The Lagos Division of the Court of Appeal has nullified the final forfeiture of assets belonging to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The judgment, reached in a 2-1 split decision on April 9, 2025, and confirmed in a certified copy seen on Sunday, reversed an earlier ruling by the Federal High Court and ordered the matter to be retried.
Previously, on November 1, 2024, the Federal High Court had granted the Economic and Financial Crimes Commission’s (EFCC) request for final forfeiture of several high-value properties and assets allegedly linked to Emefiele. These included luxury homes in Lekki and Ikoyi, Lagos, an undeveloped plot on Queens Drive, a bungalow, a duplex, an industrial site in Delta State, multiple uncompleted apartments, and a detached duplex in Ikoyi. Additionally, $2,045,000 and shares in Queensdorf Global Fund Limited were forfeited.
The EFCC claimed the properties were proceeds of criminal activity, but Emefiele, through his counsel Olalekan Ojo (SAN), challenged the ruling. He raised five major grounds for appeal, among them the alleged lack of fair evaluation of evidence by the trial judge and the court’s refusal to recognize his declared interest in the properties.
The EFCC, represented by Rotimi Oyedepo (SAN), countered that Emefiele failed to provide legitimate documentation proving how he acquired the properties and that they were held in company names not officially linked to him.
In the appellate decision, Justice Abdulazeez Anka ruled in favour of Emefiele on several points. He concluded that the former CBN governor’s income—spanning his time at Zenith Bank and his CBN tenure—was sufficient to have legally acquired the disputed properties. Evidence provided included a severance package of over ₦1.75 billion from Zenith Bank, ₦500 million in shares, ₦350 million annual pay at CBN, quarterly allowances of ₦75 million, and foreign travel estacodes totaling $6.285 million.
Justice Anka stressed the need for a full trial with oral and documentary evidence, citing contradictions in the affidavits presented. He ruled that the final forfeiture was premature and should be reexamined in a new trial at the lower court.
Justice Mohammed Mustapha concurred, supporting a retrial and affirming that high earnings could justify ownership of the properties. He noted that Emefiele had declared his and his wife’s assets in forms submitted in 2014 and 2019—before the properties were allegedly acquired between 2020 and 2023.
Both judges agreed that the civil proceedings should follow the conclusion of related criminal trials and remitted the case to the Federal High Court for rehearing, excluding the original trial judge, Justice D.I. Dipeolu.
In dissent, Justice Danlami Senchi maintained that the forfeiture should stand. He argued there were no genuine conflicts in the affidavit evidence and criticized the need for oral hearings, calling it a waste of judicial time. According to him, Emefiele could not claim properties registered under companies he disavowed, and the original forfeiture ruling should remain intact.
Ultimately, the appeal partially succeeded: the forfeiture of the listed properties was overturned and sent back for retrial, while the forfeiture of the $2,045,000 remained valid.
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