Nigeria top court restores seizure of ex-CBN chief Emefiele's assets
Nigeria's Supreme Court has definitively restored the forfeiture of seven high-value properties and over $2 million in cash belonging to former central bank governor Godwin Emefiele, reinforcing the state's asset recovery powers amid his ongoing criminal trials.
A five-member panel of the Nigerian Supreme Court has reinstated the final forfeiture of prime real estate and funds linked to Godwin Emefiele, who led the Central Bank of Nigeria from 2014 to 2023. The Friday ruling overturns a June 2025 decision by the Court of Appeal, which had nullified the seizure over procedural fairness concerns and ordered a retrial.
The restored order transfers seven properties to the Federal Government, including detached duplexes in Lagos’s affluent Lekki and Ikoyi districts, an undeveloped 1,919.592 square-metre parcel in Ikoyi, apartment blocks, and an industrial complex under construction across 22 plots in Agbor, Delta State. Additionally, a separate, unchallenged order covers the forfeiture of $2.045 million in cash and share certificates tied to Queensdorf Global Fund Limited Trust.
The Economic and Financial Crimes Commission (EFCC) pursued the appeal after the appellate court found that third parties claiming ownership of some assets were denied a hearing. The apex court, led by Justice Ibrahim Saulawa with the judgment read by Justice Mohammed Idris, rejected the appellate court's reasoning. “The Supreme Court has restored the final forfeiture of seven high-value properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, overturning an earlier judgment of the Court of Appeal which had ordered a retrial of the case,” the report noted.
For market participants tracking governance risks in emerging markets, the ruling closes a significant chapter in the state's aggressive post-tenure pursuit of the former central bank chief. It demonstrates that the EFCC can successfully overcome appellate procedural hurdles to permanently secure high-value assets. While Emefiele has pleaded not guilty to separate criminal charges that remain pending in various courts, the Supreme Court's intervention ensures these specific properties and funds are permanently out of his reach.
The prominence of the legal teams involved underscores the high stakes of the dispute. Former Attorney General of the Federation Kanu Agabi and Director of Public Prosecutions Rotimi Oyedepo led the EFCC’s representation, while Emefiele retained Senior Advocates Olalekan Ojo and Labi Lawal. By siding with the anti-graft agency, the Supreme Court has resolved the jurisdictional friction between the lower courts.
The apex court affirmed the original November 2024 finding by Justice Deinde Dipeolu of the Federal High Court, which held that the assets were reasonably suspected to be proceeds of unlawful activity. Asset forfeiture proceedings operate independently of criminal prosecutions in Nigeria. This legal separation allows the state to lock down suspected illicit wealth immediately, a mechanism now firmly validated by the highest court for this specific portfolio of real estate and cash.
