Nigeria high court orders seizure of $4.7 million from ex-central bank governor

||Published 9:10 AM ET, Saturday February 22, 2025|

Lagos: Nigeria’s judiciary has taken a decisive step in its ongoing fight against financial malpractice by ordering the final forfeiture of $4.7 million, along with assets valued at N830 million, linked to former Central Bank Governor Godwin Emefiele.

The Federal High Court in Lagos, presided over by Justice Yellim Bogoro, issued the ruling following a motion by the Economic and Financial Crimes Commission (EFCC) that argued these funds and properties were proceeds of unlawful activities committed during Emefiele’s tenure.

Key Details of the Ruling

Scope of the Seizure:
The order covers funds held in accounts across First Bank, Titan Bank, and Zenith Bank, as well as multiple properties in Lagos, including an 11‑story building under construction in Ikoyi, an office space in Lekki, and other real estate assets.

Legal Basis:
The EFCC cited relevant provisions under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Nigerian Constitution, arguing that the assets were illicitly acquired. Notably, this forfeiture is non-conviction based—meaning the seizure was ordered without a criminal conviction.

Context and Implications:
Godwin Emefiele, who was removed from office in 2023 amid mounting corruption allegations, faces multiple charges related to his conduct while at the helm of the Central Bank. The seizure underscores a broader governmental commitment to asset recovery and anti-corruption enforcement. It signals a forward‑looking approach by Nigerian authorities to not only hold individuals accountable but also to recover and potentially repurpose funds that might have otherwise contributed to systemic financial vulnerabilities.

Forward-Looking Perspective

This ruling is significant on several fronts.

Precedent for Accountability:
By confiscating assets linked to high-level misconduct—even in the absence of a criminal conviction—the Nigerian judiciary reinforces that public office and influence do not shield one from legal and financial accountability.

Enhancing Financial Governance:
The decisive action may prompt more robust regulatory oversight within Nigeria’s financial institutions. Future policies could focus on increasing transparency, improving internal controls, and instituting stricter mechanisms to prevent similar occurrences.

International Repercussions:
As Nigeria strengthens its anti-corruption measures, it not only restores public trust but also potentially enhances its standing in the international financial community. This move could serve as a benchmark for other emerging economies seeking to bolster their financial integrity and governance frameworks.

The seizure of $4.7 million and associated assets represents both a punitive and preventive measure—a warning to those involved in financial misdeeds and a proactive step towards a more accountable financial system in Nigeria.