Supreme Court Orders Final Forfeiture of Emefiele’s Properties, Ends Legal Battle Over Assets

The Supreme Court of Nigeria has brought an end to the legal dispute over several properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, by ordering their final forfeiture.

In a unanimous judgment delivered by a five-member panel of justices led by Justice Ibrahim Saulawa, the apex court overturned an earlier ruling of the Court of Appeal in Lagos, which had directed that the matter be returned to the Federal High Court for a fresh hearing.

The Supreme Court held that the Court of Appeal was wrong to nullify the forfeiture order earlier granted by the Federal High Court. By allowing the appeal, the apex court restored the original judgment, effectively confirming that the assets will remain permanently forfeited.

The decision marks the conclusion of Emefiele’s legal challenge against the forfeiture order, making the Supreme Court’s verdict the final judicial pronouncement on the matter.

The properties covered by the forfeiture order are among some of the most valuable real estate assets located in Lagos and Delta State. They include two fully detached duplexes situated at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring approximately 1,919.592 square metres on Oyinkan Abayomi Drive in Ikoyi; a bungalow located at 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.

Also listed among the forfeited assets is an industrial complex under construction spread across 22 plots of land in Agbor, Delta State. The court further ordered the forfeiture of eight apartment units located on Adekunle Lawal Road, Ikoyi, as well as a duplex sitting on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.

The ruling represents a major legal victory for the authorities pursuing the forfeiture of the assets and reinforces the earlier decision of the Federal High Court in Lagos, which had initially ruled that the properties should be permanently forfeited.

The Court of Appeal had previously set aside that judgment and ordered that the matter be retried, a decision that prolonged the legal battle. However, dissatisfied with the appellate court’s ruling, an appeal was taken to the Supreme Court.

After reviewing the arguments presented by all parties, the Supreme Court unanimously agreed that the appeal had merit and proceeded to set aside the judgment of the Court of Appeal. The justices restored the Federal High Court’s order in its entirety, thereby reaffirming the permanent forfeiture of the properties.

The verdict effectively closes one of the major legal disputes involving the former CBN governor over the ownership and forfeiture of the listed assets. As the highest court in the country, the Supreme Court’s judgment is final and binding, leaving no further avenue of appeal on the matter.

The ruling is expected to attract widespread public attention, given Emefiele’s high-profile tenure as governor of the Central Bank of Nigeria and the series of legal proceedings that have followed his exit from office. With the apex court’s decision, the forfeited properties will remain under the control of the appropriate authorities in accordance with the law.