Crime
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.
ALSO READ : Police arrest domestic worker for stealing employer’s car in Anambra
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.
#GodwinEmefiele, #CBN, #EFCC, #CourtOfAppeal, #ForfeitureOrder, #LegalRuling, #NigeriaJudiciary, #CorruptionCase, #AssetForfeiture, #FederalHighCourt
-
Features1 week agoHow ADC leadership crisis put Atiku’s 2027 ambition at risk
-
Energy1 week agoNNPC plans 5–10% stock market listing, targets 2027 for IPO preparations
-
Business5 days agoDisCos urge Minister to end blame game, apologise to Nigerians over blackouts
-
Latest1 week ago2027: No Court rulings can keep me off the ballot, Atiku insists
-
Health6 days agoStudy links Pfizer COVID-19 vaccine to higher death rates than Moderna shot
-
Latest1 week agoHow internal party disputes could shape the 2027 elections
-
Business7 days agoPower supply to improve in 72 hours as FG moves to restore generation – Tegbe
-
Business4 days agoFuel price: Our eyes on you, FCCPC tells oil marketers