Supreme Court Clears FG to Take Over $2.45m, Properties Linked to Emefiele

The Supreme Court has affirmed the Federal Government’s right to permanently seize seven landed properties, $2.45 million and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The apex court, in a unanimous decision delivered on Friday by a five-member panel headed by Justice Ibrahim Saulawa, overturned the judgment of the Court of Appeal in Lagos, which had earlier nullified the forfeiture order.

The appellate court had held that the Federal High Court erred in ordering the final forfeiture of the assets, despite findings that they were reasonably suspected to have been acquired from proceeds of unlawful activities.

Emefiele challenged the Federal High Court’s decision, contending that it occasioned a miscarriage of justice.

However, the Supreme Court ruled in favour of the Economic and Financial Crimes Commission (EFCC), which instituted the forfeiture proceedings.

Justice D.I. Dipeolu of the Federal High Court in Lagos had, on November 1, 2024, granted the final forfeiture order in suit FHC/L/MISC/500/24, filed by the EFCC.

The anti-corruption agency relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Section 44(2)(b) of the 1999 Constitution, in seeking the forfeiture.

According to an affidavit sworn to by EFCC investigator David Jayeoba, investigations showed that the assets were reasonably suspected to be proceeds of unlawful activities.

In affirming the forfeiture, the Supreme Court held that the EFCC successfully established its case and that Emefiele failed to prove the assets were lawfully acquired.

Among the assets ordered forfeited are high-value properties in Ikoyi and Lekki, Lagos, an industrial complex under construction on 22 plots in Agbor, Delta State, as well as $2.45 million and share certificates.

The seven properties include residences on Hakeem Odumosu Street, Oyinkan Abayomi Drive, Probyn Road, Adekunle Lawal Road and Bank Road, all in Lagos, in addition to the Agbor industrial project.

Emefiele served as Governor of the Central Bank of Nigeria from 2014 until 2023 and is currently facing several criminal cases before courts in Abuja and Lagos.

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