Supreme Court Orders Forfeiture of Assets Linked to Former CBN Governor
The Supreme Court has confirmed the final forfeiture of seven land properties, $2,045,000, and stock certificates tied to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. This decision marks a significant development in a protracted legal battle surrounding the ownership of these assets.
In a unanimous ruling delivered on Friday by a five-member panel led by Justice Ibrahim Saulawa, the Supreme Court overturned a prior judgment from the Court of Appeal and reinstated a ruling from the Federal High Court in Lagos that mandates the permanent forfeiture of Emefiele’s assets. The court raised reasonable suspicions about the origins of these assets, suggesting they were acquired with proceeds from illegal activities.
This landmark judgment concludes the legal disputes over Emefiele’s assets after the Economic and Financial Crimes Commission (EFCC) successfully appealed the previous verdict. Emefiele had initially contested the Federal High Court’s forfeiture order, which was subsequently overturned by the Court of Appeal. However, the EFCC, dissatisfied with this outcome, sought intervention from the Supreme Court to reinstate the lower court’s decision.
The Supreme Court aligned with the EFCC’s arguments, reiterating the validity of the Federal High Court’s confiscation order. Among the forfeited assets are a fully detached duplex on Hakeem Odumosu Street in Lekki Phase 1, Lagos, and several other properties in the affluent neighborhoods of Ikoyi, including an undeveloped plot of land on Oyinkan Abayomi Drive and a four-bedroom duplex on Probyn Road.
Additionally, the judgment covers an industrial park being developed across 22 plots of land in Agbor, Delta State, as well as multiple other residential properties located in Ikoyi. Beyond real estate, the Supreme Court has also finalized the forfeiture of $2,045,000 and stock certificates from Queensdorf Global Fund Limited.
The forfeiture proceedings stem from a judgment in case number FHC/L/MISC/500/24, issued by Justice DI Dipeolu of the Federal High Court in Lagos on November 1, 2024. The court deemed the EFCC’s application for forfeiture justified, based on reasonable suspicion that the implicated assets were acquired through illegal activities.
This application was filed under the Advance Payment Fraud and Other Fraud-Related Offenses Act of 2006, alongside Section 44(2)(b) of the 1999 Constitution (as amended). The EFCC’s case was further supported by an affidavit from investigator David Jayoba, whose work linked the properties and funds to illicit activities. The EFCC emphasized that the suit focused on forfeiting assets rather than prosecuting individuals, asserting that the properties meet the legal criteria for confiscation under existing laws.
