The Lagos State Division of the Court of Appeal has set aside the final forfeiture of assets belonging to former Central Bank of Nigeria Governor Godwin Emefiele, ordering a fresh trial in a split decision delivered on April 9, 2025.
In a two-to-one ruling, the appellate court reversed an earlier judgment by the Federal High Court, Lagos, which had granted the Economic and Financial Crimes Commission a final forfeiture order over Emefiele’s extensive property portfolio on November 1, 2024.
The forfeited assets included two fully detached duplexes in Lekki Phase 1, multiple properties in Ikoyi, an industrial complex under construction in Agbor, Delta State, uncompleted apartments in Ikoyi, a duplex on Bank Road, Ikoyi, $2,045,000 in cash, and shares in Queensdorf Global Fund Limited. The EFCC had alleged these properties were acquired through proceeds of unlawful activities.
Emefiele’s legal team, led by Olalekan Ojo SAN, successfully challenged the ruling, while the EFCC, represented by Rotimi Oyedepo SAN, argued that the former CBN governor failed to provide proof of legitimate funding for the assets, which were registered in companies with no official links to him.
Justice Abdulazeez Anka, who delivered the lead judgment, ruled that Emefiele’s substantial earnings from his tenure at Zenith Bank and his decade-long role as CBN governor were sufficient to afford the properties in question. He emphasized that the evidence presented was highly disputed and required thorough oral and documentary examination through cross-examination of witnesses.
“These funds are the legitimate earnings of the appellant as provided from his days at Zenith Bank up to his career as CBN governor for 10 years, he can afford the said properties,” Justice Anka stated, ordering the case be remitted to the trial court for rehearing.
Justice Mohammed Mustapha concurred with the majority decision, noting there was no legal barrier preventing one party from purchasing property on behalf of another. He particularly criticized the expectation that Emefiele should have declared properties acquired in 2020 in forms filled out in 2014, calling such expectations “absurd.” Mustapha also agreed that the retrial should be conducted by a different judge, specifically excluding Justice Dipeolu who issued the original forfeiture order.
However, Justice Danlami Senchi dissented strongly from his colleagues’ decision. He argued that there were no factual conflicts requiring oral evidence and maintained that since the interested party had denied links with the companies holding the assets, they could not lay claim to properties that were not officially theirs. Senchi described the majority decision as “a waste of judicial time” and insisted the original Federal High Court judgment should be upheld.
The Court of Appeal’s decision means that while the forfeiture of the $2,045,000 cash component remains upheld, the remainder of the forfeiture order has been nullified. The case will now return to the Federal High Court for a complete retrial before a new judge, giving both parties the opportunity to present fresh evidence and cross-examine witnesses in what promises to be a closely watched legal battle involving one of Nigeria’s most prominent former banking executives.
