The Lagos Court of Appeal has annulled the final forfeiture ruling concerning assets belonging to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).
Background
On November 1, 2024, Federal High Court Judge Deinde Dipeolu mandated the permanent forfeiture of assets, including $2.045 million, seven prime properties, and two share certificates of Queensdorf Global Fund Limited Trust, to the federal government. The assets were suspected to have been acquired through unlawful means.
The forfeited properties comprise two identical detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; a 1919.592 sqm undeveloped land at Oyinkan Abayomi Drive, Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12a Probyn Road, Ikoyi. Additional properties include an industrial complex under construction on 22 plots in Agbor, Delta State; eight units of an undetached apartment on 2457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi; and a duplex with all appurtenances on 2217.87 sqm at 2a Bank Road, Ikoyi, Lagos.
The Ruling
Displeased with the high court’s ruling, Emefiele, represented by counsel Olalekan Ojo, contested the forfeiture order. In the appeal marked CA/LAG/CV/1051/24, Emefiele raised five pivotal issues for determination, including whether the trial judge sufficiently evaluated the evidence presented before granting the EFCC’s forfeiture motion.
EFCC counsel Rotimi Oyedepo argued that Emefiele failed to provide evidence regarding the acquisition of the forfeited properties, merely presenting purported income from Zenith Bank and the CBN without demonstrating how those funds were used to purchase the properties. He further asserted that the properties were not acquired in Emefiele’s name but rather through various company names in which he was neither a shareholder nor a director. The companies involved did not challenge the forfeiture.
On April 9, 2025, a majority of the three-member appellate court panel overturned the trial court’s decision and mandated a retrial. In his majority judgment, Justice Abdulazeez Anka stated that the court was convinced that Emefiele’s legitimate earnings could account for the properties in question.
Anka acknowledged that Emefiele’s earnings from his tenure at Zenith Bank and as CBN governor over a decade were sufficient to afford the disputed properties. Consequently, the court set aside the trial court’s final forfeiture order from November 1, 2024.
However, Anka confirmed that Emefiele did not contest the forfeiture of the $2,045,000 awarded to the federal government, thus affirming that particular forfeiture. He concluded by stating that while the appeal partially succeeded, allowing for the retrial, the case would be returned to the lower court for further proceedings.
