Supreme Court Upholds Forfeiture of Emefiele’s ₦2bn Properties, $2.045m to FG
The Supreme Court has affirmed the final forfeiture of seven properties, $2.045 million, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.
In a unanimous ruling by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court set aside the Court of Appeal’s decision and restored the earlier judgment of the Federal High Court, Lagos, which had ordered the forfeiture.
The court held that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities, thereby validating the EFCC’s application.
Emefiele had challenged the forfeiture order at the Court of Appeal, which overturned the trial court’s ruling. The EFCC then appealed to the Supreme Court, which has now reinstated the Federal High Court’s decision.
The forfeited assets include a duplex in Lekki Phase 1, land and a bungalow on Oyinkan Abayomi Drive, Ikoyi, a four-bedroom duplex on Probyn Road, Ikoyi, an industrial complex under construction in Agbor, Delta State, eight apartments on Adekunle Lawal Road, Ikoyi, and a duplex on Bank Road, Ikoyi.
The Supreme Court also upheld the forfeiture of Queensdorf Global Fund Limited’s share certificates alongside the cash assets.
The EFCC had relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution, arguing that investigations showed the assets were linked to unlawful proceeds.
With Friday’s verdict, the Supreme Court has conclusively closed the legal dispute, ensuring the assets are permanently forfeited to the Federal Government.