Supreme Court Upholds Final Forfeiture of Emefiele's Properties, $2.045m

By Ibrahim Olayiwola/LAGOS// The Supreme Court on Friday restored the final forfeiture of several high-value properties and $2.045 million linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, setting aside the decision of the Court of Appeal which had ordered a fresh hearing of the case.

In a unanimous judgment delivered on behalf of a panel led by Justice Ibrahim Mohammed Musa Saulawa, Justice Mohammed Idris upheld the 2024 judgment of Justice Dehinde Dipeolu of the Federal High Court, Lagos, which ordered the final forfeiture of the assets to the Federal Government.

The apex court held that the Court of Appeal erred when it overturned the forfeiture order and directed that the matter be reheard by the trial court.

Justice Dipeolu had, in 2024, granted the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of the assets after finding that the commission had established that the properties and funds were proceeds of unlawful activities.

Dissatisfied with the decision, Emefiele, through his legal team led by Senior Advocate of Nigeria (SAN), Olalekan Ojo, challenged the judgment at the Court of Appeal.

In 2025, the appellate court allowed the appeal, set aside the forfeiture order, and directed that the matter should commence afresh before the lower court.

The EFCC, however, challenged that decision at the Supreme Court through its legal team led by Chief Kanu Agabi, SAN, alongside the Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN, and Abba Mohammed, SAN.

In its judgment on Friday, the Supreme Court allowed the EFCC’s appeal, nullified the Court of Appeal’s decision, and restored Justice Dipeolu’s final forfeiture order in its entirety.

The assets forfeited to the Federal Government include seven prime properties located in Lagos and Delta State.

They comprise 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 at Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 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 full duplex on Bank Road, Ikoyi.

Also forfeited are the sum of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited.

Emefiele was represented at the Supreme Court by Olalekan Ojo, SAN, Labi Lawal, SAN, and Olawale Fapohunda, while the EFCC was represented by Chief Kanu Agabi, SAN, Rotimi Oyedepo, SAN, and Abba Mohammed, SAN.

The judgment marks a major victory for the EFCC in its asset recovery efforts and brings to an end the legal dispute over the forfeiture order initially granted by the Federal High Court in Lagos.