The Supreme Court has restored the final forfeiture of seven luxury properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, overturning the Court of Appeal’s decision that ordered a fresh hearing.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court reinstated the earlier ruling of the Federal High Court in Lagos, ordering the permanent forfeiture of the assets to the Federal Government.
The forfeited assets include the sum of $2,045,000 (Two Million, Forty-Five Thousand United States Dollars) and share certificates of Queensdorf Global Fund Limited, detached duplexes in Lekki Phase 1, Lagos; an undeveloped 1,919.592-square-metre parcel of land 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; and another duplex on a 2,217.87-square-metre plot on Bank Road, Ikoyi.
Emefiele served as Governor of the Central Bank of Nigeria from June 2014 to June 2023, during the administrations of former Presidents Goodluck Jonathan and Muhammadu Buhari.
Following his suspension and removal from office in 2023, he was charged by the Economic and Financial Crimes Commission (EFCC) with alleged abuse of office, procurement fraud, money laundering, and other financial crimes.
He has denied all the allegations, and the criminal cases against him remain before the courts.
The forfeiture proceedings are separate from the ongoing criminal trials and relate to assets the court found to be linked to suspected unlawful activities. The Supreme Court’s ruling effectively ends Emefiele’s legal challenge against the forfeiture of the seven luxury properties.
