The Supreme Court on Friday reinstated the final forfeiture of seven high-value properties linked to the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele, overturning a Court of Appeal judgment that had ordered a fresh hearing on the case.
A five-member panel of the apex court, led by Justice Ibrahim Saulawa, unanimously allowed the appeal filed by the Economic and Financial Crimes Commission, setting aside the June 2025 decision of the Lagos Division of the Court of Appeal.
The judgment, read by Justice Mohammed Idris on behalf of the panel, restored the November 1, 2024 ruling of the Federal High Court in Lagos, which ordered the permanent forfeiture of the assets to the Federal Government.
Justice Deinde Dipeolu of the Federal High Court had held that the properties were reasonably suspected to have been acquired with proceeds of unlawful activities.
The EFCC’s appeal was argued by a legal team led by former Attorney General of the Federation, Kanu Agabi (SAN), alongside the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN).
Emefiele was represented by Senior Advocates of Nigeria, Olalekan Ojo and Labi Lawal.
With the Supreme Court’s verdict, the legal challenge mounted by the former CBN governor against the forfeiture order has effectively come to an end.
The forfeited assets include two fully detached duplexes located at 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 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 on Adekunle Lawal Road, Ikoyi; and a duplex situated on a 2,217.87 square metre plot at 2A Bank Road, Ikoyi.
The Federal High Court had also ordered the forfeiture of $2.045m in cash and share certificates belonging to Queensdorf Global Fund Limited Trust, an order that was not challenged by Emefiele.
The trial court had ruled that the EFCC successfully established that the assets were reasonably suspected to be proceeds of unlawful activities.
However, the Court of Appeal in June 2025 nullified the forfeiture order after holding that some individuals claiming ownership interests in the properties were denied fair hearing.
The appellate court consequently directed the Federal High Court to conduct a fresh hearing and take evidence from all parties claiming an interest in the assets.
Dissatisfied with the decision, the anti-graft agency approached the Supreme Court, seeking the restoration of the Federal High Court’s judgment.
In its unanimous judgment delivered on Friday, the apex court upheld the EFCC’s arguments, nullified the Court of Appeal’s decision and reaffirmed the final forfeiture order, thereby vesting ownership of the listed properties in the Federal Government.
The ruling marks another significant legal victory for the EFCC in its ongoing efforts to recover assets alleged to have been acquired through illicit means.
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