TD The Supreme Court has affirmed the final forfeiture of seven landed properties, $2.045 million (Two Million, Forty-Five Thousand United States Dollars), and share certificates linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government.
The landmark judgment, delivered on Friday by a unanimous five-member panel of the apex court led by Justice Ibrahim Mohammed Saulawa, overturned an earlier decision of the Court of Appeal.
It restored the judgment of the Federal High Court in Lagos, which had ordered the permanent 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, thereby affirming the Federal High Court’s decision.
The ruling marks the conclusion of a prolonged legal battle that began after the Economic and Financial Crimes Commission (EFCC) secured a final forfeiture order from the Federal High Court on November 1, 2024.
Following that judgment, Emefiele challenged the decision at the Court of Appeal, which reversed the forfeiture order in his favour.
Dissatisfied with the appellate court’s verdict, the EFCC appealed to the Supreme Court.
EFCC argued that the trial court had properly exercised its powers under the law.
In its unanimous judgment, the apex court agreed with the anti-graft agency and set aside the Court of Appeal’s decision.
It reinstated the Federal High Court’s ruling, effectively bringing the matter to a close.
The assets permanently forfeited to the Federal Government include a fully detached duplex comprising identical structures located at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.
Also forfeited is an undeveloped parcel of land measuring 1,919.592 square metres at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
Another bungalow situated at No. 65A Oyinkan Abayomi Drive, Ikoyi, also went to the federal government.
The list further includes:
- a four-bedroom duplex located at 12A Probyn Road, Ikoyi, Lagos,
- an industrial complex under construction on 22 plots of land in Agbor, Delta State,
- eight units of undetached apartments on No. 8A Adekunle Lawal Road, Ikoyi, and,
- a full duplex with all its appurtenances on 2A Bank Road, Ikoyi, Lagos.
Beyond the landed properties, the Supreme Court also affirmed the forfeiture of $2,045,000 and share certificates belonging to Queensdorf Global Fund Limited.
The original forfeiture order was granted by Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24.
The forfeiture order followed an application filed by the EFCC through its Director of Public Prosecution, Rotimi Oyedepo, SAN.
The application was brought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
According to the EFCC, the proceedings were instituted as an action in rem, targeting the assets themselves rather than any individual.
They were instituted on the grounds that the properties and funds were reasonably suspected to have been acquired through unlawful activities.
The Commission supported its application with an affidavit sworn by one of its investigating officers, David Jayeoba.
Jayeoba stated that investigations linked the assets to proceeds of unlawful activities.
The EFCC referenced the relevant provisions of the Advance Fee Fraud and Other Fraud Related Offences Act.
It argued that under the Act, assets reasonably suspected to have been acquired through illicit means are liable to forfeiture to the Federal Government.
The Supreme Court’s judgment effectively validates that position and restores the legal basis upon which the Federal High Court granted the forfeiture order in 2024.
The ruling represents a significant legal victory for the EFCC in its efforts to recover assets suspected to have been derived from unlawful activities.
It reinforces the judiciary’s role in enforcing Nigeria’s asset recovery framework.
With the apex court’s decision, the forfeiture of the seven high-value properties, the $2.045 million, and the Queensdorf Global Fund Limited share certificates to the Federal Government has now been conclusively upheld, bringing the case to a definitive end.
