Supreme Court upholds forfeiture of Emefiele’s properties, $2m
The Supreme Court has upheld the final forfeiture of properties and $2.045 million linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), in favour of the federal government.
In a unanimous ruling delivered on Friday, the apex court reversed the judgment of the Court of Appeal in Lagos, which had earlier nullified the forfeiture order.
The Supreme Court ruled that the appellate court was wrong to overturn the forfeiture and order a fresh hearing of the case before the trial court.
BACKGROUND
On November 1, 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos ordered the permanent forfeiture to the federal government of assets linked to Emefiele. These included $2.045 million, seven high-value landed properties, and two share certificates belonging to Queensdorf Global Fund Limited Trust.
The court held that there were reasonable grounds to believe the assets were acquired through proceeds of unlawful activities.
Among the forfeited assets were two fully detached duplexes located at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.
The list also included an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of an undetached apartment on a 2,457.60-square-metre plot at No. 8A Adekunle Lawal Road, Ikoyi; and another duplex with all its appurtenances on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi, Lagos.
In June 2025, the Court of Appeal in Lagos set aside the final forfeiture order on Emefiele’s assets.
The majority decision of the three-member appellate panel nullified the trial court’s judgment and directed that the matter be heard again by the lower court.
Delivering the lead judgment, Justice Abdulazeez Anka said the court was satisfied that Emefiele’s legitimate income was sufficient to account for the properties.
However, Anka noted that Emefiele did not challenge the forfeiture of the $2.045 million, adding that the funds should remain forfeited to the federal government.
