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Court Seizes $4.7m, N830.8m, Properties From Emefiele

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Godwin Emefiele Naira

By Adedapo Adesanya

The Federal High Court sitting in Lagos has ordered an interim forfeiture of the sums of $4,719,054, N830,875,611, and several properties linked to a former governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

Justice Yellim Bogoro gave the order on Thursday, May 23, 2024, following an ex-parte application by counsel to the Economic and Financial Crimes Commission (EFCC), Mrs Bilkisu Buhari.

After listening to the EFCC Counsel, Justice Bogoro in her ruling said: “I have listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support.

“I find merit in the application and same is hereby granted as prayed.

“The applicant should publish this order in any daily newspaper circulating all over the federation for anybody interested to show cause why the final order of forfeiture should not be made. Case adjourned to July 2, for motion for final forfeiture.”

The monies forfeited to the federal government in the interim were said to be warehoused in First Bank; Titan Bank and Zenith Bank, being operated by Omoile Anita Joy; Deep Blue Energy Service Limited; Exactquote Bureau De Change Ltd; Lipam Investment Services Limited; Tatler Services Limited; Rosajul Global Resources Ltd and TIL Communication Nigeria Limited.

His properties forfeited to the federal government include 94 units of an 11-floor building under construction at 2, Otunba Elegushi 2nd Avenue (Formerly Club) Road, Ikoyi, Lagos; AM Plaza, 11-floor office space, situate on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, and Imoore land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos.

Others include Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos and two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B.Lot twin completed property in Lakes Estate. Lekki, Lagos.

Others are one plot measuring 1,038.069 sqm, at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; Estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, Owned by Lipam Investment Services; a land at 1, Bunmi Owulude Street, (Maruwa), Lekki Phase 1, Lagos and a property situate on 8, Bayo Kuku Road, Ikoyi, Lagos.

The EFCC had approached the court for an interim forfeiture of the monies and properties, under Section 17 of the Advance Fee Fraud and Other Fraud Related Offence Act. 14 2006, Section 44(2)(b) of the Constitution and under the inherent jurisdiction of the court.

Specifically, the anti-graft asked the court for the following; “An interim order forfeiting to the Federal Government of Nigeria the funds warehoused in the accounts particularized in Schedule ‘A’ which funds are reasonably suspected to be proceeds of unlawful activities.

“An interim order forfeiting to the Federal Government of Nigeria properties provided in 2nd Schedule ‘B’ which are proceeds of unlawful activities.

“An order directing the publication in any national newspaper, the interim order under reliefs 1-2 above, for anyone interested in the properties and funds sought to be forfeited to appear before this honourable court to show cause within 14 days why the final order of forfeiture of the said properties and funds should not be made in favour of the Federal Government of Nigeria.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Terra Industries Unveils Defence Drones, Robots to Support Nigerian Military

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Terra Industries

By Adedapo Adesanya

Nigeria-backed startup Terra Industries has launched drones and mine-clearing robots for the country’s military use to fight Islamic militants and reduce reliance on imported defence equipment.

The startup on Monday unveiled interceptor drones, mine-clearing unmanned vehicles and battlefield intelligence software that officials said could help troops confronting insurgents who have increasingly used roadside bombs and drones in recent attacks.

The launch shows a growing effort by Nigeria to reduce dependence on imported military hardware and build domestic defence manufacturing capacity, after years of buying aircraft, armoured vehicles and surveillance systems from countries including China, Turkey, Pakistan and the United States.

However, procurement delays, maintenance bottlenecks and rising foreign exchange costs have strengthened the case for local production, with Terra Industries among the first of such beneficiaries.

Terra Industries had previously focused on civilian drones and security technology before expanding into defence systems. In February, it signed a pact with Defence Industries Corporation of Nigeria (DICON) as part of efforts to boost the country’s defence industrial capacity and advance indigenous high-technology development.

“We are unveiling new defence systems such as our interceptor UAVs, our minesweepers, ground vehicles that can detect IEDs on the ground, and our battlefield intelligence software,” according to Mr Nathan Nwachukwu, the chief executive officer of the firm.

The need for security has risen in recent years, as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria, which is also battling with Boko Haram and other cells which remain active despite repeated military offensives.

Militants have stepped up ​attacks against army positions using improvised explosive devices (IEDs) and drones, forcing armies to invest in counter-drone systems, electronic warfare and autonomous ground equipment.

Major General Babatunde Alaya, head of the state-owned DICON, said collaboration with Terra Industries was necessary, given troop casualties caused by hidden explosives and roadside bombs.

DICON has long been central to Nigeria’s ambition to produce more of its own defence equipment, but progress has historically been slow. Partnerships with private firms are increasingly seen as a faster route to innovation and scale.

Terra Industries, which is valued at $100 million, has also announced plans to expand beyond Nigeria, including a manufacturing facility in Ghana, signalling ambitions to serve a wider African market and position itself in the region’s growing security technology industry.

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Tinubu Tasks Ambassadors to Attract Foreign Investment

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foreign direct investment

By Adedapo Adesanya

President Bola Tinubu has charged Nigeria’s newly appointed ambassadors and high commissioners to help pursue foreign investments from their designated countries, charging them to strengthen strategic partnerships and reposition the country’s global image in line with evolving diplomatic realities.

This is contained in a statement by Mr Yomi Odunuga, Special Adviser on Media and Publicity to the Secretary to the Government of the Federation (SGF), Mr George Akume.

According to Mr Odunuga, the President, represented by the SGF, gave the charge at the opening of an induction course for the envoys in Abuja.

The President said that the appointments of the envoys reflected the administration’s confidence in their capacity to advance Nigeria’s interests on the international stage.

He noted that the global system was undergoing rapid transformation driven by shifting geopolitical dynamics, economic uncertainties, technological disruptions, climate challenges and emerging security threats.

He added that the developments had made the role of diplomats more critical than ever.

”The international system is evolving rapidly. We must be prepared to meet these challenges by focusing on how best to protect and promote Nigeria’s national interest,” he said.

President Tinubu urged the envoys to adopt a modern, results-oriented approach to diplomacy by combining traditional methods with digital engagement, public diplomacy and strategic communication.

He underscored the importance of telling Nigeria’s story in a compelling and credible manner while projecting the achievements of his administration, also calling on them to be proactive and innovative in fostering partnerships, promoting trade and attracting foreign direct investment and technology to Nigeria.

According to him, safeguarding the welfare of Nigerians in the diaspora must remain a top priority.

He also announced a reordering of Nigeria’s foreign policy framework, known as the 4D Doctrine.

He said that the doctrine, originally anchored on Democracy, Development, Demography and Diaspora, had now been rearranged to Demography, Development, Diaspora and Democracy.

According to him, the adjustment places Nigerians at the centre of foreign policy and is aimed at ensuring that international engagements deliver tangible benefits to citizens.

The president further stressed the need for professionalism, integrity and patriotism in the conduct of diplomatic duties, reminding the envoys that they serve not only as government representatives, but also as custodians of the country’s image abroad.

He also emphasised accountability, urging missions to be result-driven, prudent in resource management and guided by clear, measurable goals that would contribute to economic growth and national development.

He encouraged the participants to fully engage in the induction programme, noting that it was designed to equip them with the knowledge and skills required for effective diplomatic service in a rapidly changing world.

He commended the National Assembly for the swift confirmation of the nominees and urged the envoys to justify the confidence reposed in them.” You have a special responsibility in helping to reposition Nigeria in global affairs. The world is watching,” he said.

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Aisha Achimugu Denies $13m Discovery Claim, Calls Report Misleading

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Aisha Achimugu

By Adedapo Adesanya

Lagos-based socialite and chief executive of Oceangate Engineering Oil & Gas Ltd, Ms Aisha Achimugu, has denied reports that $13 million was discovered in her residence, describing the claim as inaccurate and misleading.

Ms Achimugu denied the claims during an appearance on Channels Television’s Politics Today late on Monday, where she addressed allegations surrounding a raid on her home by the Economic and Financial Crimes Commission (EFCC).

Addressing the widely circulated claim, Ms Achimugu insisted that no such sum was recovered from her residence.

“Let me also correct an impression that 13 million dollars was not found in my house when my house was raided. And let me also correct that what is published on the website of EFCC is a certain state. I want to believe that it is not Lagos state because the state was not clear.

“So, it’s what is out there. So I won’t also entertain that it’s a Lagos state because that hasn’t been thrown at me. My house was raided, yes, but only $50,000 and 13 million naira belonging to my mom were found in my house and then again, my personal belongings. I don’t know where Nigerians got the impression that I had 13 million dollars in my house. I’m not a bank, so I won’t keep 13 million dollars in my house,” she stated.

She, however, declined to comment extensively on the matter, citing ongoing legal proceedings, but explained that the foreign currency in her possession was kept for practical reasons, noting that her children study abroad.

“It is important to have some foreign currency available for emergencies,” she said.

Speaking on the source of her wealth, Ms Achimugu maintained that her financial success is rooted in legitimate business ventures.

She disclosed that her company participated in oil block bidding rounds between 2022 and 2024 and emerged successful through what she described as a transparent process. Achimugu also dismissed suggestions that her success is tied to political connections.

Recall that Justice Emeka Nwite of the Federal High Court in Abuja affirmed the final forfeiture of $13 million linked to the Lagos socialite in March.

Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.

The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.

In 2024, the businesswoman gained significant media attention for a seven-day birthday celebration in Grenada, which was attended by high-profile guests, reportedly including Lagos State Governor Babajide Sanwo-Olu.

The socialite also defended her widely publicised birthday celebration, noting that it had been “planned for 10 years” and was not funded with any money under investigation.

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