Rita Odafe
The Court of Appeal in Lagos has overturned the final forfeiture order concerning the assets of former Central Bank of Nigeria Governor, Godwin Emefiele, which were to be handed over to the Federal Government.
This decision was made by a split panel on April 9, 2025, with a two-to-one vote, effectively nullifying a previous ruling by the Federal High Court in Lagos and mandating a retrial.
On November 1, 2024, the Federal High Court had permitted the Economic and Financial Crimes Commission (EFCC) to seize several assets owned by Emefiele, including two large duplexes situated in Lekki Phase 1, Lagos; various properties in Ikoyi; a partially constructed industrial complex in Agbor, Delta State; unfinished apartments in Ikoyi; a duplex on Bank Road, Ikoyi; and $2,045,000 in cash along with shares in Queensdorf Global Fund Limited.
The EFCC claimed that these assets were obtained through illegal means.
Emefiele appealed through his lawyer, Olalekan Ojo (SAN).
EFCC’s representative, Rotimi Oyedepo (SAN), contended that Emefiele did not authenticate the legitimate acquisition of these assets, suggesting that they were held under corporate names with no legitimate connection to him.
Oyedepo also highlighted that the companies associated with the properties did not oppose the forfeiture, and that Emefiele failed to declare these assets to the Code of Conduct Bureau.
Justice Abdulazeez Anka, who penned the leading judgment, stated that Emefiele’s significant income from his tenures at Zenith Bank and the Central Bank of Nigeria justified his ability to acquire the mentioned properties.
He stated: “These funds are the legitimate earnings of the appellant as provided… from his days at Zenith Bank to his tenure as CBN governor over 10 years, he can afford the said properties.”
Justice Anka remarked that the evidence in question was heavily contested and warranted both oral and documentary review.
Consequently, he ordered a retrial to facilitate cross-examination of witnesses by both parties.
He stated: “The appeal is partly successful… the case is sent back to the trial court for reevaluation.”
Justice Mohammed Mustapha agreed, noting that there is no legal restriction against one party purchasing assets on behalf of another and asserting that Emefiele’s income was more than adequate.
He emphasized: “It’s unreasonable… to expect the appellant to have disclosed properties acquired in 2020 in forms submitted in 2014.”
Mustapha concurred that the case should proceed under a different judge excluding Justice Dipeolu, who presided over the initial forfeiture.
Conversely, Justice Danlami Senchi dissented. He argued that there were no factual discrepancies necessitating oral testimony, declaring: “The interested party has denied any ties with the companies… and so cannot claim what is not his.”
Justice Senchi criticized the majority ruling as an inefficient use of the court’s time, advocating for the upholding of the initial ruling and dismissing the appeal.
Senchi stated: “This appeal is without merit, and I dismiss it accordingly.”
While the forfeiture of $2,045,000 remains in force, the other forfeiture orders have been annulled, and the case is set for retrial in the Federal High Court before a new judge.
