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, handing the assets over to the Federal Government.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned an earlier decision of the Court of Appeal and restored the ruling of the Federal High Court in Lagos, which found that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
The judgment, read by Justice Mohammed Idris on behalf of the panel, affirmed the forfeiture order earlier granted by Justice Deinde Dipeolu in Suit No. FHC/L/MISC/500/24.
The ruling followed an appeal by the Economic and Financial Crimes Commission (EFCC), which challenged the Court of Appeal’s decision to set aside the forfeiture order and direct a fresh hearing on the grounds that some interested parties were denied a fair hearing.
The Supreme Court agreed with the anti-graft agency, restoring the Federal High Court’s decision and confirming that the assets should be permanently forfeited to the Federal Government.
Among the forfeited assets are several high-value properties in Lagos, including duplexes and apartments in Lekki Phase 1 and Ikoyi, an industrial complex under construction on 22 plots of land in Agbor, Delta State, as well as $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.
The forfeiture was initially granted after the EFCC, through its counsel and Director of Public Prosecution, Rotimi Oyedepo (SAN), filed an application under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution.
According to an affidavit sworn by EFCC investigating officer David Jayeoba, investigations revealed that the assets were “reasonably suspected to have been acquired with proceeds of unlawful activities.”
Justice Dipeolu had ruled that the commission met the legal requirements for civil forfeiture, paving the way for the permanent seizure of the assets.
The case is one of several legal proceedings involving Emefiele since his removal as CBN governor three years ago.
He is currently facing multiple criminal charges in Abuja and Lagos over alleged procurement fraud, abuse of office and other financial crimes. Emefiele has consistently denied all allegations.
