The Court of Appeal in Lagos has overturned a Federal High Court ruling that ordered the forfeiture of assets belonging to former Central Bank Governor, Godwin Emefiele, to the Federal Government.
In a split decision (2–1) delivered on April 9, 2025, the appellate court nullified the lower court’s November 1, 2024 judgment and directed a retrial before a different judge.
The Economic and Financial Crimes Commission (EFCC) had previously secured a final forfeiture order over several properties linked to Emefiele, including real estate in Ikoyi and Lekki (Lagos), land and an industrial facility in Delta State, and shares in Queensdorf Global Fund Limited. The EFCC also obtained forfeiture of $2,045,000, arguing that the assets were proceeds of unlawful activity.
Emefiele’s legal team, led by Olalekan Ojo (SAN), challenged the ruling on five grounds, including jurisdictional errors and flawed assessment of evidence.
EFCC counsel Rotimi Oyedepo (SAN) argued that Emefiele failed to demonstrate legitimate ownership of the assets and did not fully declare them to the Code of Conduct Bureau. He also pointed out that the properties were held in the names of companies not directly tied to Emefiele.
However, in the lead judgment, Justice Abdulazeez Anka found that Emefiele’s declared income was sufficient to support the acquisitions.
He noted contradictions in the evidence presented, which he said required a full trial with witness testimony and cross-examination. He upheld only the forfeiture of the $2,045,000, which Emefiele did not contest.
Justice Mohammed Mustapha agreed, stating there was no legal prohibition against holding property in trust for another person. He also emphasized that Emefiele’s asset declarations and income records supported his claims. Mustapha added that the civil forfeiture proceedings should be held after any criminal trial.
In dissent, Justice Danlami Senchi upheld the original forfeiture, arguing that the evidence provided via affidavits was clear and did not require oral testimony. He maintained that Emefiele had no proven connection to the companies listed as owners of the properties.
Final Ruling: The Court of Appeal annulled the asset forfeiture order—except for the uncontested $2,045,000—and ordered a retrial at the Federal High Court.
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