Supreme Court Upholds Emefiele Asset Forfeiture

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

The decision was delivered by a five-member panel of the apex court led by Justice Ibrahim Saulawa. The court unanimously overturned the earlier judgment of the Court of Appeal in Lagos and restored the ruling of the Federal High Court in Lagos.

The Economic and Financial Crimes Commission (EFCC) announced the judgment through its Head of Media and Publicity, Dele Oyewale. The commission said the Federal High Court had ordered the final forfeiture of the assets after finding that they were reasonably believed to have been acquired through proceeds of unlawful activities.

According to the EFCC, the Supreme Court ruling has now brought the legal dispute over the assets to an end after the Court of Appeal had earlier set aside the forfeiture order.

The commission explained that the Federal High Court granted the final forfeiture order on November 1, 2024, in Suit No. FHC/L/MISC/500/24. The order followed an application filed by the EFCC through its Director of Public Prosecution, Rotimi Oyedepo (SAN), under the provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the 1999 Constitution.

After the forfeiture order was issued, Emefiele challenged the ruling before the Court of Appeal, which ruled in his favour by reversing the Federal High Court’s decision.

The EFCC then took the matter to the Supreme Court, asking the apex court to restore the earlier judgment. The Supreme Court agreed with the commission and reinstated the Federal High Court’s decision.

The anti-graft agency said its application was filed as an action in rem, seeking the permanent forfeiture of assets believed to have been obtained through unlawful means.

The application was backed by an affidavit from EFCC investigating officer David Jayeoba, who stated that investigations linked the assets to proceeds of unlawful activities.

The commission maintained that the assets met the legal conditions for forfeiture under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

With the Supreme Court’s ruling, the final forfeiture of the seven landed properties, the $2.045 million and the share certificates to the Federal Government has now been fully confirmed.

The properties affected by the judgment are:

• A fully detached duplex with identical structures located 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 (formerly Queens Drive), Ikoyi, Lagos.
• A bungalow located at No. 65A Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
• A four-bedroom duplex situated at 12A Probyn Road, Ikoyi, Lagos.
• An industrial complex under construction on 22 plots of land in Agbor, Delta State.
• Eight units of semi-detached apartments on a 2,457.60-square-metre plot at No. 8A Adekunle Lawal Road, Ikoyi, Lagos.
• A full duplex with all its appurtenances on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi, Lagos.
• Cash amounting to $2,045,000.
• Share certificates belonging to Queensdorf Global Fund Limited.