Supreme Court Affirms Forfeiture of Emefiele’s Mansions, $2.045m to FG

The Supreme Court has upheld the final forfeiture of seven landed properties, $2.045 million, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.

 

In a unanimous judgment delivered on Friday by a five-member panel led by Justice Ibrahim Saulawa, the apex court set aside the Court of Appeal’s decision and restored the earlier ruling of the Federal High Court in Lagos, which held that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.

 

The judgment, read by Justice Mohammed Idris, reinstated the forfeiture order issued by Justice Deinde Dipeolu of the Federal High Court on November 1, 2024.

 

Emefiele had challenged the Federal High Court’s ruling at the Court of Appeal, which overturned the forfeiture order on the grounds that some interested parties claiming ownership of the assets were denied a fair hearing and ordered a fresh hearing.

 

Dissatisfied with the appellate court’s decision, the Economic and Financial Crimes Commission (EFCC) appealed to the Supreme Court, which ruled in favour of the anti-graft agency and restored the forfeiture order.

 

The forfeited assets include:

 

A detached duplex at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.

 

An undeveloped parcel of land on Oyinkan Abayomi Drive, Ikoyi.

 

A bungalow at 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 at 8A Adekunle Lawal Road, Ikoyi.

 

A duplex on Bank Road, Ikoyi.

 

The court also affirmed the forfeiture of $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.

 

The forfeiture followed an application filed by the EFCC under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution, arguing that the assets were reasonably suspected to have been acquired through unlawful means.

 

The Supreme Court’s ruling is one of several legal proceedings involving Emefiele since his removal as CBN governor in 2023. He is currently facing multiple criminal charges in Abuja and Lagos over alleged procurement fraud, abuse of office and other financial crimes, allegations he has consistently denied.