Court of Appeal overturns asset forfeiture of ex-CBN governor Godwin Emefiele, orders retrial to examine ownership claims with oral and documentary evidence

[dropcap]T[/dropcap]he Court of Appeal sitting in Lagos has overturned the final forfeiture of properties belonging to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, to the Federal Government.

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In a two-to-one split judgment, the appellate court ruled that the Federal High Court’s decision, made on 1 November 2024, was premature and lacked adequate review of disputed facts.

Justice Abdulazeez Anka, who delivered the lead judgment, declared that the affidavit evidence presented before the trial court was conflicting and required oral testimony to resolve the legitimacy of Emefiele’s ownership.

The judgment sets aside the forfeiture of high-value properties across Lagos and Delta States and remits the case to a different judge at the Federal High Court for a fresh trial.

Emefiele, through his counsel Olalekan Ojo (SAN), argued that he had sufficient income from his years at Zenith Bank and as CBN governor to acquire the assets.

This appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence.

The EFCC countered, insisting that the properties were bought through proxy companies unrelated to Emefiele and lacked proof of legitimate funding sources.

Justice Mohammed Mustapha supported Anka’s ruling, noting that nothing in law forbade third-party acquisitions held in trust and that Emefiele’s earnings could legitimately fund the assets in question.

He pointed out that earlier declarations to the Code of Conduct Bureau did not cover the contested timeframe of 2020 to 2023.

However, Justice Danlami Senchi dissented, stating that there was no real conflict in the affidavits and that Emefiele’s denial of ties to the purchasing companies meant he had no legal claim.

Senchi upheld the original forfeiture, calling the appeal meritless.

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The court affirmed the forfeiture of \$2,045,000, which Emefiele did not contest. With the judgment partially in his favour, Emefiele will now return to the lower court to defend the legitimacy of his contested assets in a full trial.