The Supreme Court on Friday ordered the final forfeiture of several properties, $2.045 million and share certificates linked to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government.
The ruling, delivered in Abuja, ended a legal dispute over the ownership of the assets after the apex court overturned an earlier judgment of the Court of Appeal and restored the decision of the Federal High Court in Lagos.
A five-member panel of the Supreme Court, led by Justice Ibrahim Saulawa, agreed that the assets were reasonably suspected to have been acquired through unlawful activities. The judgment, read by Justice Mohammed Idris, affirmed the Federal High Court’s ruling delivered on November 1, 2024, which granted the Economic and Financial Crimes Commission’s request for final forfeiture.
Emefiele had earlier challenged the Federal High Court’s decision at the Court of Appeal, where the forfeiture order was set aside. The appellate court ruled that some individuals claiming ownership of part of the assets were not given a fair hearing and ordered the matter to be heard again. The EFCC, dissatisfied with that decision, appealed to the Supreme Court.
After reviewing the case, the apex court ruled in favour of the anti-graft agency and restored the forfeiture order. The judgment means the listed assets now officially belong to the Federal Government.
The assets covered by the ruling include several luxury properties in Lagos, such as duplexes and other buildings located in Lekki Phase 1, Ikoyi and Bank Road. The order also includes an industrial complex under construction on 22 plots of land in Agbor, Delta State, as well as multiple apartment units in Ikoyi. In addition, the court approved the forfeiture of $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.
The EFCC had approached the Federal High Court under the Advance Fee Fraud and Other Fraud Related Offences Act and relevant constitutional provisions, asking the court to permanently forfeit the assets on the grounds that investigations linked them to proceeds of unlawful activities.
The application was backed by evidence presented by one of the commission’s investigating officers, who stated that the agency’s findings connected the properties and funds to illegal acts.
The Federal High Court accepted the application after finding that the commission had met the legal conditions required for civil asset forfeiture. That decision has now been restored by the Supreme Court, bringing the legal battle over the assets to an end.
The forfeiture case is one of several legal proceedings involving the former CBN governor since his removal from office in 2023. Emefiele is still facing criminal charges in Abuja and Lagos over allegations including procurement fraud and abuse of office. He has denied all the allegations brought against him.