Federal High Court sitting in Lagos State has fixed November 1, 2024 to rule on the application brought before it by the Economic and Financial Crimes Commission, EFCC for the final forfeiture of the properties and monies linked to the former Central Bank of Nigeria, CBN Governor, Godwin Emefiele who is currently facing series of lawsuits at different courts across the country over his administrative behaviours and operational decisions while he was the apex bank governor in the West Africa country.

Justice Deinde Dipeolu of the Federal High Court in Lagos on Friday refused to stay further proceedings in the suit filed by the Economic and Financial Crimes Commission (EFCC) seeking the forfeiture of properties and monies linked to a former governor of the Central Bank (CBN), Godwin Emefiele.

Emefiele had through his lawyer, Olalekan Ojo (SAN), urged the judge to stay proceedings pending the hearing of an appeal he filed before the Court of Appeal seeking to nullify the temporary forfeiture order earlier granted by the court.

Rejecting the plea, Justice Deinde Dipeolu held that interested parties had the right to approach the Court of Appeal which must be contingent on the trial court’s decision.

The Court also held that an appeal flows from the decision of a trial court, but in the instant case, the court had not made any decision as to any application filed or as to the substantive issues in the suit.

During the court sitting on September 12, Ojo had urged the court to stay further proceedings in the case pending the determination of the banker’s appeal.

Emefiele’s lawyer, Ojo had said: “We’re urging your lordship to stay proceedings pending the hearing and determination of the appeal court to avoid judicial rascality”.

EFCC lawyer, Rotimi Oyedepo (SAN) objected, insisting that no application from Emefiele was taken and ruling on that crystallised to an appeal.

Justice Dipeolu on Friday therefore fixed November 1, 2024 to rule on the application by the anti-graft agency for final forfeiture of the $2.045 million, seven choice landed properties and shares linked to Emefiele.

Meanwhile, in another court entertaining a case of alleged fraud against the former CBN Governor, Godwin Emefiele, a former Deputy Governor of the apex bank testified before the Federal High Court in Abuja on Wednesday that Emefiele didn’t have the then Nigeria President, Muhammadu  Buhari and CBN Board’s approval for naira redesign that led to scarcity of the naira notes in the country prior to the February 2023 general elections in the country.

EFCC in a news release, reported that: “Edward Adamu, fourth Prosecution Witness (PW4) in the trial of the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Wednesday, October 9, 2024 told Justice Maryanne Anenih of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, that Emefiele did not have the approval of either former President Muhammadu Buhari or that of the CBN Board for the 2023 redesign of naira notes as required by the rules.

Led in evidence by prosecution counsel Rotimi Oyedepo, SAN, Adamu disclosed that the usual process for currency redesign begins with the Director of Currency Operations submitting a proposal to the Committee of Governors (COG). The COG then transmits the proposal to CBN Board for approval, with the final stage being the seeking of presidential endorsement.

Emefiele, he said, bypassed these procedures by simply calling for a COG meeting and presented what he claimed was a presidential approval and proceeded with the redesign, straightaway.

“I became aware of it in October 2022 when the governor informed us, the deputy governors, that he had gotten an express approval to redesign the currency. Then on the 26th October, 2022, we were formally informed of the presidential approval of the redesign, so that is what happened in October, then there was a formal announcement of the currency redesign.

At the meeting, the governor showed us the approval of the president, by showing us the page where the approval of the president is. Subsequently, there was a board meeting of the board of directors, where we were also informed of the presidential approval of the currency redesign,” he said.

He further disclosed that the
current designs of the notes fundamentally differ from what was originally approved, stating that Emefiele unilaterally made the changes. The redesign affected ₦200, ₦500, and ₦1000 notes.

When the defence counsel, Olalekan Ojo SAN sought to know if there had been instances where a presidential approval was gotten for an action before the CBN Board was informed, the witness stated that such was not the practice during his time at the Apex Bank.

Justice Anenih discharged the witness from the dock at the end of the cross-examination and adjourned the matter till October 17, 2024 for continuation of trial”.