Supreme Court upholds forfeiture of Emefiele-linked properties, $2.045m to FG

The Supreme Court has upheld the final forfeiture of seven properties, $2.045 million and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.

In a unanimous judgment delivered on Friday, a five-member panel of the apex court led by Justice Ibrahim Mohammed Saulawa overturned an earlier ruling of the Court of Appeal and restored the decision of the Federal High Court in Lagos, which had ordered the forfeiture of the assets.

The Supreme Court held that the properties and funds were reasonably suspected to have been acquired from proceeds of unlawful activities and were therefore liable to forfeiture.

The Economic and Financial Crimes Commission (EFCC) had secured the forfeiture order at the Federal High Court on November 1, 2024, following an application filed under the provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the 1999 Constitution.

However, Emefiele challenged the ruling at the Court of Appeal, which subsequently set aside the trial court’s decision.

Dissatisfied with the appellate court’s judgment, the EFCC approached the Supreme Court, seeking a reversal of the decision.

In its ruling, the apex court agreed with the anti-graft agency and reinstated the forfeiture order earlier granted by the Federal High Court.

Among the assets affected by the judgment are a fully detached duplex on Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land on Oyinkan Abayomi Drive, Ikoyi; a bungalow located on the same road; and a four-bedroom duplex on Probyn Road, Ikoyi.

Also forfeited are an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of apartments on Adekunle Lawal Road, Ikoyi; and a duplex on Bank Road, Ikoyi.

The court further affirmed the forfeiture of $2.045 million and share certificates belonging to Queensdorf Global Fund Limited.

Court documents showed that the EFCC’s application was supported by an affidavit from one of its investigators, who informed the court that investigations indicated the assets were reasonably suspected to have been acquired through unlawful means.

The anti-corruption agency had argued that the assets were liable to forfeiture under the law because of their alleged connection to proceeds of unlawful activities.