In a landmark judgement, the Court of Appeal in Lagos has nullified the final forfeiture of assets linked to former Central Bank of Nigeria Governor Godwin Emefiele and ordered a fresh trial at the Federal High Court.
On 9th April 2025, Justices Abdulazeez Anka and Mohammed Mustapha issued their ruling by a two-to-one majority. The decision directs the lower court, which previously granted the Economic and Financial Crimes Commission (EFCC) full forfeiture rights on 1st November 2024, to reassess the case.
The seized assets encompassed luxury homes in Lekki and Ikoyi, undeveloped land in Delta State, uncompleted apartment units, and shares in Queensdorf Global Fund Limited. A cash forfeiture of $2,045,000 also featured in the ruling.
Emefiele Defends Himself: “I Earned It Legally”
Represented by Senior Advocate Olalekan Ojo, Emefiele challenged the ruling. His legal team contended that the trial judge did not fully consider the available evidence. Emefiele maintained that his earnings, from his tenure at Zenith Bank and during his time as CBN Governor, legitimately funded the acquisitions.
He stated, “From my time at Zenith Bank to my years as Governor of the CBN, I earned enough to afford the properties in question.” The supporting documents revealed a severance package exceeding ₦1.7 billion, shares valued at ₦500 million, an annual salary of ₦350 million, quarterly reimbursements, and travel allowances totalling $6.2 million.
Judges Disagree: Retrial Ordered for Transparency
EFCC counsel Rotimi Oyedepo, however, argued that Emefiele provided no proof linking him to the ownership of the assets. He explained that none of the properties were registered in his name, noting they were instead acquired through various companies that did not list him as a director or shareholder. Oyedepo also pointed out that the companies involved did not contest the forfeiture and criticised Emefiele for failing to declare several assets to the Code of Conduct Bureau.
Justice Abdulazeez Anka observed that the evidence presented at the lower court was riddled with contradictions. He instructed that oral and documentary evidence should now be submitted to allow for thorough cross-examination of witnesses. Anka upheld the forfeiture of the $2,045,000, which Emefiele did not dispute.
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Justice Mohammed Mustapha concurred, remarking that Emefiele’s income reasonably accounted for the value of the disputed properties. He criticised the reliance on outdated declaration forms from 2014 and 2019 when evaluating assets allegedly acquired between 2020 and 2023. Mustapha stressed that criminal proceedings should have preceded any civil forfeiture and directed the case to be reassigned to a different judge.
Dissenting View: “No Conflict in Evidence”
Justice Danlami Senchi dissented from the majority. He argued that the affidavits did not conflict and that further evidence was unnecessary. According to Senchi, the companies linked to the properties did not deny ownership, and Emefiele had consistently disavowed any association. He maintained that calling for additional testimony would merely delay justice and upheld the original forfeiture decision.
What Next?
The Appeal Court’s decision means the case now returns to the Federal High Court for a full retrial, where Emefiele will have the opportunity to present oral evidence to support his claims. The forfeiture of $2,045,000 remains in effect, as it was not contested during the proceedings.
This development marks a significant turn in one of Nigeria’s most high-profile asset cases and raises important questions about judicial transparency and accountability.
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