The Supreme Court has upheld the final forfeiture of multiple properties and $2.045 million linked to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to the Federal Government.
In a unanimous judgment delivered on Friday, the apex court set aside the earlier ruling of the Court of Appeal in Lagos, which had nullified the forfeiture order and directed a retrial at the lower court.
The Supreme Court held that the appellate court erred in overturning the decision of the trial court.
On November 1, 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos ordered the permanent forfeiture of funds — including $2.045 million — alongside seven high-value properties and two share certificates of Queensdorf Global Fund Limited Trust linked to Emefiele.
The court ruled that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
The forfeited assets include two identical fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Other properties affected by the order are an industrial complex under construction spread across 22 plots in Agbor, Delta State; eight units of an undetached apartment on a 2,457.60 square metre plot at No. 8a Adekunle Lawal Road, Ikoyi; and a duplex with its appurtenances on a 2,217.87 square metre plot at 2a Bank Road, Ikoyi, Lagos.
In June 2025, the Court of Appeal in Lagos overturned the forfeiture order, with a majority decision from a three-member panel setting aside the trial court’s judgment and ordering a retrial.
In the lead judgment delivered by Justice Abdulazeez Anka, the appellate court held that Emefiele’s legitimate earnings could account for the acquisition of the properties.
However, the court noted that the appellant did not challenge the forfeiture of the $2.045 million, and consequently upheld the forfeiture of the funds to the Federal Government.
With the Supreme Court’s latest ruling, the original forfeiture order issued by the Federal High Court has now been fully restored.