CBN kicks against EFCC’s N2.7bn collateral property forfeiture request
The Central Bank of Nigeria (CBN) has kicked against Financial Crimes Commission (EFCC) demand to forfeiture a N2.7 billion property used as collateral at a federal high court in Abuja.
The property, located at plot 781, cadastral zone 001, Karmo district of Abuja, was used to secure a loan from the CBN through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
On September 3, 2024, Emeka Nwite, a judge, granted the interim forfeiture application filed by the anti-graft agency.
According to the CBN’s court filings, the apex bank said in 2020, the bank through NIRSAL granted a loan of N3,872,882,250 to Sadolen Interworld Limited to finance rice production under the anchor borrowers’ programme (ABP).
The apex court said the loan was secured by a third-party collateral belonging to Messrs Toks Properties Limited, which served as surety for the loan transaction.
The CBN said the property, which is valued at N2.7 billion, is located at Karmo district of the federal capital territory (FCT).
The apex bank explained that since the loan sum has not been discharged, the property remains the security for the mortgage.
At the resumption of hearing on Thursday, Joseph Abah, counsel for the CBN, and another counsel representing Salis Ventilated Homes Limited, told the court that they had separately filed applications to join as defendants in the EFCC forfeiture case.
Responding, Nwite asked the CBN counsel whether the legal team of EFCC had been served with the court processes.
Abah responded in the affirmative.
The EFCC legal team informed the judge that they had received the court documents and would need time to file a formal response.
After the parties’ arguments, Nwite adjourned the case to May 21, 2025 for the hearing of all pending applications.
