The Supreme Court on Friday affirmed the final forfeiture of seven properties, $2.045 million, and share certificates linked to former Central Bank of Nigeria Governor Godwin Emefiele to the Federal Government.

In a unanimous judgment, a five-member panel led by Justice Ibrahim Saulawa overturned the Court of Appeal’s earlier decision and restored the forfeiture order issued by the Federal High Court in Lagos.

The judgment, delivered by Justice Mohammed Idris on behalf of the panel, upheld the November 1, 2024, ruling of Justice Deinde Dipeolu in Suit No. FHC/L/MISC/500/24.

The Federal High Court had ruled that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.

Emefiele subsequently appealed the decision at the Court of Appeal in Lagos. The appellate court overturned the forfeiture order after finding that parties claiming ownership of some of the assets had not been given a fair hearing. It then ordered that the case be heard afresh.

The Economic and Financial Crimes Commission challenged that decision at the Supreme Court, asking the apex court to reinstate the Federal High Court’s ruling.

The Supreme Court upheld the EFCC’s appeal and restored the final forfeiture order, effectively transferring the assets to the Federal Government.

Forfeited properties

The affected properties include a detached duplex at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos, and an undeveloped parcel of land measuring 1,919.592 square meters on Oyinkan Abayomi Drive, formerly Queens Drive, Ikoyi.

Others include a bungalow at 65A Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12A Probyn Road, Ikoyi; and an industrial complex under construction on 22 plots of land in Agbor, Delta State.

Also forfeited were eight units of apartments on a 2,457.60-square-meter property at 8A Adekunle Lawal Road, Ikoyi, and a duplex situated on a 2,217.87-square-meter plot at 2A Bank Road, Ikoyi.

The court also affirmed the forfeiture of $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.

The forfeiture proceedings began after the EFCC filed an application through its counsel, Director of Public Prosecutions Rotimi Oyedepo, SAN.

The application was filed under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution, as amended.

An affidavit submitted by EFCC investigating officer David Jayeoba stated that investigations indicated the assets were reasonably suspected to have been acquired through unlawful activities.

Justice Dipeolu granted the final forfeiture application after ruling that the commission had met the legal requirements for civil asset forfeiture.

The case is among several legal proceedings involving Emefiele following his removal as CBN governor in 2023.

The former apex bank chief is also facing criminal charges in Abuja and Lagos relating to alleged procurement fraud, abuse of office, and other financial offenses. He has consistently denied the allegations.