Nigeria’s Supreme Court has ordered the final forfeiture of seven high-value properties, $2.045m (£1.5m) in cash and share certificates linked to the former governor of the Central Bank of Nigeria, Godwin Emefiele, handing a significant victory to the country’s anti-corruption agency in one of its most closely watched asset recovery cases.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court overturned an earlier ruling of the Court of Appeal and reinstated the decision of the Federal High Court in Lagos, which found that the assets were reasonably suspected to have been acquired with the proceeds of unlawful activities.
The judgment, delivered by Justice Mohammed Idris on behalf of the panel headed by Justice Ibrahim Saulawa, restored the forfeiture order issued by Justice Deinde Dipeolu of the Federal High Court on 1 November 2024.
The decision reverses a Court of Appeal ruling that had ordered a fresh hearing after finding that parties claiming ownership of some of the assets had not been afforded a fair hearing.
The Economic and Financial Crimes Commission (EFCC), dissatisfied with that decision, appealed to the Supreme Court, arguing that the trial court had properly applied the law governing civil forfeiture proceedings. The apex court agreed, effectively vesting ownership of the assets in the Federal Government.
The assets include a detached duplex on Hakeem Odumosu Street in Lekki Phase 1, Lagos; an undeveloped waterfront plot on Oyinkan Abayomi Drive in Ikoyi; a bungalow and a four-bedroom duplex in Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; eight apartment units on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road in Ikoyi.
The court also upheld the forfeiture of $2.045m in cash and share certificates belonging to Queensdorf Global Fund Limited.
The forfeiture order stemmed from an application filed by the EFCC under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Constitution, arguing that the assets were liable to seizure because they were reasonably suspected to have been acquired through unlawful means.
The commission relied on evidence presented by one of its investigators, David Jayeoba, who told the court that its investigations linked the assets to the proceeds of alleged unlawful activities.
Justice Dipeolu granted the final forfeiture application in November 2024 after concluding that the EFCC had met the legal threshold required in civil forfeiture proceedings. Friday’s ruling by the Supreme Court brings that aspect of the litigation to a close.
The judgment marks another legal setback for Emefiele, who has faced a series of criminal prosecutions and asset recovery proceedings since his removal as central bank governor in 2023.
He is currently standing trial in Abuja and Lagos on charges including alleged procurement fraud, abuse of office and other financial crimes. Emefiele has consistently denied all allegations against him.
The latest ruling strengthens the EFCC’s efforts to recover assets it alleges were acquired through illicit means and underscores the Supreme Court’s endorsement of the legal framework governing Nigeria’s civil forfeiture regime.
