By Emmanuel Babafemi
The Supreme Court has affirmed the final forfeiture of seven high value properties, 2.045 million United States dollars, and share certificates linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele.
The ruling brings to an end a protracted legal battle over the assets.
In a unanimous judgment delivered on Friday, the apex court overturned the June 2025 decision of the Court of Appeal in Lagos, which had nullified an earlier forfeiture order and directed that the matter be reheard by the Federal High Court.
The Supreme Court held that the appellate court erred in setting aside the trial court’s decision, thereby restoring the judgment ordering the permanent forfeiture of the assets to the Federal Government.
The case originated from a November 1, 2024 judgment of the Federal High Court in Lagos, presided over by Justice Deinde Dipeolu.
The trial court had ruled that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
Acting on an application filed by the Economic and Financial Crimes Commission, the court ordered their permanent forfeiture to the Federal Government.
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The assets covered by the order include seven prime real estate holdings spread across Lagos and Delta states, 2.045 million United States dollars, and share certificates belonging to Queensdorf Global Fund Limited.
The forfeited properties include two fully detached duplexes on Hakeem Odumosu Street, Lekki Phase 1, Lagos.
Others are an undeveloped parcel of land and a bungalow on Oyinkan Abayomi Drive, Ikoyi, a four bedroom duplex on Probyn Road, Ikoyi, an industrial complex under construction on 22 plots of land in Agbor, Delta State, an eight unit apartment complex on Adekunle Lawal Road, Ikoyi, and another duplex on Bank Road, Ikoyi.
The Court of Appeal had earlier ruled that Emefiele’s legitimate earnings could have been sufficient to acquire the properties.
It consequently ordered a retrial on the real estate component of the case.
However, it declined to set aside the forfeiture of the 2.045 million dollars.
Dissatisfied with that judgment, the EFCC approached the Supreme Court, arguing that the Federal High Court had correctly ordered the final forfeiture of all the assets.
The apex court agreed with the anti graft agency.
It held that the Federal High Court properly exercised its jurisdiction after finding that the properties and funds were reasonably suspected to be proceeds of unlawful activities.
The Supreme Court consequently restored the Federal High Court’s judgment in its entirety, making the forfeiture of the properties, funds, and share certificates final.
The decision marks another significant legal victory for the EFCC in its ongoing asset recovery efforts and reinforces the application of Nigeria’s civil forfeiture laws in cases involving suspected proceeds of crime.
