The Supreme Court on Friday affirmed the permanent forfeiture of seven landed properties, over $2 million, and share certificates linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to the federal government. A unanimous five-member panel set aside the Court of Appeal judgment that had lifted the forfeiture order.
Supreme Court restores Federal High Court forfeiture order
The panel, led by Justice Ibrahim Saulawa, held that the Federal High Court in Lagos was correct to order permanent forfeiture because the assets were reasonably suspected to have been acquired with proceeds of unlawful activities. The Supreme Court thereby reversed the appellate court's decision.
The Federal High Court, Lagos, had originally ordered final forfeiture on 1 November 2024, following an application by Director of Public Prosecution Rotimi Oyedepo, a Senior Advocate of Nigeria (SAN), under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution. The application was supported by an affidavit from EFCC investigating officer David Jayeoba, who detailed findings that the assets were proceeds of crime.
List of forfeited assets
The assets forfeited include: a fully detached duplex at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres at Oyinkan Abayomi Drive, Ikoyi, Lagos; a bungalow at 65A Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12A Probyn Road, Ikoyi; an industrial complex under construction on 22 plots in Agbor, Delta State; eight units of undetached apartments on a 2,457.60 square metre plot at 8A Adekunle Lawal Road, Ikoyi; a full duplex on a 2,217.87 square metre plot at 2A Bank Road, Ikoyi; $2,045,000; and share certificates of Queensdorf Global Fund Limited.
Non-conviction-based forfeiture
Friday's ruling is a non-conviction-based forfeiture, meaning the assets were forfeited without a criminal conviction. Emefiele, removed as CBN governor by President Bola Tinubu in 2023, faces multiple corruption charges in Lagos and Abuja. The forfeiture adds to assets recovered since his removal in June 2023. In December 2024, the EFCC obtained final forfeiture of 753 housing units in Abuja linked to Emefiele, which the federal government took over in May 2025.
EFCC's recent forfeiture successes
The Supreme Court order continues a streak of forfeiture orders obtained by the EFCC this week against high-end assets from politically exposed persons. On Wednesday, the Federal High Court in Abuja ordered final forfeiture of 48 properties linked to former Attorney General Abubakar Malami. On Thursday, the FCT High Court in Apo ordered final forfeiture of properties linked to businesswoman Aisha Achimugu, including jewelry worth N4.6 billion, 11 exotic cars worth N4.23 billion, $50,000, and N30 million. Courts issued these orders after the EFCC convinced them the assets were proceeds of unlawful activities and owners failed to prove legitimate acquisition.
