Forfeiture of $2.04 million and properties linked to former CBN Governor underscores his predicament
By Emmanuel Sixtus
In a twist of decision, the Federal High Court in Lagos has ordered the interim forfeiture of $2.04 million and multiple properties connected to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. The disgraced Central Bank governor is facing multiple corruption charges.
The ruling, issued on August 15, 2024, by Justice Akintayo Aluko, marks a major moment in the ongoing investigation into alleged financial misconduct by the former central bank leader. His tenure is marked with financial irregularities, and the present administration has vowed to take action against him.
This decision follows a lawsuit brought by the Economic and Financial Crimes Commission (EFCC), which has been probing Emefiele for suspected financial mismanagement during his time at the helm of Nigeria’s central bank. The Central Bank governor nearly cost President Bola Amed Tinubu his victory in the poll with his cashless policy.
The assets now under scrutiny include valuable real estate in Lagos, Abuja, and other locations, as well as substantial shares in various companies. The EFCC alleges that these assets were acquired through unlawful means, including the misappropriation of public funds and abuse of office. EFCC had insisted on keeping the former Central Bank leader under its custody against the order of the court for him to be transferred to a correctional centre.
The court’s forfeiture order is provisional, pending a full investigation and trial. The EFCC has been authorized to take control of the properties and oversee their management until the case is resolved. Analysts say that the reason for EFCC continued detention of Emefiele was to ensure they find out everything and recover all he has.
This ruling is part of Nigeria’s broader anti-corruption campaign, reflecting the government’s resolve to tackle corruption within the public sector. Yet, the move against the former Central Bank leader is seen as a punishment for his policies, which didn’t augur well with President Bola Amed Tinubu when he was preparing for his election.
Emefiele, who led the CBN from 2014 to 2024, has faced criticism for several controversial policies and alleged financial irregularities during his tenure. His time in office was marked by economic turbulence, including severe currency devaluation and contentious foreign exchange policies. Emefiele had defended his policies in that time, despite the policies taking a significant toll on the citizens of the country.
The EFCC’s investigation into Emefiele is one of the most high-profile anti-corruption efforts in recent years, highlighting the Nigerian government’s commitment to transparency and accountability. But, the government has been largely criticized for not broadening the anti-corruption campaign.
Public interest in the case is high, given Emefiele’s prominent role in the country’s financial system. As the legal proceedings unfold, this case could have significant implications for Nigeria’s fight against corruption, especially in the financial sector. It also signals a growing willingness among Nigerian courts to seize assets suspected of being linked to corruption, even before a full trial.
Madueke had once faced the same fate in the country, but each season, the move is targeted and singled out. Instead of collectively fighting corruption in the country, the campaign is limited to a select few.
The outcome of this case will be closely monitored both domestically and internationally, potentially setting a precedent for handling similar cases in the future. For now, this forfeiture order represents a key step in the ongoing effort to recover public funds and hold former officials accountable for their actions.
Also, the case from the perspective of the critics of the administration will point to vendetta. Emefiele had wanted to contest the presidential election against Tinubu and accused by the campaign of the president of embracing policies that targeted President Bola Amed Tinubu when he was contesting for his eventual victorious election.
