The Supreme Court has restored the forfeiture of properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, located in Lekki and Ikoyi in Lagos, as well as Agbor in Delta State, returning them to the Federal Government.

The decision was contained in a judgment delivered on Friday by a five-member panel of the apex court, according to Channels Television.

The ruling overturned an earlier judgment of the Court of Appeal, Lagos Division, which had nullified the forfeiture order and directed the Federal High Court to conduct a fresh hearing on the matter.

What they are saying

The Supreme Court, led by Justice Ibrahim Saulawa, set aside the Court of Appeal’s decision and affirmed the judgment of the Federal High Court in Lagos, which had on November 1, 2024, ordered the final forfeiture of the assets after finding that they were reasonably suspected to be proceeds of unlawful activities.

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The judgment was read by Justice Mohammed Idris on behalf of the five-member panel.

  • “The Supreme Court has restored the final forfeiture of seven high-value properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, overturning an earlier judgment of the Court of Appeal which had ordered a retrial of the case,” the Channels TV report read in part.

The appeal was argued on behalf of the EFCC by a legal team led by former Attorney General of the Federation, Kanu Agabi (SAN), while the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), also appeared for the Commission. Godwin Emefiele was represented by Senior Advocates of Nigeria, Olalekan Ojo and Labi Lawal.

More insights

The forfeited assets include two fully detached duplexes 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; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.

Others include 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 on a 2,217.87 square metre plot at 2A Bank Road, Ikoyi.

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Justice Deinde Dipeolu of 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, a decision that was not challenged by the defendant.

Backstory

Justice Deinde Dipeolu of the Federal High Court in Lagos had, in November 2024, granted the EFCC’s application for the final forfeiture of the assets after holding that the Commission had established they were reasonably suspected to have been acquired with proceeds of unlawful activities.

  • In June 2025, the Court of Appeal in Lagos overturned the decision, ruling that individuals claiming ownership of some of the properties were not given a fair hearing during the proceedings.
  • The appellate court subsequently ordered that the matter be returned to the Federal High Court for fresh proceedings and directed that evidence be taken from all interested parties.
  • Dissatisfied with the ruling, the EFCC appealed to the Supreme Court, arguing that the Federal High Court’s judgment should be restored.

In its judgment delivered on Friday, the apex court agreed with the Commission’s arguments, overturned the Court of Appeal’s decision and reinstated the final forfeiture order, bringing the legal dispute over the properties to a close.

What you should know

Godwin Emefiele, who served as Governor of the Central Bank of Nigeria from 2014 to 2023, has been facing multiple criminal prosecutions and civil asset recovery proceedings initiated by the Economic and Financial Crimes Commission (EFCC) since leaving office.

Emefiele has pleaded not guilty to the various charges filed against him, and the criminal trials are still ongoing with no conviction recorded.

The asset forfeiture proceedings are separate from the criminal cases and are intended to recover assets the EFCC alleges were acquired through proceeds of unlawful activities.

The ruling settles the legal dispute over the forfeiture of the listed assets, although Emefiele’s separate criminal cases before various courts remain pending.