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The Court of Appeal, Lagos Division, has overturned the final forfeiture order issued on the assets of the former Governor of the Central Bank of Nigeria, Godwin Emefiele, to the Federal Government.
In a split decision of two-to-one, delivered on April 9, 2025, and detailed in a certified true copy obtained by our correspondent on Sunday, the appellate court set aside the judgment and ordered a retrial of the case at the lower court.
The Federal High Court in Lagos had, in its ruling on November 1, 2024, granted the Economic and Financial Crimes Commission’s application for the final forfeiture of Emefiele’s assets.
The forfeited assets included two fully detached duplexes located at No. 17B, Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land measuring 1,919.592 square metres with survey plan No. DS/LS.340 at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos and a four-bedroom duplex at No. 12A, Probyn Road, Ikoyi, Lagos.
Others were – an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of uncompleted apartments on a plot measuring 2,457.60 square metres at No. 8A Adekunle Lawal Road, Ikoyi, Lagos and a fully detached duplex on a plot measuring 2,217.87 square metres at No. 2A Bank Road, Ikoyi, Lagos.
Additionally, the court ordered the forfeiture of $2,045,000 and shares certificates in Queensdorf Global Fund Limited to the Federal Government.
Dissatisfied with the lower court’s decision, Emefiele, represented by his legal team led by Olalekan Ojo (SAN), appealed the decision.
The EFCC was named as the sole respondent in the appeal marked CA/LAG/CV/1051/24.
In the judgment delivered by Justice Abdulazeez Anka, the court held that it was convinced that the legitimate earnings of the appellant could acquire the properties.
Justice Anka held, “These funds are the legitimate earnings of the appellant as provided and the contention of the appellant as I do comprehend is that from his earnings from the days he was at Zenith Bank up to his career as CBN governor for 10 years in office, he can be able to afford the said properties in contention.”
The EFCC had argued that the properties were reasonably suspected to have been acquired with proceeds of unlawful activities.
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