The Central Bank of Nigeria (CBN) has called on the Federal High Court in Abuja to dismiss a forfeiture case filed by the Economic and Financial Crimes Commission (EFCC) concerning a N2.7 billion property in Karmo District, Abuja.
The property, used as collateral for a loan secured through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has been at the center of a legal dispute after the EFCC moved for its interim forfeiture.
During Thursday’s hearing, CBN’s legal counsel, Joseph Abah, argued that the apex bank should be allowed to join the case and present its counter-affidavit, asserting that the bank holds an equitable interest in the property.
Abah emphasized that the property was pledged as security for a loan of N3.87 billion granted by CBN under its Anchor Borrowers’ Programme (ABP) to Sadolen Interworld Limited in 2020 for rice production. He stated that the loan had not been repaid and that the property remains collateral until the debt is settled.
The EFCC had sought the court’s approval for the temporary attachment of the property, which was granted by Justice Emeka Nwite in September 2024.
The anti-graft agency argued that the property should be preserved while investigations continue into financial crimes allegedly linked to Toks Properties Limited.
CBN countered that forfeiting the property would undermine its legal rights, as the collateral is still tied to an outstanding loan. The bank asked the court to quash the interim forfeiture order and dismiss the EFCC’s case due to lack of jurisdiction.
EFCC, represented by its legal team, clarified that its goal was merely to secure the property during the investigation, not to permanently seize it. Justice Nwite adjourned the case to May 21, 2025, for further hearing of all pending applications.
This ongoing legal battle highlights the complex intersection of banking regulations, anti-corruption efforts, and the protection of financial interests.
