The Supreme Court has upheld 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.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned the earlier decision of the Court of Appeal and restored the judgment of the Federal High Court in Lagos.
The court held that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities.
The ruling reinstated the forfeiture order made on November 1, 2024, by Justice Deinde Dipeolu, following an application filed by the Economic and Financial Crimes Commission.
Among the assets forfeited are luxury properties in Ikoyi and Lekki, an industrial complex under construction in Agbor, Delta State, $2.045 million, and share certificates belonging to Queensdorf Global Fund Limited.
The EFCC argued that investigations showed the assets were reasonably suspected to have been acquired through unlawful means, an argument accepted by the Federal High Court and now affirmed by the Supreme Court.
The judgment reverses the earlier decision of the Court of Appeal, which had ordered a fresh hearing on the grounds that some interested parties were denied fair hearing.
The case is one of several legal proceedings involving Emefiele since his removal as CBN Governor Emefiele in 2023.
He continues to face criminal charges in Lagos and Abuja relating to alleged procurement fraud, abuse of office and other financial offences, allegations he has consistently denied.
