THE Court of Appeal in Lagos has set aside the final forfeiture order granted by the Federal High Court against properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and has ordered a retrial.
In a split judgment delivered on April 9, 2025, but made public yesterday, Justices Abdulazeez Anka and Mohammed Mustapha ruled in favour of Emefiele’s appeal, stating that the legitimacy of the assets in question could not be determined solely by affidavit evidence.
They directed that the matter return to the lower court for full trial, allowing for oral testimonies and cross-examinations.
The lower court had, on November 1, 2024, granted the Economic and Financial Crimes Commission (EFCC)’s request to permanently forfeit several high-value properties and assets belonging to Emefiele, including multiple luxury buildings in Lagos and Delta State, as well as \$2,045,000 in cash and shares in Queensdorf Global Fund Limited.
Emefiele, through his legal team led by Olalekan Ojo (SAN), challenged the ruling, contending that his legitimate earnings—spanning his tenure at Zenith Bank and as CBN governor—could sufficiently account for the acquisitions.
The appeal argued that the trial court failed to properly evaluate the evidence and wrongfully dismissed his motion for a stay of proceedings.
The EFCC, represented by Rotimi Oyedepo (SAN), maintained that Emefiele failed to show proof of legitimate transactions leading to the acquisitions, noting that the assets were registered under companies unrelated to him and not challenged by those entities.
Justice Anka, however, held that the discrepancies in the case warranted a fresh trial. “There is a need to call for further oral as well as documentary evidence… for parties to cross-examine the deponents and witnesses,” he said.
Justice Mustapha agreed, noting that Emefiele’s declared income and assets, though not updated beyond 2019, could reasonably support the property acquisitions from 2020 to 2023. He also criticized the trial court for proceeding with a civil forfeiture case while a parallel criminal case was pending.
Dissenting, Justice Danlami Senchi opposed the ruling, arguing that the affidavit evidence was sufficient and that Emefiele had no standing to contest the forfeiture of properties not registered in his name. He described the appeal as meritless and upheld the original forfeiture.
The appellate court affirmed the forfeiture of $2,045,000 to the Federal Government, which Emefiele did not contest. The remainder of the case has been returned to the Federal High Court for a rehearing before a different judge.
The development marks a significant turn in the high-profile legal battle surrounding Emefiele, who has faced multiple allegations of corruption and abuse of office since leaving the apex bank.