 |
| Former CBN governor Godwin Emefiele |
Nigeria's Supreme Court has upheld the final forfeiture of seven high-value properties, over $2 million in cash, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.
The unanimous judgment, delivered by a five-member panel led by Justice Ibrahim Mohammed Saulawa, overturned an earlier ruling of the Court of Appeal in Lagos, which had nullified the forfeiture order and directed that the case be heard afresh. The apex court instead restored the decision of the Federal High Court in Lagos, affirming that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
The assets affected by the ruling include seven landed properties, $2.045 million in cash, and share certificates belonging to Queensdorf Global Fund Limited Trust.
The case dates back to November 2024 when the Federal High Court ordered the permanent forfeiture of the assets following an application by the Economic and Financial Crimes Commission (EFCC). At the time, the court held that Emefiele failed to provide convincing evidence showing that the properties were acquired from legitimate earnings during his time at Zenith Bank and later as CBN governor.
Dissatisfied with that judgment, Emefiele approached the Court of Appeal, which ruled in his favour by setting aside the forfeiture order and directing a retrial. The EFCC challenged that decision before the Supreme Court, arguing that the appellate court erred in law by overturning the Federal High Court's findings.
In its final verdict, the Supreme Court agreed with the anti-graft agency, holding that the Federal High Court had properly evaluated the evidence before making the forfeiture order. The justices ruled that there was no legal basis for the Court of Appeal to interfere with the lower court's judgment.
The judgment effectively transfers ownership of the forfeited assets to the Federal Government, marking another major legal setback for the former apex bank chief, who is still facing several criminal charges bordering on alleged abuse of office, procurement fraud, and financial misconduct.
Emefiele has consistently denied wrongdoing in the various cases instituted against him.
The Supreme Court's ruling is expected to strengthen the EFCC's ongoing asset recovery campaign, as the commission continues efforts to trace and recover assets believed to have been acquired through illicit means by public officials.