The Lagos Court of Appeal has reversed the final forfeiture order regarding assets owned by Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).
On November 1, 2024, Judge Deinde Dipeolu of the Lagos High Court ordered the permanent forfeiture of funds (which include $2.045 million), seven prime properties, and two share certificates of Queensdorf Global Fund Limited Trust belonging to Emefiele to the government. These assets were believed to have been obtained through unlawful activities.
The forfeited properties include two fully detached duplexes with identical designs located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped plot measuring 1919.592 sqm identified by Survey Plan No. DS/LS/340 on Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; a bungalow at No. 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; and a four-bedroom duplex at 12a Probyn Road, Ikoyi.
Additionally, an industrial complex still under construction on 22 plots of land in Agbor, Delta State; eight units of an undetached apartment on a 2457.60sqm plot at No. 8a Adekunle Lawal Road, Ikoyi; and a duplex along with its accessories on a plot measuring 2217.87sqm at 2a Bank Road, Ikoyi, Lagos, were also included.
Displeased with the high court’s decision, Emefiele, through his legal representative, Olalekan Ojo, contested the final forfeiture order. In the appeal marked CA/LAG/CV/1051/24, Emefiele raised five issues for consideration, including whether the trial judge correctly assessed the complete affidavit evidence before approving the EFCC’s application for final forfeiture.
Among various arguments presented, EFCC counsel Rotimi Oyedepo stated that the “appellant did not provide any evidence regarding how he obtained the forfeited assets and merely submitted the alleged income from Zenith Bank and Central Bank to the court without demonstrating how those funds were utilised to acquire the properties.”
He further argued that Emefiele failed to present any evidence showing the transfer of legitimate funds from himself to the sellers of the properties, adding that none of the properties were purchased in the appellant’s name, as claimed by his counsel, but were instead acquired under various company names that did not list Emefiele as a shareholder or director.
On April 9, 2025, two of the three justices on the appellate court panel delivered a judgment overturning the trial court’s ruling, ordering a retrial at the lower court.
In the majority decision delivered by Abdulazeez Anka, the court expressed its belief that the appellant’s legitimate earnings could reasonably allow for the acquisition of the properties.
“These funds are the legitimate earnings of the appellant as provided and the contention of the appellant as I do comprehend is that from his earnings from the days he was at Zenith Bank up to his career as CBN governor for 10 years in office, he can be able to afford the said properties in contention,” Anka held.
“In effect, the court hereby sets aside the final forfeiture order made by the trial court of 1st November 2024.”
“From the totality of all I’m stating, the appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence at the trial court.
“It is also hereby ordered that the case be remitted to the trial court for a rehearing.”
Anka, however, noted that the appellant did not contest the forfeiture of the $2,045,000 forfeited to the government and proceeded to affirm the ruling.
