Court fixes Nov. 1 to rule in final forfeiture of over $2.045m and properties linked to Emefiele

The Federal High Court in Lagos has fixed November 1, 2024, to rule on the application by the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of the $2.045million, seven choice landed properties and shares involving former Governor of the Central Bank of Nigeria, Godwin Emefiele.

On the same date, the court will also rule on the formal application filed by the former banker for a stay of proceedings.

On August 15, 2024, the court authorised the EFCC to temporarily take custody of the assets of the former CBN governor.  While granting the application, the court had directed the EFCC to publish the order of interim forfeiture for any person interested in the funds to show the cause why it should not be finally forfeited to the FG.

At the resumed hearing on Friday, October 11, counsel to the EFCC, Rotimi Oyedepo (SAN), moved an application for the final forfeiture of the sum of $2.045m, as well as share certificates, which he said was not contested by the interested Party.

In opposition, Olalekan Ojo, counsel to the interested Party (Emefiele), urged the court to hold that the interested party has shown in a balance of probability that the court ought not to grant the final forfeiture of the properties.

He adopted his written address and urged the court to refuse the application. Earlier in the proceedings, the court refused to stay further proceedings in the suit.

Through his lawyer, Emefiele had urged the judge to stay proceedings pending the hearing of an appeal he filed before the Court of Appeal seeking to nullify the temporary forfeiture order earlier granted by the court.

But Justice Deinde Dipeolu held in his ruling that interested parties had the right to approach the Court of Appeal which must be contingent on the trial court’s decision.

The court also held that an appeal flows from the decision of a trial court but in the instant case, the court had not made any decision as to any application filed or as to the substantive issues in the suit.

Justice Dipeolu, therefore, dismissed the oral application made by Ojo seeking to stay the court’s proceedings.

At the last sitting of the court, Ojo had urged the court to stay further proceedings in the case pending the determination of the banker’s appeal.

He said

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

Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), had, however, objected insisting that no application from Emefiele was taken and ruled on that crystallised to an appeal.

 “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, owing to the fact that 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 court has made it mandatory when it is an appeal filed on the ground of mixed fact and law.