Supreme Court Orders Final Forfeiture Of Emefiele’s Lagos Properties, $2.045 Million

The Supreme Court has restored the final forfeiture of seven luxury properties, $2.045 million in cash and share certificates linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, bringing to an end his legal challenge against the seizure of the assets.

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 an earlier judgment of the Court of Appeal, Lagos Division.

The judgment, read by Justice Mohammed Idris, reinstated the November 1, 2024 decision of the Federal High Court in Lagos, which ordered the permanent forfeiture of the assets to the Federal Government after finding they were reasonably suspected to have been acquired with proceeds of unlawful activities.

The ruling marks a major legal victory for the anti-graft agency and effectively ends the dispute over the ownership of the properties.

The forfeited assets include two fully detached duplexes located on Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land on Oyinkan Abayomi Drive in Ikoyi; a bungalow and a four-bedroom duplex also situated in Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight apartment units on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road, Ikoyi.

The Supreme Court also affirmed the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited Trust, assets that were not challenged by the defendant during the proceedings.

The dispute began after Justice Deinde Dipeolu of the Federal High Court granted the EFCC's application for final forfeiture in November 2024, holding that the Commission had presented sufficient evidence to justify the confiscation of the assets.

However, the Court of Appeal reversed that decision in June 2025, ruling that some individuals claiming ownership of the properties were denied fair hearing. The appellate court consequently ordered the matter to be returned to the Federal High Court for fresh proceedings.

Unhappy with the decision, the EFCC appealed to the Supreme Court, arguing that the trial court had properly evaluated the evidence before issuing the forfeiture order.

The apex court agreed with the Commission, nullified the Court of Appeal's judgment and restored the original forfeiture order.

With the ruling, ownership of all the listed properties, the cash sum of $2.045 million and the associated share certificates now legally vests in the Federal Government.

The EFCC's appeal was argued by a legal team led by former Attorney-General of the Federation, Kanu Agabi (SAN), alongside the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN).

Emefiele was represented by Senior Advocates of Nigeria, Olalekan Ojo and Labi Lawal.

The judgment represents one of the most significant asset forfeiture victories secured by the EFCC in recent years and concludes a prolonged legal battle over properties allegedly linked to the former CBN governor.