Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), continues to face an array of legal challenges, with recent court rulings shaping the trajectory of cases involving alleged unlawful acquisition of assets. A significant development occurred on April 9, 2025, when the Court of Appeal in Lagos set aside a final forfeiture order on several properties and assets linked to Emefiele, directing a retrial of the case. This appellate decision found that the Federal High Court in Lagos had erred by not adequately evaluating the evidence before permanently forfeiting the properties to the federal government on November 1, 2024.

Justice Abdulazeez Anka, delivering the lead judgment at the Court of Appeal, affirmed that Emefiele had sufficiently demonstrated that his legitimate earnings throughout his extensive banking career, including his decade-long tenure as CBN Governor, were substantial enough to acquire the disputed assets. He noted that Emefiele's contention was that his income, including a severance package exceeding N1.75 billion from Zenith Bank, N500 million in Zenith Bank shares, and an annual CBN Governor remuneration of N350 million plus quarterly reimbursements and estacodes, supported his ability to acquire these properties. The court therefore ordered a rehearing at the trial court, emphasizing the need for oral evidence and cross-examination to properly scrutinize the conflicting facts regarding the legitimacy of the properties.

Despite this partial victory, the appellate court upheld the forfeiture of $2,045,000, a sum Emefiele did not contest during the proceedings. The properties initially seized by the Federal High Court in Lagos included high-value assets such as two identical fully detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1; a bungalow and an undeveloped land on Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12a Probyn Road, Ikoyi; an industrial complex in Agbor, Delta State; eight units of undetached apartments at 8a Adekunle Lawal Road, Ikoyi; and a duplex at 2a Bank Road, Ikoyi, Lagos. Additionally, two share certificates belonging to Queensdorf Global Fund Limited Trust were part of the initial forfeiture.

Concurrently, Emefiele was recently arraigned on fresh eight-count charges before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court in Abuja. These new charges, brought by the Economic and Financial Crimes Commission (EFCC), pertain to the unlawful acquisition of a 753-unit housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, measuring 150,462.86 square meters. Emefiele pleaded not guilty to all charges, which include allegations of stealing, forgery, and maintaining billions of naira in proxy accounts at Zenith Bank, supposedly acquired through illicit means. One Eric Ocheme is named as a co-suspect, currently at large. The EFCC had previously obtained a court order to seize this estate, and it was officially handed over to the Minister of Housing and Urban Development on May 20.

Justice Halilu subsequently granted Emefiele bail in the sum of N2 billion, stipulating strict conditions. Emefiele must produce two sureties residing in Abuja who own landed properties valued at N2 billion in specified affluent areas such as Wuse, Maitama, Asokoro, or Life Camp. His travel documents, already held by another court, are also attached to these bail conditions. The judge mandated that these conditions be met between Monday and Wednesday, warning that failure to comply would result in Emefiele's remand in prison. The case was adjourned to July 11 for the commencement of trial.

The EFCC, through its counsel Rotimi Oyedepo, maintained that Emefiele failed to produce any evidence of how he legitimately acquired the forfeited properties, merely presenting purported income without detailing how those funds were used for acquisitions. Oyedepo highlighted that none of the properties were acquired in Emefiele’s name and that the companies in whose names the properties were acquired did not challenge the forfeiture. Despite these arguments, the appellate court emphasized the necessity of oral evidence to resolve the factual disputes.

Emefiele is currently standing trial in multiple courts, with cases pending before two judges in Abuja and one in Lagos, underscoring the complex and multifaceted nature of the allegations against him since his removal from office in 2023.