Supreme Court Upholds Final Forfeiture of Emefiele’s Properties, $2.045m, Shares to FG

‎ The Supreme Court has upheld the final forfeiture of seven landed properties, $2.045 million in cash, and share certificates linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government.

‎In a unanimous judgment delivered on Friday by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court overturned the earlier decision of the Court of Appeal and restored the judgment of the Federal High Court, Lagos, which had ordered the final forfeiture of the assets.

The Supreme Court held that the properties and funds were reasonably suspected to have been acquired through proceeds of unlawful activities, thereby affirming their forfeiture to the Federal Government.

‎The ruling marks the end of a legal battle that began after the Federal High Court, presided over by Justice D.I. Dipeolu, granted a final forfeiture order on November 1, 2024. Emefiele subsequently appealed the decision, securing a favourable judgment at the Court of Appeal before the Economic and Financial Crimes Commission (EFCC) challenged the verdict at the Supreme Court.

With Friday’s decision, the apex court restored the Federal High Court’s ruling, effectively concluding the case in favour of the anti-graft agency.

‎Among the assets forfeited are luxury properties located in Lagos, including duplexes and apartment complexes in Ikoyi and Lekki Phase 1, an undeveloped parcel of land on Oyinkan Abayomi Drive, and an industrial complex under construction on 22 plots of land in Agbor, Delta State.

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The court also ordered the forfeiture of $2,045,000 and share certificates belonging to Queensdorf Global Fund Limited.

The EFCC had filed the forfeiture application under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended), arguing that investigations established reasonable grounds to believe the assets were acquired with proceeds of unlawful activities.

The Commission’s application was supported by an affidavit from EFCC investigator David Jayeoba, who stated that investigations uncovered evidence linking the assets to suspected unlawful activities.

‎The Federal High Court granted the forfeiture as an action in rem, a legal proceeding against the assets themselves rather than against an individual.

‎Friday’s Supreme Court judgment conclusively affirms the Federal Government’s ownership of the seven properties, the $2.045 million, and the share certificates, bringing the high-profile forfeiture case involving the former CBN governor to a close.

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