Supreme Court Restores Final Forfeiture Of Emefiele’s Luxury Properties

The Supreme Court has overturned the judgment of the Court of Appeal that nullified the final forfeiture of seven high-value properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, restoring the Federal High Court’s forfeiture order.

In a unanimous judgment delivered on Friday, a five-member panel of the apex court, led by Justice Ibrahim Saulawa, allowed the appeal and set aside the decision of the Court of Appeal, Lagos Division, which had ordered a fresh hearing of the case.

The ruling effectively reinstates the final forfeiture of the properties to the Federal Government, bringing to an end Emefiele’s legal challenge against the order earlier granted by the Federal High Court in Lagos.

The Supreme Court held that the appeal was meritorious and restored the judgment of the Federal High Court, affirming the forfeiture of the seven luxury properties allegedly linked to the former CBN governor.

In 2025, the Court of Appeal in Lagos set aside the final forfeiture of several properties linked to Emefiele and ordered a fresh hearing before the Federal High Court.

In the split two-to-one judgment delivered on April 9, the appellate court held that the trial court failed to properly resolve conflicting affidavit evidence before ordering the forfeiture of the assets to the Federal Government.

Earlier, on November 1, 2024, Justice Dehinde Dipeolu of the Federal High Court in Lagos granted the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of the properties after holding that they were proceeds of unlawful activities.

The forfeited assets include two detached duplexes on Hakeem Odumosu Street, Lekki Phase 1; a bungalow and undeveloped land on Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex on Probyn Road, Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight uncompleted apartment units on Adekunle Lawal Road, Ikoyi; a detached duplex on Bank Road, Ikoyi; and shares in Queensdorf Global Fund Limited.

The Court of Appeal, however, upheld the forfeiture of $2.045 million in cash after noting that Emefiele did not challenge that aspect of the judgment.
According to the certified true copy of the judgment obtained by The PUNCH, Justice Abdulazeez Anka, who delivered the lead judgment at the appellate court, held that the affidavit evidence presented by both parties disclosed substantial conflicts that could only be resolved through oral testimony and cross-examination.

The appellate court ruled that the issues surrounding the ownership of the properties and the source of the funds used to acquire them required a full trial rather than determination based solely on affidavit evidence.

Justice Anka noted that Emefiele presented evidence of his earnings, including severance benefits from Zenith Bank exceeding N1.75 billion, shares valued at over N500 million, annual earnings of about N350 million as CBN governor, as well as quarterly reimbursements and estacodes amounting to more than $6 million.
He concluded that the trial court ought to have heard oral evidence before making a final determination on the ownership of the properties.

Justice Mohammed Mustapha concurred with the lead judgment, adding that there was nothing unlawful about acquiring properties through trustees or companies on behalf of another person.
However, Justice Danlami Senchi dissented, holding that Emefiele lacked the legal standing to challenge the forfeiture because the companies that acquired the properties neither contested the proceedings nor claimed ownership.

According to the dissenting justice, Emefiele had denied any relationship with the companies and therefore could not lay claim to assets registered in their names.

The appellate court consequently ordered that the matter be remitted to the Federal High Court in Lagos for a fresh hearing based on oral and documentary evidence.
The EFCC had maintained that the assets were acquired with proceeds of unlawful activities and argued that Emefiele failed to establish any legitimate ownership.

The anti-graft agency also contended that many of the properties were registered in the names of companies in which the former CBN governor was neither a director nor a shareholder.
Emefiele, who was suspended by President Bola Tinubu in June 2023, is currently facing multiple criminal prosecutions instituted by the EFCC.

Beyond the forfeiture proceedings, he is standing trial over the alleged unlawful acquisition of an estate comprising 753 housing units in Abuja, a decision he is also challenging on appeal.

He is also facing a 23-count fraud trial before the Lagos State Special Offences Court, charges relating to the alleged illegal printing of N684 million worth of banknotes without presidential approval, and a separate case involving an alleged $6.23 million fraud and forgery.