A federal high court in Lagos, Nigeria, has ordered the forfeiture of $4.7 million, ₦830.9 million, and multiple properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The judgment marks the latest in the legal troubles of Emefiele, who has faced increasing scrutiny over allegations of financial misconduct and abuse of office during his tenure.

The court's order, issued by Justice Yellim Bogoro on Friday, follows a motion filed by the Economic and Financial Crimes Commission (EFCC), Nigeria's anti-graft agency. The EFCC, through its counsel Bilikisu Buhari, argued that the assets were proceeds of unlawful activities, citing Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria.

The forfeited funds are domiciled across three major Nigerian banks: First Bank, Titan Bank, and Zenith Bank. The accounts, operated by various companies and individuals allegedly linked to Emefiele, include Omoile Anita Joy; Deep Blue Energy Service Limited; Exactquote Bureau De Change Ltd; Lipam Investment Services Limited; Tatler Services Limited; Rosajul Global Resources Ltd; and TIL Communication Nigeria Ltd.

In addition to the monetary assets, the court also ordered the forfeiture of €20,000, £1,999.50, and investments worth $5.3 million linked to the said companies and individuals. Emefiele, who served as CBN governor from 2014 to 2023, was removed in June 2023 and faces allegations of fraud, corruption, and other illegal practices, which he denies.

During his tenure, Emefiele's leadership of the CBN was marked by controversy, including the pursuit of pro-agricultural policies and questionable monetary policy decisions. The CBN's inability to exert its independence led to record borrowing levels by the federal government. The latest development in Emefiele's legal troubles raises questions about the accountability of high-ranking public officials in Nigeria and the effectiveness of the country's anti-corruption efforts.

The EFCC's successful motion for forfeiture is a significant milestone in the agency's efforts to combat financial crimes and corruption in Nigeria. The outcome of this case may have far-reaching implications for the country's financial sector and the accountability of public officials. As the legal proceedings against Emefiele continue, the Nigerian public will be watching closely for any further developments in this high-profile case.