The Court of Appeal in Lagos has nullified the final forfeiture of assets belonging to former Central Bank of Nigeria Governor Godwin Emefiele and ordered a retrial at the Federal High Court. In a majority judgment delivered on April 9, 2025, Justices Abdulazeez Anka and Mohammed Mustapha ruled in favour of Emefiele’s appeal, while Justice Danlami Senchi dissented.
The decision sets aside the earlier judgment by the Federal High Court delivered on November 1, 2024, which had granted the Economic and Financial Crimes Commission (EFCC) a final forfeiture order over a range of properties and financial assets linked to Emefiele. The contested properties include multiple luxury real estate assets in Lagos and Delta State, along with \$2,045,000 and shares in Queensdorf Global Fund Limited. The EFCC claimed these assets were acquired through proceeds of unlawful activity.
Emefiele, through his legal team led by Senior Advocate of Nigeria Olalekan Ojo, challenged the ruling, arguing that the trial court failed to properly evaluate his affidavit evidence and did not acknowledge his legitimate interest in the assets. He also contested the refusal of his motion for stay of proceedings and the court’s alleged misinterpretation of jurisdictional issues.
EFCC counsel Rotimi Oyedepo countered that Emefiele failed to present credible evidence of how the properties were lawfully acquired. Oyedepo noted that the properties were registered in the names of companies not linked to Emefiele as shareholder or director, and that those companies did not contest the forfeiture.
Justice Anka, in the lead judgment, stated that based on the documents before the court, Emefiele’s earnings — including a severance package from Zenith Bank, substantial shareholdings, and his CBN salary — were sufficient to legitimately acquire the properties. He ruled that the evidence presented by both parties was heavily contested and required a full trial, including oral testimony and cross-examination, to determine the legitimacy of the assets. However, the forfeiture of the \$2,045,000 was upheld as Emefiele did not contest that portion.
Justice Mustapha concurred, emphasizing that there was no legal barrier to purchasing property in trust and noting that the timeline of asset declarations and acquisitions needed to be more carefully examined. He stressed that civil proceedings should not have preceded the resolution of ongoing criminal charges and also supported a retrial by a new judge at the Federal High Court.
In contrast, Justice Senchi dissented, holding that there was no factual conflict in the affidavits to justify calling oral evidence. He maintained that the companies named in the forfeiture did not dispute ownership and Emefiele failed to prove any legal link to them. He concluded that the original forfeiture order was sound and dismissed the appeal.
The matter will now return to the Federal High Court for a full trial before a different judge.