Appeal Court overturns forfeiture order on properties linked to Emefiele

In a significant legal development, the Court of Appeal in Lagos has overturned the final forfeiture order placed on properties linked to Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN).

The decision comes several months after a Federal High Court had ruled that the said assets be permanently forfeited to the federal government. That initial order was part of a wider investigation into alleged financial misconduct during Emefiele’s tenure at the apex bank.

On November 1, 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos had ordered the final forfeiture of several properties, including $2.045 million, seven prime properties in Lagos and Delta states, and two share certificates of Queensdorf Global Fund Limited Trust, alleging they were acquired through proceeds of unlawful activities.

Among the forfeited assets were two duplexes in Lekki Phase 1, multiple properties in Ikoyi, a large industrial complex in Delta State, and luxury apartments in Lagos.

Dissatisfied with the judgment, Emefiele approached the appellate court, challenging the decision. His legal counsel, Olalekan Ojo, argued that the trial judge failed to properly evaluate the evidence before granting the EFCC’s request for forfeiture.

EFCC counsel, Rotimi Oyedepo, maintained that Emefiele failed to show how he legitimately acquired the properties and did not provide evidence of financial transactions linking him directly to the properties, most of which were acquired in the names of various companies.

Delivering judgment on April 9, 2025, a two-to-one majority decision of the appellate court, led by Justice Abdulazeez Anka, ruled that Emefiele’s legitimate earnings, including his income from Zenith Bank and 10 years as CBN governor, were sufficient to acquire the properties.

The court therefore set aside the final forfeiture order, except for the $2,045,000, which Emefiele did not contest. That sum remains forfeited to the federal government.

The appeal court further ordered a retrial at the lower court, directing both parties to present oral evidence for a fresh hearing.