to his arrest on December 3, 2024.

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BIG STORY

Taraba Governor’s Sister “Accidentally Shot By Police Escort” During Gunmen Attack

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Atsi Kefas, the sister of Agbu Kefas, the governor of Taraba State, was reportedly shot by a police escort during an attack by gunmen on Thursday.

According to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, Jumai, the governor’s mother, and Atsi were traveling along Kente Road in Wukari LGA of Taraba State when they were attacked.

The publication stated that a police officer assigned to escort the family “accidentally shot Atsi” while attempting to fend off the assailants.

Following the attack, troops rescued the victims and evacuated both Jumai and Atsi Kefas from the scene using an air ambulance.

The injured sister was rushed to the hospital for treatment, and her condition remains undisclosed at the time of this report.

The vehicle used by the gunmen was recovered by security forces, along with an empty magazine, and the luggage of the passengers was found in the vehicle.

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BIG STORY

Governor Sanwo-Olu Seeks Investors For Proposed $1.9bn Purple, Green Rail Line Projects

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Babajide Sanwo-Olu, the governor of Lagos, announced that he is seeking investors for the proposed $1.9 billion purple and green rail lines.

Sanwo-Olu made the statement on Thursday at the ongoing Africa Investment Forum (AIF) Market Days in Rabat, Morocco.

Discussing the state’s investment strategy for the purple rail line, Sanwo-Olu emphasized that the project presents a strong investment opportunity with promising returns.

The governor expressed enthusiasm about moving forward with the project, stating that his administration is ready to be flexible with investors to ensure its successful delivery.

He added that the purple rail line would connect Lagos and Ogun states.

“The purple rail line is a 60 km electrified rail system that will include 16 stations and seamlessly integrate with existing metro and bus services to enhance connectivity,” Sanwo-Olu said.

“It is projected to serve over 300,000 passengers daily, significantly reducing greenhouse gas emissions by encouraging a shift from road to rail transportation.”

Sanwo-Olu informed potential funders that the immediate requirement is $866.05 million, which will cover survey and design, as well as civil works.

He outlined a short-to-medium-term funding projection of $602.81 million and a long-term funding plan of $497.7 million.

The governor highlighted that the state is working toward a transportation master plan aimed at creating a brighter, more effective, efficient, sustainable, and safer system.

He emphasized the state’s focus on integrated transportation systems and mass transit solutions to reduce traffic congestion and commuting time, ultimately improving the health and wellbeing of residents.

He further explained that each corridor features a bus rapid transit (BRT) system and waterway routes, designed to take commuters off the major roads and alleviate traffic.

“Two of the stations that were built on the same line are also connected with water, rail and BRT altogether,” he said.

  • ‘THERE WOULD BE NO BACKLASHES, DISPLACED PERSONS WOULD BE COMPENSATED’

Sanwo-Olu assured investors that the state is committed to ensuring there would be no disruptions or backlash from displaced communities.

“The government would even pay compensations to displaced persons where necessary, so no additional burden is brought to would-be funders,” he added.

“We don’t want to lock in anything, we know all the various options. We understand how some of these things work.”

“We’re willing and ready to make those transactions work. We’ve seen from our experience how to guarantee revenue assurance.”

“We have a payment system under the cowry card, which is where we’d block leakages to a large extent, and the same contactless card can be used on our bus, train, and ferry, where it will all be integrated.”

“On a daily basis, they know what the traffic is and what is due to everybody. Whatever, based on the study or the ridership guarantee, we would look at it.”

Sanwo-Olu added that the state government would need “to either top up on other forms of revenue that can help out in terms of advertising rides on the corridor.”

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