The Supreme Court has affirmed the final forfeiture of multiple high-value properties and $2.045 million linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government.
In a unanimous judgment delivered on Friday, the apex court set aside the decision of the Court of Appeal in Lagos, which had earlier nullified the forfeiture order and directed that the matter be reheard by the Federal High Court.
The Supreme Court held that the appellate court erred in overturning the trial court’s judgment, thereby restoring the permanent forfeiture order made by the Federal High Court.
On November 1, 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos ordered the final forfeiture of the assets after ruling that they were reasonably suspected to have been acquired through proceeds of unlawful activities.
The forfeited assets include $2.045 million, seven prime properties located in Lagos and Delta states, as well as two share certificates belonging to Queensdorf Global Fund Limited Trust.
Among the properties are two fully detached duplexes 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 on the same street; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.
The assets also include an industrial complex under construction on 22 plots of land in Agbor, Delta State, an eight-unit apartment complex on Adekunle Lawal Road, Ikoyi, and another duplex on Bank Road, Ikoyi.
In June 2025, the Court of Appeal had overturned the forfeiture order, with the majority holding that Emefiele’s legitimate earnings could have been sufficient to acquire the properties.
The appellate court subsequently ordered a retrial of the case before the Federal High Court.
However, the appellate court upheld the forfeiture of the $2.045 million, noting that Emefiele did not challenge that aspect of the judgment.
With Friday’s ruling, the Supreme Court has restored the Federal High Court’s decision, bringing the prolonged legal battle over the assets to a close and permanently vesting the properties and funds in the Federal Government.
