The Supreme Court has ordered the final forfeiture of seven luxury properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, bringing to an end the legal battle over the assets.

In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned the earlier decision of the Court of Appeal, which had ordered a fresh hearing, and restored the ruling of the Federal High Court in Lagos directing that the assets be permanently forfeited to the Federal Government.

The forfeited assets include $2.045 million in cash, share certificates of Queensdorf Global Fund Limited, detached duplexes in Lekki Phase 1, Lagos, an undeveloped 1,919.592-square-metre parcel of land on Oyinkan Abayomi Drive, Ikoyi, a bungalow on the same road, a four-bedroom duplex on Probyn Road, Ikoyi, an industrial complex under construction on 22 plots of land in Agbor, Delta State, eight apartment units on Adekunle Lawal Road, Ikoyi, and another duplex situated on a 2,217.87-square-metre plot on Bank Road, Ikoyi.

Emefiele served as CBN Governor from June 2014 to June 2023 during the administrations of former Presidents Goodluck Jonathan and Muhammadu Buhari.

Following his suspension and removal from office in 2023, the Economic and Financial Crimes Commission (EFCC) charged him with alleged abuse of office, procurement fraud, money laundering and other financial offences. He has denied all allegations, while the criminal cases against him remain pending before the courts.

The Supreme Court noted that the forfeiture proceedings are civil in nature and separate from the ongoing criminal trials, as they concern assets the court found to be linked to suspected unlawful activities.

With the apex court’s judgment, Emefiele’s legal challenge against the forfeiture of the seven luxury properties has been conclusively resolved, paving the way for the Federal Government to take permanent ownership of the assets.

About The Author

Lagos Business News

See author's posts