The Supreme Court has upheld the final forfeiture of seven luxury properties and $2.045 million linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, handing a major legal victory to the Economic and Financial Crimes Commission (EFCC).
In a unanimous judgment delivered on Friday, a five-member panel of the apex court, led by Justice Ibrahim Saulawa, overturned an earlier ruling of the Court of Appeal that had nullified the forfeiture order and directed a fresh hearing of the case.
The judgment, read by Justice Mohammed Idris, affirmed the November 1, 2024 decision of the Federal High Court in Lagos, which ordered the permanent forfeiture of the assets to the Federal Government after finding they were reasonably suspected to be proceeds of unlawful activities.
The Supreme Court held that the appeal filed by the EFCC had merit and consequently restored the trial court’s judgment in its entirety.
Among the assets forfeited are two fully detached duplexes in Lekki Phase 1, several high-value properties in Ikoyi, an industrial complex under construction on 22 plots of land in Agbor, Delta State, eight apartment units, and another luxury duplex in Ikoyi.
The order also covers the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited Trust.
The Federal High Court had originally granted the forfeiture application following evidence presented by the EFCC that the assets were linked to proceeds of unlawful activities.
However, in June 2025, the Court of Appeal set aside the judgment, ruling that individuals claiming ownership of some of the properties were denied a fair hearing and directing that the matter be retried.
Dissatisfied with the appellate court’s decision, the EFCC approached the Supreme Court, asking it to restore the Federal High Court’s ruling.
The apex court agreed with the anti-graft agency, nullified the Court of Appeal’s judgment and reinstated the final forfeiture order, effectively transferring ownership of the listed assets to the Federal Government.
The ruling brings to a close Emefiele’s legal challenge against the forfeiture and marks another significant milestone in the EFCC’s asset recovery efforts.
