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Final Forfeiture of Mr. Godwin Emefiele’s 150,500 Square Meter Estate Comprising 753 Duplexes: A Resounding Commendation for the EFCC and a Call for a New Approach to End Corruption

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By Pelumi Olajengbesi, Esq.

That a single individual—a public officer entrusted with fiduciary responsibilities—could engage in such egregious financial misconduct in a country where millions still grapple with abject poverty is both astounding and unacceptable. This is, indeed, a case of unimaginable recklessness that underscores the urgent need for unwavering vigilance in the fight against corruption.

The landmark ruling of the Federal Capital Territory High Court affirming the final forfeiture of a sprawling 150,500 square-meter estate, comprising 753 duplexes and apartments in Abuja’s Lokogoma District, marks a watershed moment in Nigeria’s ongoing battle against corruption. This unprecedented recovery—being the largest ever achieved by the Economic and Financial Crimes Commission (EFCC) since its establishment in 2003—epitomizes the Commission’s unwavering resolve to combat economic and financial crimes.

The judgment, meticulously delivered by the distinguished Justice Jude Onwuegbuzie on December 2, 2024, is a significant affirmation of the integrity of Nigeria’s legal architecture governing civil forfeiture. Invoking Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006 and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria, the EFCC successfully demonstrated that the property in question was procured through illicit means. The respondent’s failure to substantiate any legitimate source of acquisition rendered the forfeiture order both inevitable and necessary, thereby reinforcing the principle that proceeds of unlawful activity are liable to seizure in the interest of justice.

Having reviewed the court processes culminating in this judgment, I can confidently assert that this legal milestone underscores the strategic shift within the EFCC under the astute leadership of its Executive Chairman, Mr. Ola Olukoyede. The success of this forfeiture is not only commendable but also indicative of a paradigm shift in the Commission’s approach to tackling high-level corruption. Yet, it also raises a critical concern: despite these victories, the persistence of corruption suggests that more fundamental reforms are needed.

The prosecutorial ingenuity of Rotimi Oyedepo (SAN) and the entire EFCC legal team exemplifies the level of expertise required to unravel complex financial crimes involving politically exposed persons. However, while this case highlights the importance of asset recovery and prosecution, it also underscores a sobering reality—the fight against corruption in Nigeria has yet to dismantle the systemic structures that enable it to thrive.

The estate, located on Plot 109, Cadastral Zone C09, has been linked to the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and a network of associates allegedly involved in a complex scheme of illicit enrichment through kickbacks and foreign exchange manipulations. The meticulous investigation revealed that the former CBN Governor leveraged his office to solicit unlawful commissions from contractors and facilitated preferential access to foreign exchange for personal gain.

This sophisticated scheme of economic sabotage underscores the necessity of robust civil forfeiture mechanisms, which allow the state to seize assets without the burden of securing criminal convictions. Yet, while civil forfeiture is a potent legal tool, it is not a panacea. The fact that such brazen acts of corruption persist, even after decades of anti-corruption initiatives, suggests the need for a more holistic and preventive approach.

The success of the EFCC in this matter signifies an evolution in the jurisprudence of asset recovery in Nigeria. But it also highlights a deeper issue: asset forfeiture and criminal prosecution alone cannot eradicate corruption. More emphasis must be placed on preventive measures, institutional transparency, public accountability, and a cultural shift that deters corruption from the outset.

The forfeiture aligns seamlessly with the anti-corruption mandate of the administration of President Bola Ahmed Tinubu, which emphasizes transparency, accountability, and adherence to the rule of law. However, sustaining this momentum will require more than just prosecutorial successes. It demands a comprehensive strategy that addresses the root causes of corruption, including weak institutions, political interference, and a lack of public trust in governance.

In conclusion, I extend my highest commendation to the EFCC’s leadership, legal team, and investigative officers for their exemplary dedication to the pursuit of justice. This landmark forfeiture serves as a beacon of hope for a nation striving to extricate itself from the grip of systemic corruption. It is a testament to the fact that, with legal diligence and unwavering resolve, the rule of law can prevail over impunity.

Nevertheless, let this success also serve as a clarion call to all stakeholders—legal professionals, public officials, civil society, and citizens alike—that the fight against corruption requires continuous vigilance, innovation, and reform. The proceeds of corruption must not only be pursued and recovered but prevented from being amassed in the first place.

The EFCC’s triumph in this matter is a reminder that justice, though sometimes delayed, is never denied to those who remain steadfast in its pursuit. But to truly emerge as a bastion of justice, transparency, and good governance, Nigeria must evolve its anti-corruption framework from one that reacts to corruption to one that prevents it. Only then can we build a nation where public service is synonymous with integrity and accountability, and where the Nigerian people are the rightful beneficiaries of their nation’s wealth.

Pelumi Olajengbesi Esq. is a Legal Practitioner and Managing Partner at Law Corridor

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FG assumes full control of Keystone Bank

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Keystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process.

The bank disclosed this in a statement on its Instagram page on Tuesday evening, following a ruling by the Lagos State High Court, Ikeja.

The court ordered the forfeiture of shares previously held by the bank’s former shareholders, effectively transferring ownership to the Federal Government.

“Keystone Bank Limited wishes to clarify the media report on a judgment by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo,” the statement read.

“At the court sitting today, February 11, 2025, the court ordered the forfeiture of the bank’s shares previously held by these shareholders in favour of the Federal Government of Nigeria, ” it said.

The bank described the development as a significant milestone, reinforcing its stability and positioning it for long-term growth.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” it stated.

The bank also reassured customers of its financial health and regulatory compliance.

“We assure our customers that the bank remains safe, healthy, strong, and resilient,” it added.

Keystone Bank was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria on 10 January 2024, leading to the appointment of new leadership.

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Court orders forfeiture of N6.3bn Keystone Bank shares, as ex-AMCON boss’ co-defendant pleads guilty

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The Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the federal government.

The ruling, delivered by trial judge Rahman Oshodi was part of a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited, following the company’s guilty plea through its chairman, Umaru Modibbo.

The court also convicted and wound up Sigma Golf Nigeria Limited, forfeiting its 6.25 billion units of Keystone Bank shares to the federal government.

Mr Modibbo, the founder of Sigma Pensions Nigeria Ltd, was arraigned alongside former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru on counts of conspiracy, stealing, and illegal property transfer.

EFCC said in a statement by its spokesperson, Dele Oyewale, on Tuesday, that N20 billion in AMCON funds was illicitly channelled through Heritage Bank to finance Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.

While Mr Kuru pleaded not guilty, Sigma Golf Nigeria Ltd admitted guilt, leading to the company’s conviction and liquidation.

Following the guilty plea, EFCC’s lead prosecutor, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), urged the court to adopt the plea bargain terms as judgement.

Mr Oshodi, who was satisfied that the agreement was voluntary and served justice, upheld it.

Bail
In another development, the court then considered Mr Kuru’s bail application, noting that the offence carries a seven-year jail term but is bailable.

Mr Kuru’s lawyer, Olasupo Shasore, also a SAN, applied for bail, arguing that his client should be granted bail on self-recognition.

The EFCC did not oppose the request but insisted on stringent conditions to ensure Mr Kuru’s court attendance.

Mr Oshodi granted him bail in the sum of N50 million with two sureties who must be gainfully employed, swear to an affidavit of means, and show evidence of tax payment for the last three years.

The judge also ordered the EFCC to notify the Nigeria Immigration Service of Mr Kuru’s travel restrictions and temporarily released him to his lawyer pending the perfection of his bail conditions.

The case was adjourned till 7 March, 16 and 17 April for continuation of trial.

Background
Mr Kuru has been under EFCC investigation for alleged financial crimes.

In December, the Ikeja Special Offences Court issued an arrest warrant after he failed to appear for trial in a separate case involving the alleged fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air.

A fresh six-count charge filed by the EFCC alleges that Mr Kuru and his co-defendants—Modibbo, Sigma Golf Nigeria Ltd, and the fugitive Ifie Sekibo—conspired to steal N20 billion from AMCON for the acquisition of Keystone Bank.

The charges, signed by EFCC prosecutors Messrs Oyedepo, Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others, include stealing N20 billion allegedly diverted through Heritage Bank.

The indictment also alleged Illegal transfer of N10 billion to conceal its source, and fraudulently acquiring Keystone Bank with public funds.

He was charged with conspiracy to steal and money laundering under Sections 411, 280, and 287 of Lagos State’s Criminal Law (2011 & 2015).

If convicted, Mr Kuru faces up to seven years in prison under Lagos State’s criminal laws.

He pleaded not guilty to all the charges.

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How Strategic Interline Agreement Between Air Peace and Emirates will Enhance Passenger Connectivity 

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Air Peace, Nigeria’s leading airline and West Africa’s largest carrier, has said that the landmark interline agreement with Emirates, one of the world’s premier airlines will enhance travel options and connectivity for Air Peace customers, providing seamless access to international destinations via Dubai while increasing accessibility to key cities within Nigeria.

Through this interline agreement, Air Peace customers flying from Dubai to Lagos on Emirates can now conveniently connect to multiple domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri. Business and corporate travelers will also benefit from streamlined access to major economic hubs such as Abuja, Kano, Uyo, Port Harcourt, and Warri, reinforcing Nigeria’s position as a key player in Africa’s aviation industry.

The partnership expands Air Peace’s global reach, allowing its customers to seamlessly book multi-destination flights under a single ticketing system. Passengers will enjoy hassle-free transfers, improved baggage handling, and enhanced travel convenience, reinforcing Air Peace’s commitment to delivering top-tier service.

Speaking on the agreement, Chief Operating Officer, Air Peace Limited, Mrs. Oluwatoyin Olajide said, “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travelers. It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach”.

She explained that the collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri. “By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE”. The Air Peace COO insists that the partnership further reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning the country as a critical hub for regional and global travel. “At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers”.

Deputy President and Chief Commercial Officer, Emirates, Adnan Kazim, said, “Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria. We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers.”

The interline agreement is set to bolster Nigeria’s aviation sector by enhancing airport operations and increasing passenger traffic. Strengthening Lagos as a major hub, the agreement supports the broader goal of elevating the country’s aviation infrastructure, fostering competition, and improving overall service quality.

The enhanced connectivity facilitated by this partnership will support Nigeria’s economy by making travel easier for business professionals, investors, and tourists. Increased accessibility to international markets will stimulate trade, attract foreign investment, and create new opportunities for job growth, reinforcing Nigeria’s status as a leading economic force in Africa.

Air Peace remains committed to broadening its network and elevating service quality, ensuring that customers enjoy greater convenience, efficiency, and flexibility when traveling. This interline agreement is a significant step forward in achieving those objectives.

Customers can book their travel now on flyairpeace.com

 

 

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