The Federal High Court in Lagos has adjourned ruling on the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of assets linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.

The ruling is now scheduled for November 1, 2024.

The EFCC seeks the forfeiture of $2.045 million, seven prime properties, and shares associated with Emefiele. Justice Deinde Dipeolu will also decide on Emefiele’s application, which challenges the court’s jurisdiction to hear the forfeiture case.

On August 25, 2024, the court granted the EFCC temporary custody of the assets, ordering the agency to publish the interim forfeiture notice. This gave interested parties a chance to challenge the forfeiture before a final ruling.

During Friday’s hearing, EFCC counsel Rotimi Oyedepo urged the court to grant the final forfeiture of the cash and shares, noting that no objections had been raised by any third party.

He further argued that Emefiele could not prove that his legitimate earnings from Zenith Bank and the CBN were used to acquire the properties.

Oyedepo maintained that Emefiele’s declared lawful savings before becoming CBN governor were insufficient to cover the cost of the properties in question. He adopted his written address from August 29, 2024, urging the court to approve the final forfeiture.

In response, Olalekan Ojo, Emefiele’s lawyer, argued that sufficient evidence had been presented to prevent the final forfeiture. Ojo adopted his written address and called on the court to dismiss the EFCC’s application.

Ojo had earlier filed a separate application challenging the court’s jurisdiction, citing ongoing criminal proceedings against Emefiele at the Federal High Court in Abuja and Lagos State High Court. He requested a stay of the forfeiture proceedings until those cases were resolved, contending that the court’s decision would impact the ongoing trials.

However, Oyedepo countered, arguing that previous rulings have established that pending criminal charges do not bar the final forfeiture of assets suspected to be proceeds of unlawful activities.

Earlier, on August 15, 2024, Justice Akintayo Aluko granted an interim forfeiture of the $2.045 million and properties linked to Emefiele. These properties include two duplexes on Hakeem Odumosu Street in Lekki Phase 1, Lagos; a plot of undeveloped land on Oyinkan Abayomi Drive in Ikoyi; a bungalow on the same street; a four-bedroom duplex on Probyn Road in Ikoyi; an industrial complex under construction in Agbor, Delta State; eight apartment units on Adekunle Lawal Road in Ikoyi; and a duplex on Bank Road in Ikoyi.

The court also ordered the temporary forfeiture of two share certificates belonging to Queensdorf Global Fund Limited Trust, linked to Emefiele.

Justice Aluko instructed that the forfeiture notice be published in a national newspaper, giving interested parties 14 days to contest the order.