By Ayomide Otitoju
The Supreme Court has restored the final forfeiture of seven high-value properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, overturning a Court of Appeal judgment that ordered a retrial of 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 (EFCC) and set aside the decision of the Court of Appeal, Lagos Division, which had nullified the forfeiture order of the Federal High Court.
The judgment, delivered on Friday and read by Justice Mohammed Idris, affirmed the November 1, 2024 ruling of Justice Deinde Dipeolu of the Federal High Court, Lagos, which ordered the final forfeiture of the properties to the Federal Government after finding they were reasonably suspected to be 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.
The ruling effectively ends Emefiele’s legal challenge against the forfeiture order and restores the Federal Government’s ownership of the assets.
The forfeited properties include luxury residences in Lekki Phase 1 and Ikoyi, Lagos, an undeveloped parcel of land on Oyinkan Abayomi Drive, a four-bedroom duplex on Probyn Road, an industrial complex under construction on 22 plots of land in Agbor, Delta State, and eight apartment units on Adekunle Lawal Road, Ikoyi.
The Federal High Court had also ordered the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited Trust, an order that was not challenged.
In June 2025, the Court of Appeal overturned the forfeiture, ruling that some individuals claiming ownership of the properties were denied a fair hearing and ordered the matter to be retried.
The EFCC appealed the decision to the Supreme Court, which agreed with the anti-graft agency’s arguments and reinstated the Federal High Court’s forfeiture order, vesting the assets in the Federal Government.
