The Central Bank of Nigeria (CBN) has pleaded with the Federal High Court, Abuja to throw out a case filed by the EFCC regarding the forfeiture of a property worth N2.7 billion.
The property, located in the Karmo District of Abuja, was used as collateral for a loan given through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
The EFCC had earlier approached the court, seeking permission to temporarily seize the property while investigating Toks Properties Limited.
The anti-corruption agency also requested approval to appoint someone to manage the property on behalf of the federal government during the investigation.
In response, Justice Emeka Nwite granted the EFCC’s request in September 2024, barring any sale, lease, or transfer of the property.
At a court session on Thursday, CBN’s lawyer, Joseph Abah, along with another legal representative from Salis Ventilated Homes Limited, sought permission to join the case as defendants.
The CBN argued that it plays a key role in regulating banking activities and that the property in question was legally pledged as collateral for a loan under the Anchor Borrowers’ Programme (ABP).
According to the CBN, in 2020, it provided a loan of over N3.8 billion to Sadolen Interworld Limited for rice farming. The loan, with a 12-month term, was backed by a third-party guarantee from Toks Properties Limited.
To secure the transaction, the property was placed under a legal mortgage, with its title documents handed over to NIRSAL.
The CBN also stated that the surety had agreed in writing not to sell or transfer the property without prior approval.
Since the loan has not been fully repaid, the CBN insists that the property remains tied to the loan and cannot be forfeited.
The bank has requested the court to dismiss the EFCC’s case, arguing that seizing the property would violate its legal rights as the mortgage holder.
During the hearing, Justice Nwite asked the CBN’s lawyer whether the EFCC had been served with the necessary court documents, to which Abah confirmed they had.
The EFCC’s legal team acknowledged receiving the documents but requested more time to respond. The agency clarified that it only sought to secure the property while investigations were ongoing.
After listening to both sides, Justice Nwite scheduled the next hearing for May 21, 2025, to review all pending applications related to the case.
