Court Nullifies Final Asset Forfeiture Of Emefiele’s Properties, Says He Acquired Them Legally

By Akinwale Kasali

Former Central Bank of Nigeria Governor, Dr Godwin Emefiele, has been given some breather, following the overturning of the final forfeiture of assets order by the Court of Appeal sitting in Lagos.

In a two-to-one majority decision delivered on April 9, 2025, the Appellate Court set aside the ruling of the Federal High Court in Lagos, which had earlier granted the Economic and Financial Crimes Commission, EFCC, the authority to permanently seize several of Emefiele’s properties.

The Federal High Court had, on November 1, 2024, granted the EFCC a final forfeiture order on a number of assets allegedly linked to Emefiele, including: two detached duplexes in Lekki Phase 1, various properties in Ikoyi, an under-construction industrial complex in Agbor, Delta State, uncompleted apartments in Ikoyi, a duplex on Bank Road, Ikoyi, $2,045,000 in cash, and shares in Queensdorf Global Fund Limited.

The EFCC had claimed that the properties were proceeds of illicit activities. However, Emefiele’s legal team, led by Senior Advocate of Nigeria Olalekan Ojo, challenged the decision, arguing that the properties were lawfully acquired.

Representing the EFCC, Rotimi Oyedepo, a Senior Advocateof Nigeria, SAN, contended that Emefiele had failed to prove legitimate ownership, noting that none of the properties was directly registered in his name and that the companies involved had not contested the forfeiture.

Oyedepo also noted that Emefiele had not declared the assets to the Code of Conduct Bureau.

The lead judgment was delivered by Justice Abdulazeez Anka, who stated that Emefiele’s earnings from his tenure at Zenith Bank and his decade-long service as CBN Governor were substantial enough to justify they  acquisitions.

“These are legitimate earnings as supported by available documents,” he said.

Justice Anka added that the evidence was contested and merited oral and documentary scrutiny, necessitating a retrial to allow both parties present witnesses for cross-examination.

Justice Mohammed Mustapha agreed with the lead judgment, noting that there is no legal restriction against one party purchasing assets on behalf of another, and that Emefiele’s declared income was more than adequate.