The Supreme Court has upheld the final forfeiture of seven landed properties, $2.045 million, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.
In a unanimous judgment delivered on Friday by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned the Court of Appeal’s earlier ruling and reinstated the Federal High Court’s decision, which found that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
The judgment, delivered by Justice Mohammed Idris on behalf of the panel, restored the November 1, 2024 ruling of Justice Deinde Dipeolu of the Federal High Court in Lagos.
Emefiele had successfully challenged the forfeiture at the Court of Appeal after the appellate court ruled that some parties claiming ownership of the properties were denied a fair hearing and ordered a fresh trial. However, the Economic and Financial Crimes Commission (EFCC) appealed the decision, urging the Supreme Court to reinstate the original forfeiture order.
The apex court agreed with the anti-graft agency, confirming that the assets now belong to the Federal Government.
Assets Forfeited
The forfeited properties include:
A fully detached duplex 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, Ikoyi.
A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi.
A four-bedroom duplex at 12A Probyn Road, Ikoyi.
An industrial complex under construction on 22 plots of land in Agbor, Delta State.
Eight units of apartments located at No. 8A Adekunle Lawal Road, Ikoyi.
A full duplex situated on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.
The court also affirmed the forfeiture of $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.
Background
The forfeiture followed an application filed by the EFCC under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and relevant provisions of the 1999 Constitution.
The commission argued that investigations showed the assets were reasonably suspected to have been acquired through unlawful activities. Justice Dipeolu granted the final forfeiture in 2024 after holding that the EFCC met the legal requirements for civil forfeiture.
Emefiele, who was removed as CBN governor in 2023, is currently facing multiple criminal charges in Abuja and Lagos over allegations including procurement fraud and abuse of office, all of which he has denied.
