Appeal Court overturns Emefiele’s asset forfeiture order
The Lagos Court of Appeal has overturned the final forfeiture of assets and funds owned by former Central Bank of Nigeria Governor, Godwin Emefiele, which had previously been awarded to the Federal Government.
In a split decision of two to one, delivered on April 9, 2025, but made public on Sunday, the appellate court reversed the judgment issued on November 1, 2024, by the Federal High Court, which had authorized the Economic and Financial Crimes Commission (EFCC) to confiscate Emefiele’s assets. The appeal court ordered a retrial, emphasizing that the case necessitates a rehearing with both oral and documentary evidence.
The initial forfeiture by the High Court encompassed various high-value assets, which included: two luxury duplexes located in Lekki Phase 1, Lagos; multiple properties in Ikoyi, such as bungalows and duplexes on Oyinkan Abayomi Drive, Probyn Road, and Bank Road; an industrial complex currently under construction on 22 plots in Agbor, Delta State; eight units of incomplete apartments in Ikoyi; $2,045,000 in cash; and share certificates in Queensdorf Global Fund Limited.
The EFCC alleged that these assets were derived from illegal activities, prompting the forfeiture request.
Emefiele’s legal representation, led by Senior Advocate Olalekan Ojo, challenged the ruling, arguing that the lower court failed to adequately assess his affidavit evidence and overlooked his assertion of the legitimate acquisition of the properties through his earnings from Zenith Bank and the Central Bank of Nigeria. His defense team also contended that the EFCC’s affidavit was procedurally flawed.
In counterargument, EFCC attorney Rotimi Oyedepo (SAN) asserted that Emefiele had not provided direct evidence of how the properties were obtained. He claimed that most of the assets were acquired through companies where Emefiele held neither shareholding nor director positions, and that these companies did not contest the forfeiture.
Furthermore, Oyedepo pointed out that Emefiele had not reported the properties to the Code of Conduct Bureau, as legally mandated.
In the lead judgment, Justice Abdulazeez Anka stated that the validity of Emefiele’s earnings could not be dismissed completely. He referenced documents indicating that Emefiele received more than ₦1.75 billion as severance from Zenith Bank, ₦500 million in share value, ₦350 million annually as CBN Governor, along with substantial foreign travel allowances.
Considering the conflicting information, Justice Anka determined that the case merited a full retrial, permitting oral testimonies and cross-examinations. However, he confirmed the forfeiture of the $2,045,000, noting that Emefiele did not dispute that specific item.
Justice Mohammed Mustapha, in agreement, affirmed that there was no legal impediment to properties being purchased in trust for another individual. He stated that Emefiele’s income sufficiently covered the expense of the assets, emphasizing that the declared assets for 2014 and 2019 could not be expected to reflect purchases made between 2020 and 2023.
The case has been ordered to be reassigned to a different Federal High Court judge for a new trial.
Contrarily, Justice Danlami Senchi expressed disagreement with the majority opinion, stating that the affidavit evidence was clear and unchallenged. He argued that there was no justification for a retrial, characterizing it as a “waste of judicial time.” Senchi upheld the original forfeiture order and dismissed the appeal entirely.
This ruling prepares the ground for a renewed legal conflict over the assets, which are at the heart of wider corruption allegations involving the former head of the apex bank.
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