Court of Appeal Sets Aside Forfeiture of Emefiele’s Assets, Orders Retrial

The Lagos Division of the Court of Appeal has overturned the final forfeiture order issued against assets belonging to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and directed a retrial at the Federal High Court.

In a split decision (2-1) delivered on April 9, 2025, and confirmed in a certified true copy obtained on Sunday, the appellate court voided the earlier judgment that handed Emefiele’s properties to the Federal Government. The court held that the matter required a fresh hearing with oral and documentary evidence.

Background

On November 1, 2024, the Federal High Court in Lagos had granted the Economic and Financial Crimes Commission’s (EFCC) request for the final forfeiture of several properties allegedly linked to Emefiele and suspected to be proceeds of unlawful activity.

These assets included:

• Two duplexes at No. 17B, Hakeem Odumosu Street, Lekki Phase 1, Lagos
• Undeveloped land (1,919.592 sqm) on Oyinkan Abayomi Drive, Ikoyi
• A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi
• A four-bedroom duplex at No. 12A Probyn Road, Ikoyi
• An industrial complex under construction on 22 plots in Agbor, Delta State
• Eight uncompleted apartment units on Adekunle Lawal Road, Ikoyi
• A detached duplex at No. 2A Bank Road, Ikoyi
• $2,045,000 in cash and shares in Queensdorf Global Fund Limited

The EFCC maintained that Emefiele failed to provide a legitimate explanation for acquiring these properties.

Appeal and Key Arguments

Emefiele, through his legal team led by Olalekan Ojo (SAN), challenged the forfeiture decision on five main grounds, including the trial court’s failure to adequately assess the affidavit evidence, and its refusal to strike out EFCC’s counter-affidavit.

In response, EFCC counsel Rotimi Oyedepo (SAN) argued that Emefiele did not provide clear evidence showing how he legally purchased the properties. Oyedepo added that none of the assets were acquired in Emefiele’s name and that the companies listed as owners had not contested the forfeiture.

Judgment Highlights

Justice Abdulazeez Anka, who delivered the lead judgment, held that:

• Emefiele’s declared earnings from his roles at Zenith Bank and CBN could plausibly afford the properties.
• The affidavit evidence presented by both parties was conflicting and required oral testimony and cross-examination.
• The final forfeiture order issued on November 1, 2024, was set aside.
• The case should be retried at the Federal High Court before a different judge.

Justice Anka noted Emefiele declared a severance package of ₦1.75 billion, Zenith Bank shares worth ₦500 million, and CBN earnings totaling over ₦350 million annually, along with estacodes exceeding $6 million from foreign trips.

Justice Mohammed Mustapha agreed with the ruling, stating that:

• The income declared was sufficient to cover the cost of the properties.
• The Code of Conduct declarations from 2014 and 2019 could not have included properties acquired between 2020 and 2023.
• The retrial was necessary, and he concurred with the order for rehearing before a new judge.

However, Justice Danlami Senchi dissented, arguing:

• There was no real conflict in affidavit evidence to justify oral proceedings.
• Emefiele could not claim ownership of properties bought under companies he disassociated from.
• The appeal lacked merit and should be dismissed entirely.

Final Orders

• The forfeiture of the $2,045,000 to the Federal Government remains in place, as Emefiele did not contest it.
• The appeal succeeded in part, with the rest of the assets returning to legal contention.
• The case was remitted for retrial before a judge other than Justice D. I. Dipeolu.