The Supreme Court has delivered a major ruling in the long-running legal battle involving former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The apex court upheld the final forfeiture of seven landed properties, $2.045 million and share certificates linked to the former CBN governor, bringing the case to a close.
The judgment marks a significant victory for the Economic and Financial Crimes Commission (EFCC), which had challenged an earlier Court of Appeal ruling that favoured Emefiele.
However, the Supreme Court has now restored the decision of the Federal High Court, ruling that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
The verdict effectively ends the legal dispute over the assets. Consequently, the properties, funds and share certificates will remain permanently forfeited to the Federal Government.
The unanimous judgment was delivered by a five-member panel of the Supreme Court led by Justice Ibrahim Mohammed Saulawa.
According to the court, the earlier judgment of the Court of Appeal was set aside. Furthermore, the decision of the Federal High Court in Lagos was reinstated in full.
The case began after the EFCC filed an application seeking the permanent forfeiture of several assets linked to Emefiele.
The anti-graft agency argued that investigations showed the properties and funds were reasonably suspected to have originated from unlawful activities.
Moreover, the Federal High Court granted the final forfeiture order in November 2024.
However, Emefiele appealed the decision before the Court of Appeal. The appellate court later overturned the forfeiture order.
Meanwhile, the EFCC challenged that judgment before the Supreme Court.
Following its review of the matter, the apex court ruled in favour of the anti-corruption agency.
As a result, the Federal High Court’s earlier judgment has now been fully restored.
The assets covered by the ruling include several high-value properties in Lagos and Delta State.
Among them is a fully detached duplex located on Hakeem Odumosu Street in Lekki Phase One.
In addition, the forfeited assets include an undeveloped parcel of land on Oyinkan Abayomi Drive in Ikoyi.
A bungalow on the same road was also included in the final order. Furthermore, a four-bedroom duplex on Probyn Road in Ikoyi forms part of the forfeited properties.
The ruling also covers eight apartment units located on Adekunle Lawal Road in Ikoyi.
Another duplex situated on Bank Road in Ikoyi has also been forfeited. Meanwhile, an industrial complex under construction on 22 plots of land in Agbor, Delta State, was included in the judgment.
The Supreme Court also affirmed the forfeiture of $2.045 million. In addition, share certificates belonging to Queensdorf Global Fund Limited were permanently forfeited.
Earlier, the EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The commission also cited Section 44(2)(b) of the 1999 Constitution, as amended.
According to court documents, the agency maintained that investigations connected the assets to proceeds of unlawful activities.
The application was supported by an affidavit sworn to by EFCC investigating officer David Jayeoba.
Moreover, the Supreme Court’s judgment now represents the final legal position on the matter.
Therefore, the Federal Government officially retains ownership of all the forfeited properties, funds and share certificates.
The ruling also brings an end to months of legal arguments between the EFCC and the former CBN governor.
