Appeal Court Nullifies Final Forfeiture of Emefiele’s Properties, Orders Retrial

The court of appeal in Lagos has overturned the final forfeiture order issued on assets owned by Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

On November 1, 2024, Deinde Dipeolu, judge of a federal high court in Lagos, ordered the permanent forfeiture of monies (including $2.045 million), seven choice landed properties and the two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele, to the federal government.

The assets were said to be reasonably suspected to have been acquired with proceeds of unlawful activities.

The forfeited properties include two fully detached duplexes of identical structures situated at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped land, measuring 1919.592 sqm with Survey Plan No. DS/LS/340 at Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive (Formerly Queens Drive), Ikoyi, Lagos and a four-bedroom duplex at 12a Probyn Road, Ikoyi.

Others are an industrial complex under construction on 22 plots of land in Agbor, Delta state; eight units of an undetached apartment on a plot measuring 2457.60sqm at No. 8a Adekunle Lawal Road, Ikoyi, and a duplex together with all its appurtenances on a plot of land measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos.

THE RULING
Dissatisfied with the high court’s decision, Emefiele, through his counsel, Olalekan Ojo, challenged the final forfeiture order.
In the appeal marked CA/LAG/CV/1051/24, Emefiele raised five issues for determination, including a question on whether the trial judge adequately evaluated the totality of the affidavit evidence before granting the EFCC’s motion for the final forfeiture.

Among several arguments raised, Rotimi Oyedepo, EFCC counsel, said the “appellant did not produce single evidence on how He acquired the forfeited properties but only placed the purported income he received from Zenith Bank and Central Bank before the court and that how he used the funds to acquire the properties were not shown to the court”.

He added that Emefiele did not show the court a shred of evidence of transfer of legitimate funds from him to the sellers of the properties.

Oyedepo added that none of the properties was acquired in the name of the appellant as submitted by his counsel, but rather they were acquired in various company names, which do not have Emefiele as a shareholder or director.

“The companies in whose names the properties were acquired did not challenge the forfeiture of the properties,” Oyedepo added.

Delivering judgment on April 9, 2025, two of the three-member panel of justices of the appellate court set aside the trial court’s judgment and ordered a retrial of the case at the lower court.

In the majority judgment delivered by Abdulazeez Anka, the court held that it was convinced that the legitimate earnings of the appellant could acquire the properties.

“These funds are the legitimate earnings of the appellant as provided and the contention of the appellant as I do comprehend is that from his earnings from the days he was at Zenith Bank up to his career as CBN governor for 10 years in office, he can be able to afford the said properties in contention,” Anka held.

“In effect, the court hereby sets aside the final forfeiture order made by the trial court of 1st November 2024.”

Anka, however, noted that the appellant did not contest the forfeiture of the $2,045,000 forfeited to the federal government.

“Hence, the final forfeiture against the said sum of $2,045,000 to the FGN is hereby affirmed,” he ruled.

“From the totality of all I’m stating, the appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence at the trial court.

“It is also hereby ordered that the case be remitted to the trial court for a rehearing.”