By Isaac Samuel
The Supreme Court on Friday reinstated the final forfeiture of seven high-value properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, overturning an earlier judgment of the Court of Appeal that had nullified the forfeiture order and directed a fresh hearing of the case.
In a unanimous decision delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court set aside the judgment of the Court of Appeal, Lagos Division, thereby restoring the final forfeiture order earlier granted by the Federal High Court in Lagos.
The ruling effectively transfers ownership of the seven properties to the Federal Government and brings to a close Emefiele’s legal challenge against the forfeiture proceedings.
The Court of Appeal had previously held that the trial court failed to properly hear all parties before issuing the forfeiture order and consequently ordered a retrial. However, the Supreme Court disagreed with that position and affirmed the decision of the Federal High Court.
The properties are among several assets the Economic and Financial Crimes Commission (EFCC) alleged were acquired through proceeds of unlawful activities linked to Emefiele.
The anti-graft agency had, in 2024, secured interim forfeiture orders over the assets and subsequently obtained a final forfeiture order from the Federal High Court after arguing that no legitimate ownership claims capable of defeating the application had been established.
The forfeiture case forms part of a broader anti-corruption investigation involving the former CBN governor, who has faced multiple charges bordering on alleged abuse of office, procurement fraud, conspiracy and financial crimes since his suspension from office by President Bola Tinubu in June 2023.
Emefiele has consistently denied wrongdoing and has challenged several of the charges and asset forfeiture proceedings in court.
