ABUJA — The Supreme Court on Friday, July 17, 2026, affirmed the final forfeiture of seven landed properties, $2,045,000 and share certificates linked to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government.
In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court set aside the decision of the Court of Appeal and restored the ruling of the Federal High Court, Lagos, which had ordered the forfeiture of the assets.
The Federal High Court had in November 2024 ordered the final forfeiture of the assets on the grounds that they were reasonably suspected to have been acquired with proceeds of unlawful activities.
Emefiele challenged the order at the Court of Appeal, which reversed the trial court’s judgment.
Dissatisfied, the Economic and Financial Crimes Commission, EFCC, approached the Supreme Court. The apex court has now restored and affirmed the Federal High Court’s decision.
Forfeited Assets
The forfeited properties are:
1. A fully detached duplex at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos
2. An undeveloped parcel of land measuring 1,919.592 square metres at Oyinkan Abayomi Drive, formerly Queens Drive, Ikoyi, Lagos
3. A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos
4. A four-bedroom duplex at 12A Probyn Road, Ikoyi, Lagos
5. An industrial complex under construction on 22 plots of land in Agbor, Delta State
6. Eight units of undetached apartments on 2,457.60 square metres at No. 8A Adekunle Lawal Road, Ikoyi, Lagos
7. A full duplex on 2,217.87 square metres at 2A Bank Road, Ikoyi, Lagos
The court also ordered the forfeiture of $2,045,000, Two Million, Forty-Five Thousand United States Dollars, and share certificates of Queensdorf Global Fund Limited to the Federal Government.
Background of the Case
The final forfeiture order was originally granted on November 1, 2024, by Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24.
The application was filed by the EFCC through its Director of Public Prosecutions, Rotimi Oyedepo, SAN, pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.
The EFCC, in an affidavit deposed to by investigating officer David Jayeoba, averred that investigations showed the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.
With the Supreme Court’s decision, the final forfeiture of the seven properties, $2.045 million and the share certificates to the Federal Government has now been conclusively upheld.
