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.
A five-member panel of the apex court, led by Justice Ibrahim Saulawa, unanimously allowed the appeal of 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 made by the Federal High Court in Lagos.
The judgment was read on behalf of the panel by Justice Mohammed Idris.
With the decision, the Supreme Court affirmed the judgment of Justice Deinde Dipeolu of the Federal High Court, who had on November 1, 2024, ordered the final forfeiture of the assets to the Federal Government after holding that they were reasonably suspected to be proceeds of unlawful activities.
The appeal was argued on behalf of the appellant by a legal team led by Former Attorney General of the Federation, Kanu Agabi (SAN), with the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN) also appearing.
The respondent, Godwin Emefiele, was represented by Olalekan Ojo and Labi Lawal, both Senior Advocates of Nigeria.
The apex court’s decision effectively restores the final forfeiture of the assets, bringing to an end the legal challenge mounted by Emefiele against the Federal High Court’s order.
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; a four-bedroom duplex at 12A Probyn Road, Ikoyi; 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.
Justice Dipeolu had also ordered the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited Trust, which was not contested by the defendant.
In November 2024, Justice Dipeolu granted the Economic and Financial Crimes Commission’s application for final forfeiture of the assets, holding that the Commission had established that they were reasonably suspected to have been acquired with proceeds of unlawful activities.
However, in June 2025, the Court of Appeal in Lagos set aside that decision, ruling that interested parties who claimed ownership of some of the assets were not afforded a fair hearing.
The appellate court consequently ordered that the matter be returned to the Federal High Court for fresh proceedings and for evidence to be taken from all parties.
Dissatisfied with the decision, the EFCC appealed to the Supreme Court, urging it to restore the trial court’s judgment.
In its judgment delivered on Friday, the apex court agreed with the Commission’s arguments, set aside the decision of the Court of Appeal and reinstated the final forfeiture order made by the Federal High Court, thereby vesting the listed properties in the Federal Government.
