Supreme Court Restores Final Forfeiture of Emefiele’s Properties, Affirms Seizure of $2.045m

Supreme Court Restores Final Forfeiture of Emefiele’s Properties, Affirms Seizure of $2.045m

The Supreme Court has upheld the final forfeiture of properties and $2.045 million linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government, overturning an earlier ruling of the Court of Appeal in Lagos.

In a unanimous judgment delivered on Friday, the apex court ruled that the Court of Appeal erred in setting aside the forfeiture order issued by the Federal High Court and directing that the matter be reheard.

The decision restores the November 1, 2024 judgment of Justice Deinde Dipeolu of the Federal High Court in Lagos, which ordered the permanent forfeiture of the assets after finding they were reasonably suspected to have been acquired through proceeds of unlawful activities.

The forfeited assets include $2.045 million in cash, seven high-value properties across Lagos and Delta states, as well as two share certificates of Queensdorf Global Fund Limited Trust.

Among the properties are two fully detached duplexes at No. 17B Hakeem Odumosu Street, Lekki Phase 1; an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex on Probyn Road, Ikoyi.

Also forfeited are an industrial complex under construction on 22 plots of land in Agbor, Delta State; an eight-unit apartment block on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road, Ikoyi.

The ruling overturns the June 2025 judgment of the Court of Appeal, where a majority of a three-member panel nullified the forfeiture order and directed that the case be retried by the Federal High Court.

In the appellate judgment delivered by Justice Abdulazeez Anka, the court held that Emefiele's legitimate earnings could reasonably account for the acquisition of the properties. However, the appellate court upheld the forfeiture of the $2.045 million, noting that Emefiele did not challenge that aspect of the trial court's decision.

With Friday's verdict, the Supreme Court has brought the legal dispute over the assets to a close, affirming the Federal Government's ownership of the forfeited properties and funds.