The Supreme Court has overturned a Court of Appeal judgment and affirmed the final forfeiture of properties and $2.045 million linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, bringing to a close a key legal battle over assets alleged to have been acquired through unlawful activities.
In a unanimous judgment delivered on Friday, the court held that the Court of Appeal in Lagos erred when it set aside the forfeiture order issued by the Federal High Court and directed a retrial of the case.
The decision restores the November 1, 2024 ruling of the Federal High Court in Lagos, presided over by Justice Deinde Dipeolu, which permanently forfeited the assets to the Federal Government after finding that they were reasonably suspected to be proceeds of unlawful activities.
Forfeited Assets
Among the assets covered by the forfeiture order are $2.045 million in cash, seven high-value landed properties across Lagos and Delta states, and two share certificates belonging to Queensdorf Global Fund Limited Trust.
The forfeited properties include:
Two fully detached duplexes on Hakeem Odumosu Street, Lekki Phase 1, Lagos.
An undeveloped parcel of land measuring approximately 1,919.6 square metres on Oyinkan Abayomi Drive, Ikoyi.
A bungalow on Oyinkan Abayomi Drive, Ikoyi.
A four-bedroom duplex on Probyn Road, Ikoyi.
An industrial complex under construction on 22 plots of land in Agbor, Delta State.
Eight units of apartments on Adekunle Lawal Road, Ikoyi.
Another duplex on Bank Road, Ikoyi.
The judgment reverses a June 2025 decision of the Lagos Division of the Court of Appeal, where a majority of the three-member panel ruled that Emefiele’s legitimate earnings could have been sufficient to acquire the properties and ordered the matter to be reheard by the trial court.
