The Supreme Court has delivered a landmark judgment affirming the final forfeiture of seven high-value properties, $2,045,000, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government of Nigeria.

A five-member panel of the apex court, led by Justice Ibrahim Mohammed Saulawa, unanimously set aside the Court of Appeal’s decision and restored the ruling of the Federal High Court, Lagos, which had ordered the assets’ forfeiture in November 2024.

The Supreme Court agreed with the Economic and Financial Crimes Commission (EFCC) that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities, thereby upholding the forfeiture under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.

THE FORFEITED ASSETS INCLUDE:

– A fully detached duplex at Lekki Phase 1, Lagos

– An undeveloped land at Oyinkan Abayomi Drive, Ikoyi, Lagos

– A bungalow at Oyinkan Abayomi Drive, Ikoyi, Lagos

– A four-bedroom duplex at Probyn Road, Ikoyi, Lagos

– An industrial complex under construction in Agbor, Delta State

– Eight undetached apartments at Adekunle Lawal Road, Ikoyi, Lagos

– A full duplex at Bank Road, Ikoyi, Lagos

– $2,045,000 cash

– Share certificates of Queensdorf Global Fund Limited

The EFCC had approached the Federal High Court in 2024 seeking the forfeiture, arguing the assets were acquired through unlawful means. Emefiele challenged the order at the Court of Appeal, but the Supreme Court’s ruling now concludes the case in favor of the Federal Government.

With this judgment, the assets will now be permanently transferred to the Federal Government of Nigeria.