, is embroiled in a multi-million-dollar legal battle that has torn apart a once close family relationship. The legal tussle is separate from the troubles he faces over the handling of his job.
The case has passed through at least five Texas law firms apart from the Nigerian lawyers keeping watch over the Nigerian end of the battle on behalf of the warring parties. The bond between them was so strong that they regarded each other as siblings. When Margaret got married to Mr Emefiele, the CBN governor had no difficulty regarding Mr Omoile as his brother-in-law.Mr Emefiele visited and stayed with Mr Omoile’s family in Texas, US, during some of his vacations. He described how he lavished Mr Omoile with gifts, money, and business opportunities over the years.
Mr Omoile said he often raised questions but has yet to get an answer about the wide range of issues, including dividends issued, but not paid, the prices at which certain stock shares were supposedly acquired for him, “and the prices at which Defendant Emefiele actually acquired the shares.” He said he bought the truck heads, the number not specified, and shipped them to Nigeria, for the business.
He said once the joint venture started, profits were shared, however, losses were left for him to bear. He said the fact that Mr Omoile used the CBN governor’s business address as his contact address for receiving his brokerage account statement “is not a proof that my client had legal responsibility for managing John’s money in the brokerage account.”
He recalled that in 2006, Mr Omoile took out $200,000, using a pre-signed cheque, from Mr Emefiele’s bank account, and never accounted for the money meant to be used for estate development in Houston. But, the lawyer said, with a settlement agreement the brothers-in-law singed on 26 April 2014, Mr Emefiele agreed to relinquish all his rights in the two properties in Houston to Mr Omoile valued at over $207,650.He said the CBN governor also sent $250,000 requested by Mr Omoile to clear unpaid income tax in 2020.
In a rather demeaning manner highlighting how much the relationship between the in-laws has soured, Mr Egbarin said his client was no longer prepared to continue to feed Mr Omoile. “You should advise John that my client does not wish to continue to feed him. John should pursue other means to make a living rather than continue to shakedown my client for more financial support.”
He said the letters of demand sent severally to Mr Emefiele to account for Mr Omoile’s shares is “an attempt to shakedown/extort my client for money.” Mr Omoile said he realised then that he had been “induced with false statements and promises” to enter into a partnership with Mr Emefiele. He also said he realised that Mr Emefiele ”never intended to follow through with his past promises”.With settlement talks over, Mr Omoile took the decision to sue Mr Emefiele after the Zoom meetings in 2020.
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