Appeal Court nullifies Emefiele’s asset forfeiture, Orders retrial

The Court of Appeal in Lagos has overturned the final forfeiture order on properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, directing that the case be retried at the lower court.

In a split decision (2–1) delivered on April 9, 2025, the appellate court set aside the ruling of the Federal High Court in Lagos, which had granted the Economic and Financial Crimes Commission (EFCC) final forfeiture of several properties allegedly acquired with proceeds of unlawful activities.

The contested assets include multiple high-value properties across Lekki and Ikoyi in Lagos, an industrial complex under construction in Agbor, Delta State, and over $2 million in cash and shares in Queensdorf Global Fund Limited.

Emefiele, through his counsel Olalekan Ojo (SAN), had challenged the forfeiture, raising issues around the trial judge’s evaluation of evidence and alleged procedural errors in the EFCC’s filings.

The EFCC, represented by Rotimi Oyedepo (SAN), had argued that the former CBN governor failed to provide credible documentation showing the legitimate acquisition of the properties.

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However, Justice Abdulazeez Anka, delivering the lead judgment, ruled that the case contained conflicting and disputed facts regarding the source of the assets.

He notably pointed out that Emefiele’s documented earnings which include a severance package of over ₦1.75 billion from Zenith Bank, shares worth ₦500 million, and a ₦350 million annual salary as CBN Governor — could reasonably afford the properties in question.

Anka concluded that oral and documentary evidence, as well as cross-examination of witnesses, were necessary to thoroughly establish the legitimacy of the properties, thereby warranting a retrial at the Federal High Court.

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