The Supreme Court has overturned a Court of Appeal judgment that nullified the forfeiture of seven high-value properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, restoring the Federal High Court’s order that permanently transferred the assets to the Federal Government.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court led by Justice Ibrahim Saulawa allowed the appeal filed by the Economic and Financial Crimes Commission (EFCC) and set aside the decision of the Court of Appeal in Lagos.
The ruling effectively ends Emefiele’s legal challenge against the forfeiture order earlier granted by the Federal High Court.
Appeal Court Ruling Overturned
The Court of Appeal had previously nullified the final forfeiture order, holding that individuals claiming ownership of some of the properties were not given a fair hearing.
The appellate court directed that the case be returned to the Federal High Court for a fresh trial, with all interested parties allowed to present evidence.
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Dissatisfied with that decision, the EFCC approached the Supreme Court, asking it to reinstate the original judgment.
The apex court agreed with the anti-graft agency’s arguments and restored the trial court’s final forfeiture order.
Assets Forfeited
The properties were initially forfeited on November 1, 2024, when Justice Dehinde Dipeolu of the Federal High Court in Ikoyi, Lagos, granted the EFCC’s application for final forfeiture.
The order covered seven landed properties, $2.045 million, and two share certificates belonging to Queensdorf Global Fund Limited Trust, all linked to Emefiele.
The properties include two fully detached duplexes on Hakeem Odumosu Street, Lekki Phase 1; an undeveloped plot and a bungalow on Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex on Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; an eight-unit apartment building on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road, Ikoyi.
Background
In a separate ruling in March 2025, the Federal High Court also ordered the permanent forfeiture of $1.4 million linked to alleged fraud involving the former CBN governor.
However, in June 2025, the Court of Appeal overturned the forfeiture of the seven properties, citing a breach of fair hearing and ordering the matter to be retried.
Friday’s judgment by the Supreme Court has now reversed that decision, reinstating the original forfeiture order and vesting ownership of the seven properties in the Federal Government.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.