Supreme Court Affirms Final Forfeiture of Emefiele's Properties, $2.045 Million, Share Certificates to Federal Government
The Supreme Court has affirmed the final forfeiture of seven landed properties, $2,045,000 (Two Million, Forty-Five Thousand United States Dollars), 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, July 17, 2026, a five-member panel of the apex court led by Justice Ibrahim Mohammed Saulawa set aside the judgment of the Court of Appeal and restored the earlier decision of the Federal High Court, Lagos, which ordered the final forfeiture of the assets.
The Supreme Court held that the properties, funds, and share certificates were reasonably suspected to have been acquired with proceeds of unlawful activities and were therefore liable to forfeiture under the law.
The ruling marks a major victory for the Economic and Financial Crimes Commission (EFCC), which had challenged the appellate court's decision after the Court of Appeal overturned the forfeiture order granted by the Federal High Court.
Following the appellate court's judgment in Emefiele's favour, the EFCC approached the Supreme Court seeking a reversal. The apex court has now conclusively restored the forfeiture order, bringing the legal battle over the assets to a close.
Properties Forfeited
The assets forfeited to the Federal Government include:
đ A fully detached duplex of identical structures located at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.
đ An undeveloped parcel of land measuring 1,919.592 square metres at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
đ A bungalow situated at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos.
đ A four-bedroom duplex located at 12A Probyn Road, Ikoyi, Lagos.
đ An industrial complex under construction on 22 plots of land in Agbor, Delta State.
đ Eight units of undetached apartments situated on No. 8A Adekunle Lawal Road, Ikoyi, Lagos.
đ A full duplex and all appurtenances located on a plot measuring 2,217.87 square metres at 2A Bank Road, Ikoyi, Lagos.
The court also ordered the forfeiture of $2,045,000 and the share certificates of Queensdorf Global Fund Limited to the Federal Government.
Background
The forfeiture order was initially granted on November 1, 2024, by Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24 following an application by the EFCC.
The anti-graft agency relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended), arguing that the assets were reasonably suspected to have been acquired through unlawful activities.
The application was supported by an affidavit from EFCC investigator David Jayeoba, who stated that investigations linked the assets to proceeds of unlawful activities.
With the Supreme Court's unanimous judgment, the final forfeiture of the seven properties, $2.045 million, and the share certificates has now been conclusively upheld, ending a significant chapter in the legal proceedings involving the former CBN governor.
What do you think? Should forfeited assets be publicly auctioned and the proceeds invested in education, healthcare, and infrastructure? Share your thoughts in the comments.
#Emefiele #SupremeCourt #EFCC #CBN #Nigeria #AntiCorruption #SouthernReport
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