Apex court restores Federal High Court ruling, affirming the forfeiture of seven properties, $2.045 million and share certificates to the Federal Government

The Supreme Court has affirmed the final forfeiture of seven landed properties, $2.045 million and share certificates linked to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government, bringing a significant chapter of the Economic and Financial Crimes Commission’s asset recovery campaign to a close.

Also read: Alleged ₦7.8bn fraud: Witness claims he deposited billions for Emefiele in Zenith bank

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 restored the earlier decision of the Federal High Court in Lagos, which had ordered the permanent forfeiture of the assets.

The judgment, read by Justice Mohammed Idris on behalf of the panel, set aside the decision of the Court of Appeal, Lagos Division, which had overturned the forfeiture order and directed that the matter be heard afresh.

The ruling effectively reinstates the judgment delivered by Justice Deinde Dipeolu of the Federal High Court on November 1, 2024, in Suit No. FHC/L/MISC/500/24, holding that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.

The Emefiele Asset Forfeiture case reached the Supreme Court after the Court of Appeal ruled in favour of parties claiming ownership of some of the assets, holding that they had been denied a fair hearing during the original proceedings.

Dissatisfied with that decision, the EFCC appealed to the apex court, arguing that the Federal High Court had correctly applied the law governing civil forfeiture proceedings.

The Supreme Court agreed with the anti-graft agency and restored the original forfeiture order, thereby vesting ownership of the assets in the Federal Government.

Among the forfeited properties is a fully detached duplex comprising identical structures at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.

The order also covers an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, formerly Queens Drive, Ikoyi, a bungalow at 65A Oyinkan Abayomi Drive, Ikoyi, and a four-bedroom duplex located at 12A Probyn Road, Ikoyi.

Other assets forfeited include an industrial complex under construction spread across 22 plots of land in Agbor, Delta State, eight units of semi-detached apartments situated on a 2,457.60-square-metre plot at 8A Adekunle Lawal Road, Ikoyi, and a duplex with its appurtenances occupying a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.

In addition to the real estate, the apex court affirmed the forfeiture of $2,045,000 and share certificates belonging to Queensdorf Global Fund Limited.

The forfeiture proceedings originated after the EFCC filed an application through its counsel, Rotimi Oyedepo (SAN), Director of Public Prosecutions, relying on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.

The commission instituted the matter as an action in rem, a civil procedure directed against property rather than an individual, contending that the assets were reasonably suspected to have been acquired through unlawful activities.

Its application was supported by an affidavit sworn by EFCC investigating officer David Jayeoba, who stated that investigations indicated the assets were proceeds of unlawful conduct.

Justice Dipeolu granted the final forfeiture application in November 2024 after finding that the commission had met the legal requirements for civil asset forfeiture.

The Court of Appeal later overturned that decision, holding that some interested parties who claimed ownership of portions of the assets had not been afforded a fair hearing.

Friday’s ruling by the Supreme Court reverses that appellate judgment and brings the forfeiture proceedings to a definitive conclusion.

The judgment represents one of the most significant outcomes in the series of legal actions involving Emefiele since his removal as Governor of the Central Bank of Nigeria in 2023.

The former apex bank chief is separately facing multiple criminal prosecutions in Abuja and Lagos over allegations including procurement fraud, abuse of office and other financial crimes.

Also read: EFCC witness says Emefiele did not benefit from alleged $6.2m CBN funds theft

Emefiele has consistently denied all allegations against him, while the EFCC has continued to pursue both criminal prosecutions and civil forfeiture proceedings as part of its broader efforts to recover assets it alleges were acquired through unlawful means.