The Supreme Court has upheld 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 judgment delivered on Friday by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court overturned the decision of the Court of Appeal and restored the earlier judgment of the Federal High Court in Lagos, which had ordered the forfeiture of the assets.
The Supreme Court held that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
The case arose after the Federal High Court, Lagos, granted a final forfeiture order in November 2024. Emefiele subsequently appealed the ruling, and the Court of Appeal set aside the trial court’s decision.
However, dissatisfied with the appellate court’s judgment, the Economic and Financial Crimes Commission (EFCC) approached the Supreme Court, which has now reinstated the Federal High Court’s decision.
The assets forfeited to the Federal Government include a fully detached duplex at No. 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 No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.
Also forfeited are an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of semi-detached apartments located on Adekunle Lawal Road, Ikoyi; and a full duplex on Bank Road, Ikoyi.
In addition to the landed properties, the apex court ordered the forfeiture of $2,045,000 and the share certificates of Queensdorf Global Fund Limited to the Federal Government.
The forfeiture order was initially granted on November 1, 2024, by Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24.
The ruling followed an application filed by the EFCC through its Director of Public Prosecution, Rotimi Oyedepo (SAN), 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).
According to court documents, the application was supported by an affidavit sworn by EFCC investigating officer David Jayeoba, who stated that investigations showed the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
The Commission urged the court to order the final forfeiture of the assets, arguing that they were liable to forfeiture under the law because of their suspected connection to unlawful activities.
With Friday’s unanimous judgment, the Supreme Court has conclusively affirmed the forfeiture of the seven properties, $2.045 million and the share certificates, bringing the legal dispute over the assets to a close.