Court Overturns Emefiele’s Asset Forfeiture, Orders Retrial

The Court of Appeal in Lagos, on April 9, 2025, nullified the forfeiture of properties linked to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government. The court found conflicting evidence requiring further scrutiny by ordering a retrial before a new judge.

In a two-to-one decision, Justices Abdulazeez Anka and Mohammed Mustapha overturned the Federal High Court’s November 1, 2024, ruling, which had granted the Economic and Financial Crimes Commission (EFCC) final forfeiture of Emefiele’s assets, including prime Lagos properties and $2,045,000 in cash. The appellate court found that Emefiele’s legitimate earnings of over N1.75 billion from Zenith Bank, N500 million in shares, and N350 million annually as CBN Governor could plausibly have funded the properties. However, the EFCC argued that Emefiele failed to prove lawful acquisition, as the assets were held by companies unaffiliated with him. The court set aside the forfeiture, except for the $2,045,000, which Emefiele did not contest, and ordered a retrial to allow oral evidence and witness cross-examination.

The forfeited assets included two duplexes at No. 17B Hakeem Odumosu Street, Lekki Phase 1; a 1,919.592-square-meter undeveloped plot and a bungalow at Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12A Probyn Road, Ikoyi; an industrial complex in Agbor, Delta State; eight uncompleted apartments at No. 8A Adekunle Lawal Road, Ikoyi; and a duplex on 2,217.87 square meters at No. 2A Bank Road, Ikoyi. The EFCC claimed these were proceeds of unlawful activities, noting Emefiele’s failure to declare them to the Code of Conduct Bureau. Emefiele’s legal team, led by Olalekan Ojo (SAN), argued that the trial court overlooked evidence of his legitimate income and dismissed his stay of proceedings motion prematurely.

Justice Danlami Senchi dissented, arguing that no conflicting evidence warranted a retrial, as the companies holding the properties did not contest the forfeiture. He upheld the lower court’s ruling, calling Emefiele’s claim meddlesome. However, the majority ruling emphasized fairness, remitting the case to the Federal High Court’s Chief Judge for reassignment to a new judge. Nigerians await the retrial’s outcome, which could clarify the legitimacy of Emefiele’s wealth amid his ongoing corruption trials in Lagos and Abuja.