Supreme Court Hammer Falls: Emefiele Loses Multi-Billion Assets to FG
The Supreme Court has reinstated the final forfeiture of high-value properties and $2.045 million linked to former CBN Governor, Godwin Emefiele. This ruling overturns a Court of Appeal decision and upholds an earlier Federal High Court order, solidifying the government's claim to assets deemed proceeds of unlawful activities.
The Supreme Court of Nigeria has delivered a significant judgment, restoring the final forfeiture of numerous high-value properties and a substantial sum of $2.045 million linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. This apex court decision effectively set aside an earlier ruling by the Court of Appeal, which had mandated 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. Justice Dipeolu's initial ruling had ordered the final forfeiture of the assets to the Federal Government, after the Economic and Financial Crimes Commission (EFCC) successfully established that the properties and funds were indeed proceeds of unlawful activities. The Supreme Court unequivocally held that the Court of Appeal had erred in overturning this forfeiture order and directing a re-hearing by the trial court.
The legal saga began in 2024 when the Federal High Court granted the EFCC's application for final forfeiture. Dissatisfied with this decision, Emefiele, represented by his legal team led by Mr. Olalekan Ojo, SAN, challenged the judgment at the Court of Appeal. In 2025, the appellate court allowed Emefiele's appeal, setting aside the forfeiture order and directing that the matter should commence afresh before the lower court. However, the EFCC, through its legal team spearheaded by Chief Kanu Agabi, SAN, alongside the Director of Public Prosecutions of the Federation, Mr. Rotimi Oyedepo, SAN, and Abba Mohammed, SAN, then challenged the Court of Appeal's decision at the Supreme Court.
The Supreme Court's judgment on Friday allowed the EFCC’s appeal, nullified the Court of Appeal’s decision, and fully reinstated Justice Dipeolu’s final forfeiture order. The extensive list of assets forfeited to the Federal Government includes seven prime properties situated in Lagos and Delta State. Specifically, these 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; and an industrial complex currently under construction on 22 plots of land in Agbor, Delta State. Additionally, eight units of apartments on Adekunle Lawal Road, Ikoyi, and a full duplex on Bank Road, Ikoyi, are part of the forfeited properties.
Beyond the real estate, the forfeiture order also encompassed a substantial sum of $2.045 million in cash, along with share certificates belonging to Queensdorf Global Fund Limited. The legal representation at the Supreme Court included Olalekan Ojo, SAN, Labi Lawal, SAN, and Olawale Fapohunda for Emefiele, while the EFCC was represented by Chief Kanu Agabi, SAN, Rotimi Oyedepo, SAN, and Abba Mohammed, SAN.