The Supreme Court has affirmed the final forfeiture of seven properties, $2.045 million and share certificates linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele, to the Federal Government.
The Economic and Financial Crimes Commission announced the decision in a statement shared on its X handle on Friday, saying a five-member panel of the apex court unanimously reinstated the earlier judgment of the Federal High Court in Lagos.
The panel, headed by Justice Ibrahim Mohammed Saulawa, overturned the decision of the Court of Appeal and upheld the forfeiture order issued by the trial court.
According to the EFCC, its investigation established reasonable grounds to suspect that the assets were acquired with proceeds of unlawful activities.
Appeal Court judgment overturned
Justice D.I. Dipeolu of the Federal High Court in Lagos had, on November 1, 2024, ordered the final forfeiture of the assets.
Emefiele appealed the ruling, and the Court of Appeal subsequently nullified the forfeiture order, directing that the matter be heard afresh.
Dissatisfied with that verdict, the EFCC approached the Supreme Court, seeking to restore the judgment of the Federal High Court.
The apex court granted the commission’s request, setting aside the appellate court’s decision and confirming the final forfeiture of the assets to the Federal Government.
Assets forfeited
Among the properties affected is a fully detached duplex located at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.
Also forfeited is an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, formerly known as Queens Drive, Ikoyi, Lagos.
The list further includes a bungalow at 65A Oyinkan Abayomi Drive, a four-bedroom duplex at 12A Probyn Road, Ikoyi, and an industrial complex under construction spread across 22 plots in Agbor, Delta State.
In addition, the court ordered the forfeiture of eight units of undetached apartments sitting on a 2,457.60-square-metre plot at 8A Adekunle Lawal Road, Ikoyi, as well as a duplex with its appurtenances on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.
Cash and share certificates
The Supreme Court also upheld the forfeiture of $2,045,000 and share certificates belonging to Queensdorf Global Fund Limited.
The EFCC had instituted the forfeiture proceedings under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Section 44(2)(b) of the 1999 Constitution.
An affidavit filed by EFCC investigating officer David Jayeoba stated that the commission’s investigation connected the assets to suspected proceeds of unlawful activities.
With the Supreme Court’s verdict, ownership of the properties, funds and share certificates has been transferred to the Federal Government.
The forfeiture proceedings relate solely to ownership of the assets and do not, on their own, constitute a criminal conviction against Emefiele.
