Through his lawyer, Olalekan Ojo (SAN), the former banker had 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.

But Justice Deinde Dipeolu held in his ruling 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.

Justice Dipeolu, therefore, dismissed the application made by counsel to the former CBN governor, Olalekan Ojo (SAN), seeking to stay the court’s proceedings.

At the last sitting of the court, Ojo had urged the court to stay further proceedings in the case pending the determination of the banker’s appeal.

“We’re urging your lordship to stay proceedings pending the hearing and determination of the appeal court in order to avoid judicial rascality,” he said.

The Counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo (SAN), had, however, objected insisting that no application from Emefiele was taken and ruled on that crystallised to an appeal.

Oyedepo said: “My lord how can the defendant in this case rush to the Court of Appeal because the (Federal High) Court returned the (case) file to the administrative judge for assignment, because the annual vacation of the court ends on the next adjourned date?

“I submit with due respect that the defendant just went to dump mere documents in the registry of the Appeal Court. Therefore, I urge the court to hold that there is no appeal.”

Oyedepo had also argued that the former CBN governor’s appeal cannot stop the proceedings in this matter because the leave of the court was not sought, as the rule of the court has made it mandatory when it is an appeal filed on the ground of mixed fact and law.

Justice Dipeolu then adjourned ruling on the issue till Friday, October 11th.

On August 15, 2024, the court authorised the EFCC to temporarily take custody of the cash sum of $2.045million, seven choice landed properties and shares linked to Emefiele.

The ruling followed the EFCC’s assertion via an ex parte application that the money and other items sought to be forfeited were reasonably suspected to be proceeds of unlawful activities.

Justice Akintayo Aluko, sitting as vacation judge. had ordered an interim forfeiture of the cash sum and some landed properties.

The properties ordered to be forfeited by the court include two fully detached duplexes of identical structures, lying being and situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, (Formerly Queens Drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

Others are an industrial complex under construction on 22 plots of land in Agbor, Delta State; 8 units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a full duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.

Justice Aluko also ordered those two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele to be forfeited.

The judge, after granting the motion, ordered the EFCC to publish the forfeiture notice in a well-circulated national newspaper within 14 days, for any interested party to show cause and tell the court why the money and properties should not be finally forfeited.

However, at the next sitting of the court, Ojo announced an appearance for Emefiele as an interested party in the suit.

Also, another lawyer, Chibuzor Opara announced his appearance for the occupants of 8a, Adekunle Lawal Road, Ikoyi, Lagos.

Ojo informed the court that he had also filed processes on behalf of Emefiele to stop further proceedings in the forfeiture suit.

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