Supreme Court on Friday affirmed the permanent forfeiture of seven high-value properties, $2.045 million in cash, and share certificates linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to the Federal Government.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court set aside the Court of Appeal’s decision and restored the November 1, 2024 forfeiture order issued by Justice D.I. Dipeolu of the Federal High Court in Lagos. The appellate court had previously overturned the order, citing that interested parties were denied fair hearing, and directed a fresh hearing. Dissatisfied, the Economic and Financial Crimes Commission (EFCC) appealed to the Supreme Court, which upheld the trial court’s ruling.
Delivering the judgment, the Supreme Court held that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities and were therefore liable to forfeiture. The EFCC had initiated the proceedings through its Director of Public Prosecution, Rotimi Oyedepo, SAN, pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended).
The forfeited assets include: a fully detached duplex at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 sqm 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 (not Asaba); eight apartment units at 8A Adekunle Lawal Road, Ikoyi; and a full duplex at 2A Bank Road, Ikoyi. The court also affirmed the forfeiture of $2,045,000 and share certificates of Queensdorf Global Fund Limited.
Emefiele, who served as CBN Governor from 2014 until his suspension in June 2023, has consistently denied wrongdoing and has not publicly reacted to the ruling. The judgment brings the civil asset forfeiture proceedings to a close. Separate criminal proceedings involving alleged procurement fraud, abuse of office and other charges against the former CBN governor remain pending before various courts.
