Emefiele: Supreme Court Affirms Final Forfeiture Of Properties, $2 Million, Share Certificates To Government

The Supreme Court has affirmed the final forfeiture of seven landed properties, $2.045 million and share certificates linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government.

In a unanimous judgment delivered on Friday, July 17, 2026, a five-member panel of the apex court led by Justice Ibrahim Mohammed Saulawa set aside the earlier decision of the Court of Appeal and restored the judgment of the Federal High Court, Lagos, which had ordered the final forfeiture of the assets.

The Supreme Court held that the properties and funds were reasonably suspected to have been acquired with proceeds of unlawful activities, thereby affirming the Federal High Court’s forfeiture order.

The ruling followed an appeal by the Economic and Financial Crimes Commission (EFCC), which challenged the Court of Appeal’s decision that had overturned the trial court’s judgment in favour of Emefiele.

After the Federal High Court initially ordered the final forfeiture of the assets, Emefiele appealed the decision. The Court of Appeal ruled in his favour, prompting the EFCC to approach the Supreme Court, which has now restored the original judgment.

The forfeited assets 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 on Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi; a four-bedroom duplex at 12A Probyn Road, Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of undetached apartments at No. 8A Adekunle Lawal Road, Ikoyi; and a full duplex at 2A Bank Road, Ikoyi.

The apex court also upheld the forfeiture of $2,045,000 and the share certificates of Queensdorf Global Fund Limited to the Federal Government.

The original forfeiture order was granted on November 1, 2024, by Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24, following an application filed by the EFCC through its Director of Public Prosecution, Rotimi Oyedepo (SAN).

The application, brought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended), sought the forfeiture of assets allegedly acquired through unlawful means.

In an affidavit supporting the application, EFCC investigating officer David Jayeoba stated that investigations revealed the properties and funds were reasonably suspected to have been acquired with proceeds of unlawful activities.

With the Supreme Court’s unanimous decision, the final forfeiture of the seven properties, $2.045 million and the share certificates to the Federal Government has now been conclusively upheld, bringing the legal battle over the assets to an end.